20 Ridge Avenue Condominium

Key facts from 20 Ridge Avenue Condominium's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

20 Ridge Avenue Condominium

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Declaration introductory paragraph)

Assessments & dues

Condominium Board determines Common Charges and Special Assessments based on annual budget and Common Interests. Common Charges are allocated in proportion to Common Interests. (By-Laws Section 6.1 and Declaration Arti)

Special assessments

Board may levy Special Assessments in proportion to Common Interests, e.g., if insurance trust funds insufficient for repair/restoration after casualty or condemnation. (By-Laws Section 5.5(C) (page 48); Sectio)

Reserves & fees

No mandatory reserve fund; a contingency fund is referenced (Schedule B) and Sponsor may withhold consent to additions except for law-required expenditures. (By-Laws Section 2.7 (pages 34-35): "asse)

Leasing & rentals

Leasing is permitted subject to Right of First Refusal (Section 7.2) and other provisions of Article 7 of By-Laws. (By-Laws Article 7 heading and Section 7.)

Architectural approval

No material alteration, addition, improvement or structural change in or to a Unit without prior written consent of the Condominium Board. (By-Laws Section 5.2(A) (page 43); Declar)

Insurance

Fire insurance with all risk, extended coverage, vandalism and malicious mischief endorsements, insuring Building (including units and bathroom/kitchen fixtures, service machinery) and covering Condominium, Board, Unit Owners, and Permitted (By-Laws Section 5.4(A) and (B) (pages 44)

Use restrictions

Units may be used only in accordance with local law, zoning, and certificate of occupancy; not more than one family per unit at a time. (Article 9(a) (page 7) and By-Laws Sectio)

Voting & meetings

Each Unit Owner present in person or by proxy is entitled to cast one vote for each Unit owned (Section 4.8); after Sponsor control, each Unit Owner is entitled to designate one member of the Board (Section 4.9) (By-Laws Article 4, Sections 4.8 and 4.9 )

Amendments

Declaration may be amended by majority of Unit Owners, recorded in Register's Office (Article 18). By-Laws may be amended by affirmative vote of more than 50% of total authorized votes of all Unit Owners (Section 12.1). (Declaration Article 18 (page 13); By-Law)

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