12 Broome Street Condominium Association Inc.

Key facts from 12 Broome Street Condominium Association Inc.'s documents

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

Community type

Condominium (Declaration, FIRST: Submission of Proper)

Legal name

12 Broome Street Condominium Association Inc.

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, FIRST: Submission of Proper)

Assessments & dues

Not fixed in documents; Board determines budget and sets monthly Common Charges. (By-Laws, Article VI Section 2)

Special assessments

Board may levy special assessments in same manner as regular assessments to meet additional expenses. (By-Laws, Article VI Section 2)

Collections & liens

Unpaid Common Charges constitute a lien on the Unit, prior to all liens except taxes and first mortgages. Foreclosure allowed in like manner as mortgage; right to recover costs including attorney's fees. (Declaration, Article TWELFTH)

Reserves & fees

Not explicitly required, but creation of or addition to a reserve fund requires Sponsor's written consent while Sponsor owns 5% or more common interest. (By-Laws, Article III Section 5(c)(ii))

Signs & flags

Sponsor may erect and maintain signs at the building for promotional purposes. (Declaration, Article EIGHTEENTH)

Use restrictions

Each unit shall be used as a residence only, except Sponsor may use for sales office, models, and signs. (Declaration, Article EIGHTEENTH)

Voting & meetings

Each Unit Owner entitled to one vote per Unit. (By-Laws, Article II Section 2)

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