15 Lincoln Avenue Condominium

Key facts from 15 Lincoln Avenue 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 LINCOLN AVENUE CONDOMINIUM

Developer / declarant

JENO FRIEDER and SAMSON GLUCK, As trustee of THE LINCOLN MANOR ESTATES TRUST (Page 1, Declarant line)

Governing law

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

Assessments & dues

Board determines amount and method of payment of Common Charges and Special Assessments; budget prepared annually (Page 25, Section 2.4(v) and Section 2.4()

Special assessments

Board may levy Special Assessments; also required for capital improvements over $5,000 in aggregate per calendar year unless approved by Unit Owners and Mortgage Representatives (Page 38, Section 5.3; Section 2.4(v); Se)

Collections & liens

Board can perfect a lien against a Unit for unpaid common charges; Unit Owner with perfected lien cannot vote; lien release required for voting privileges (Page 35, Section 4.8(B))

Reserves & fees

Reserve fund limited to a twelve-month reserve for contingencies not exceeding five percent of budgeted operating expenses for the ensuing twelve months (Page 28, Section 2.5(iv))

Insurance

Condominium Board shall obtain all-risk extended coverage insurance on Building, all Units, bathroom and kitchen fixtures, service machinery, with vandalism and malicious mischief endorsements. (Page 39, Section 5.4(A))

Use restrictions

Each Unit may be used in accordance with local law, zoning, and Certificate of Occupancy; not more than one family per unit at a time (Page 7, Section 9 of Declaration)

Voting & meetings

One vote per unit; cumulative voting allowed (Page 35, Section 4.8(A))

Amendments

Declaration may be amended by vote of at least 66 2/3% in number of all Unit Owners at a meeting, or in writing by 66 2/3% in number and common interest. No amendment changing common interests without owner consent; no amendment adversely a (Page 11, Section 19(a) of Declaration)

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