17 Paiken Drive Condominium

Key facts from 17 Paiken Drive Condominium's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (NAME: 17 PAIKEN DRIVE CONDOMINIUM)

Legal name

17 Paiken Drive Condominium

Developer / declarant

17 Paiken LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (PURSUANT TO ARTICLE 9-B OF THE REAL PROP)

Assessments & dues

Board of Managers shall from time to time, but at least annually, fix and determine the budget, assess common charges payable in advance. (By-laws Article VI Section 2)

Special assessments

Board may levy special assessments as needed, payable in same manner as regular assessments. (By-laws Article VI Section 2: 'special a)

Collections & liens

Unpaid common charges constitute a lien on the Unit, prior to all other liens except taxes and first mortgages. Board may foreclose after 90 days of unpaid assessments. (Declaration Article 12; By-laws Article )

Reserves & fees

Interest at maximum legal rate in New York from due date; Board may also set interest on assessments. (By-laws Article IX: 'said sum shall bear)

Pets

Yes, but must not be a nuisance. Owners, family, guests, and their pets shall not use premises in a manner illegal, disturbing, or a nuisance. (By-laws Article VIII Section 3: 'Owners )

Leasing & rentals

Yes, subject to Board's right of first refusal. Sale/lease in violation of section is void. (By-laws Article XI Section 1: 'The Board)

Architectural approval

Yes, for alterations to inside of Unit that impair structural soundness or mechanical systems, or outside alterations. Written consent of Board required. (Declaration Article 17(c); By-laws Artic)

Home business

Prohibited: no immoral, improper, offensive or unlawful use. (Declaration Article 17(f): 'No immoral, )

Maintenance

Association: 'exterior walls, roof and roof members' are common elements and maintained as common expense. (By-laws Article III Section 6)

Insurance

Fire insurance with extended coverage, water damage, vandalism, malicious mischief endorsements. Liability insurance $1,000,000. Initially fire insurance at least $600,000. (By-laws Article VII Section 1)

Use restrictions

All Units shall be used for residential purposes only. (Declaration Article 17(i): 'Occupancy of)

Voting & meetings

Each Unit Owner shall be entitled to cast one vote at all Unit Owners meetings. Each Unit shall appoint a Manager and such Manager shall be entitled to vote. (By-laws Article II Section 2; Section 5)

Amendments

By-laws may be amended by a vote of at least two-thirds of Unit Owners (based on one vote for each first mortgage owner) for material changes. Non-material amendments may be by majority. Declaration amendments require two-thirds vote and re (By-laws Article X; Declaration Article 1)

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