319 E. 50 St. Owners Corp.

Key facts from 319 E. 50 St. Owners Corp.'s documents

Reflects the 1982 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

319 E. 50 St. Owners Corp.

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Preamble; Article I)

Assessments & dues

Board of Managers prepares annual budget, determines common expenses, allocates common charges according to common interest percentages (85% residential, 15% church) (By-laws Article V, Section 1; Article XI)

Collections & liens

Board may file and foreclose lien for unpaid common charges more than 30 days due (By-laws Article V, Sections 6-7; Declara)

Reserves & fees

Board may retain a reserve for future common expenses from common profits (Declaration Article XII, Section 2)

Amendments

Amendment requires affirmative vote of unit owners holding more than 50% common interest; certain articles (e.g., VI(1), VII, VIII, IX(2), XV(2)(3), XIX(2), XX(1)) also require approval of Church unit owner (Declaration Article XX, Section 2)

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