1972 Ocean Avenue Condominium Corp

Key facts from 1972 Ocean Avenue Condominium Corp's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

1972 Ocean Avenue Condominium Corp

Units / lots

14 (8 residential units and 6 parking units) (Declaration THIRD (a))

Governing law

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

Assessments & dues

Board determines total budget and assesses common charges pro-rata according to each Unit's common interest percentage. (By-Laws Article VI Section 2)

Special assessments

Board may levy special assessments as needed; collected in same manner as regular assessments. (By-Laws Article VI Section 2)

Reserves & fees

Board may assess common charges to create, add to, or replace a reserve, contingency or surplus fund, but while Sponsor owns 5% or more common interest (max 5 years) requires Sponsor's prior written consent. (By-Laws Article III Section 5(c)(ii))

Leasing & rentals

Units may be sold or leased; By-Laws Article XI Section 1: 'Selling and Leasing Units' implies leasing is permitted. (By-Laws Article XI)

Architectural approval

Board must respond within 60 days; failure to answer within 60 days means no objection. (Not applicable to Owner/Sponsor.) (Declaration SEVENTEENTH (c))

Use restrictions

Each Unit shall be used as a residence only; sponsor may use for sales office, models, promotional purposes. (Declaration EIGHTEENTH)

Voting & meetings

At least 51% of total authorized votes of all Unit Owners present in person or by proxy; if not present, adjourned meeting requires at least 33-1/3%. (By-Laws Article II Section 3)

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