217 E. 5th Owners Corp.

Key facts from 217 E. 5th Owners Corp.'s documents

Reflects the 1988 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Article 9-B of the Real Property Law of )

Legal name

THE 217 EAST 5TH STREET CONDOMINIUM

Units / lots

2 (Residential Unit and Commercial Unit) (Section 5 and Schedule B)

Developer / declarant

217 REALTY CO.

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 1, Section 1)

Assessments & dues

Board of Managers prepares annual budget and allocates Common Charges to Unit Owners according to their respective Common Interests. (By-Laws Article V Section 1)

Special assessments

Not explicitly mentioned; Board may include reserves and deficits in Common Charges. (By-Laws Article V Section 1: "may also i)

Collections & liens

Unpaid Common Charges constitute a lien on the Unit prior to all other liens except tax liens and first mortgages. May be foreclosed like a mortgage. Attorneys’ fees recoverable. (Declaration Section 19: "shall constitut)

Reserves & fees

Board may include amounts for a general operating reserve and a reserve fund for replacement. (By-Laws Article V Section 1: "an amount )

Leasing & rentals

Commercial Unit Owner may sell or lease without Board approval. Residential Unit is owned by Apartment Corporation; tenants are shareholders under proprietary lease. No minimum lease term or rental cap specified. (Declaration Section 8: "The Commercial U)

Home business

Home occupation use allowed in Residential Unit if compliant with law. (Same as above)

Signs & flags

Commercial Unit Owner has easement to erect signs on Property as permitted by law (exterior walls below second story, sidewalk areas). Residential Unit not addressed. (Declaration Section 11(D): "The Commerci)

Maintenance

Roof of front building is Common Element; roof of rear building is part of Residential Unit. (Section 6 (General Common Elements inclu)

Insurance

Board may determine deductible amount. (By-Laws Article V Section 4: "each of sa)

Use restrictions

Residential Unit may be used only for private residential use or home occupation use complying with law. (Declaration Section 7: "The Residential )

Voting & meetings

Each Unit Owner entitled to one vote per 1% of Common Interest; total 100 votes. In Board elections, Commercial Unit Owner elects 2 members, Residential Unit Owner elects 3 members. (By-Laws Article III Section 8: "The tota)

Amendments

Declaration may be amended by instrument executed by Board upon vote of Unit Owners owning at least 66-2/3% of Common Interest, subject to protections: no change to Common Interest without affected owner consent; no impairment of mortgagee (Declaration Section 16)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.