20 Gibbs Court Condominium

Key facts from 20 Gibbs Court Condominium's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

20 Gibbs Court Condominium

Developer / declarant

Wiener Drive Condominiums, LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (FIRST: Submission of Property; SECOND: D)

Assessments & dues

Board annually fixes budget and assesses common charges prorated according to each Home's common interest (percentage in Exhibit A) (ARTICLE VI Section 2 of By-laws)

Special assessments

Allowed; levied and paid in same manner as regular assessments (ARTICLE VI Section 2 of By-laws (Special)

Collections & liens

Unpaid common charges constitute a lien on the Home, prior to all liens except tax liens and first mortgage; may be foreclosed after 90 days past due in manner of mortgage foreclosure (TWELFTH and ARTICLE IX of By-laws)

Reserves & fees

Monthly fee of $50 (or less) and interest at maximum legal rate from due date (ARTICLE VI Section 2 of By-laws)

Leasing & rentals

Leasing allowed but subject to restrictions: all unpaid common charges must be paid; violation voidable at Board's election (ARTICLE XI Section 1 of By-laws)

Architectural approval

Written consent required for any exterior alterations or additions, and for interior alterations affecting structural soundness (SEVENTEENTH (b) and ARTICLE VIII Section)

Maintenance

Board responsible for roof maintenance and replacement as part of common elements (ARTICLE III Section 6 - maintenance, rep)

Insurance

Fire insurance with extended coverage, water damage, vandalism, mischief endorsements; insuring building including homes and fixtures initially installed, heating/AC, other service machinery; full replacement value; initially at least $3,00 (ARTICLE VII Section 1 of By-laws)

Voting & meetings

Each Home Owner shall have one vote for each percentage of common interest set forth in Exhibit A (EIGHTH: Common Interest)

Amendments

Declaration amendment requires 80% of Home Owners in number and common interest, plus consent of affected first mortgagees if rights impaired. By-laws amendment by 80% of Home Owners at meeting with notice containing full statement. (TENTH: Amendment and Withdrawal; ARTICLE)

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