114 Lexington Condominiums LLC

Key facts from 114 Lexington Condominiums LLC's documents

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

Community type

Condominium (Declaration: 'Establishing a Plan for Co)

Developer / declarant

114 Lexington Condominiums LLC (Declaration, p.6)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Declaration preamble: 'Pursuant to Artic)

Assessments & dues

determined by board; first year budget sets initial charges (By-Laws Section 6.1, p.29)

Special assessments

Board may levy special assessments pro rata in accordance with Common Interests (except as otherwise provided). (Exhibit C definition of 'Special Assessm)

Collections & liens

Condominium may lien unit for unpaid common charges and foreclose (By-Laws Section 6.4, p.31-32)

Reserves & fees

Board may accumulate reserve funds for capital replacements or other purposes. (By-Laws Section 2.4(A)(xii): 'to accumul)

Leasing & rentals

yes; subject to restrictions; board may adopt rules (By-Laws Article 7, p.34)

Parking & vehicles

10 parking units (P1-P10) provided; rules not detailed (Exhibit B, p.21)

Architectural approval

yes; alterations, additions, improvements to units require board approval (Declaration Article 12, p.13)

Home business

not explicitly prohibited; typical restrictions; rules and regulations may address (Not found)

Maintenance

common element – board maintains (Declaration Article 7, p.10)

Insurance

board shall obtain insurance for property, including units, as per Section 5.4 of By-Laws (By-Laws Section 2.4(A)(ix), p.34; Sectio)

Use restrictions

yes; units may be used in accordance with certificate of occupancy and zoning; not more than one family per unit (Declaration Article 9, p.11)

Voting & meetings

Each Unit has one vote, common interest percentage determines voting power (each unit's vote weight equal to its common interest percentage?) (By-Laws Section 4.8)

Amendments

66 2/3% vote of unit owners; must be recorded; board may act as attorney-in-fact (Declaration Article 18, p.16-17)

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