62 Collins Ave Condominium

Key facts from 62 Collins Ave Condominium's documents

Community type

Condominium

Legal name

62 COLLINS AVE CONDOMINIUM

Developer / declarant

62 COLLINS LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Page 1, following title)

Assessments & dues

Board prepares and adopts annual budget including anticipated Common Expenses; determines Common Charges and Special Assessments (By-Laws Section 2.4(iv)-(v) (Page 24))

Special assessments

Board may levy Special Assessments pro-rata according to Common Interests for deficiencies in trust funds or as needed (By-Laws Sections 5.5(C) and 6.1(C); Defi)

Collections & liens

Condominium has a lien on a Unit for unpaid Common Charges; may enforce by foreclosure; notice to mortgagees required (By-Laws Article 8, Sections 8.3, 8.4 (Ta)

Reserves & fees

Common Expenses include establishment and maintenance of a general operating and reserve fund for working capital and replacements (Exhibit C, definition of Common Expenses)

Architectural approval

Unit Owner may make alterations, additions, improvements in interior or to unit; requires Board approval if affecting structure, integrity, or other units (By-Laws Section 5.2(A) (Pages 37-38))

Maintenance

Unit Owner: painting, decorating, maintenance, replacements in Unit interior, doors, windows, fixtures; also limited common elements (decks). Board: maintenance of Common Elements as Common Expense. (By-Laws Section 5.1(A); Declaration Sect)

Insurance

Board may determine deductible amounts; shall review at least once each year (By-Laws Section 5.4(D) (Page 40))

Use restrictions

Each Unit shall be used as a private residence only; not more than one family may occupy a Unit at one time (Declaration Section 9 (Page 6))

Voting & meetings

Each Unit Owner entitled to one vote per percentage of interest owned; cumulative voting allowed in Board elections; Sponsor has weighted vote as long as it owns Unsold Units (By-Laws Section 4.8 and 4.9 (Pages 35-36)

Amendments

Declaration may be amended by vote of at least 67% in number and common interest of all Unit Owners; certain amendments require mortgagee consent or affected owner consent; higher threshold (80%) for termination or material change (Declaration Section 19 (Pages 9-11))

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