15 Hammond Street Condominium

Key facts from 15 Hammond Street Condominium's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

15 HAMMOND STREET CONDOMINIUM

Developer / declarant

EZECKIEL ROSENBERG

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Declaration title and Section 25)

Assessments & dues

Common Charges assessed pro-rata based on Common Interest (unit's percentage of common elements); budget adopted annually by Board (Definitions (6) Common Charges; Section )

Special assessments

Charges allocated pro-rata based on Common Interests; may be levied by Board; approval of 75% of Unit Owners required for certain uses (e.g., major improvements) per Section 2.5(B) (Definition (33) Special Assessments; Sec)

Collections & liens

Board may perfect lien for unpaid Common Charges; voting rights lost if lien perfected and unpaid; provisions for mortgagee notice and performance (Section 4.8(B); Article 8 (Mortgaging of)

Reserves & fees

Board may establish reserves; reserves exceeding 5% of budgeted operating expenses require 75% Unit Owner approval (Section 2.5(B)(iv))

Leasing & rentals

Yes, with prior written consent of Condominium Board; no transient or hotel use (Section 5.7(E))

Architectural approval

Unit owners may make interior alterations and layout changes without Board approval if not structural or affecting other units; but Board may require approval for structural changes or those affecting Common Elements. Specific approval proc (Section 5.2)

Home business

Professional office allowed for owner only; otherwise residential use limited (Section 5.7(A))

Signs & flags

Not specifically addressed in provided text

Maintenance

Unit owners responsible for maintenance, repair, replacement of their Unit (interior walls, floors, ceilings, windows, and doors) and Limited Common Elements (yards, decks). Condominium Board responsible for Common Elements. (Section 5.1; Declaration Section 8(c) on)

Insurance

Property insurance on Building at least 80% replacement cost; comprehensive general liability insurance with single limits of not less than $690,000 aggregate; boiler and machinery; workers compensation; rent insurance if applicable (Section 5.4(A) and (B))

Use restrictions

Each Unit may be used in accordance with local law, zoning, and Certificate of Occupancy; may be partially used as professional office by owner only; no transient/hotel use (Section 9 of Declaration; Section 5.7(A))

Voting & meetings

One vote per unit; Sponsor (if owns multiple units) votes each unit; cumulative voting allowed in Board elections; units in common ownership or fiduciaries have rules; Unit owners with perfected liens lose vote (Section 4.8 and 4.9)

Amendments

Declaration amendment requires 66 2/3% in number and common interest of Unit Owners (plus mortgagee consent if affecting lien); By-Laws amendment requires 66 2/3% of all Unit Owners. (Section 18 (Amendment of Declaration); A)

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