17 Stephen Place Condominium

Key facts from 17 Stephen Place Condominium's documents

Reflects the 2014 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration title and throughout)

Legal name

17 Stephen Place Condominium

Developer / declarant

Joseph & Sarah Steiner

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration FIRST and By-laws Article I,)

Assessments & dues

Board of Managers determines annual budget at least annually; assessments prorated according to common interest percentages (By-laws Article VI, Section 2)

Special assessments

Board may levy special assessment as needed to meet additional necessary expenses; for contracts over $2,500 or service contracts extending more than one year after Sponsor loses control, need approval of majority of Unit Owners excluding S (By-laws Article III, Section 4(1) and (1)

Collections & liens

Unpaid common charges constitute a lien on the Unit, prior to all other liens except tax/assessment liens and first mortgages; may be foreclosed like a mortgage; after 15 days past due, Board may declare entire balance due and foreclose (Declaration TWELFTH; By-laws Article VI,)

Reserves & fees

Up to $15 per month for additional overhead occasioned by late payment (By-laws Article VI, Section 2)

Leasing & rentals

Yes, but subject to Board's right of first refusal to buy any Unit offered for sale; any sale or lease in violation voidable at Board's election; gifts/intestacy/devise without restriction (By-laws Article XI, Sections 1 and 3)

Parking & vehicles

Commercial license plate vehicles may not be parked in the Community for a period in excess of 24 hours (By-laws Article VIII, Section 8(e))

Architectural approval

Board must respond within 60 days to a written request (certified mail, return receipt); failure to respond means no objection (By-laws Article VIII, Section 2)

Maintenance

Board responsible for maintenance, repair, replacement of common elements; Unit Owner responsible for interior of Unit and any limited common element except public utility lines; Board may repair interior if necessary and charge Unit Owner (By-laws Article III, Section 5)

Use restrictions

Occupancy of Units restricted to Residential Occupancy in accordance with applicable zoning regulations (Declaration SEVENTEENTH(i))

Voting & meetings

Each Unit Owner has one vote for each Unit owned; each Unit appoints a Manager to represent it in voting (By-laws Article II, Sections 2 and 5)

Amendments

By-laws amended by 66-2/3% of Unit Owners (based on common interest) and recorded amendment to Declaration; Declaration amended by 66-2/3% vote; material adverse amendments to mortgagees require consent of mortgagees representing at least 5 (By-laws Article X; Declaration TENTH(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.