583 Franklin Avenue Condominium Inc.

Key facts from 583 Franklin Avenue Condominium Inc.'s documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Name: The 583 Franklin Avenue Condominiu)

Developer / declarant

583 Franklin Owner LLC (Declaration: Declarant: 583 Franklin Own)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Article 2: submits ... to the provisions)

Assessments & dues

Condominium Board determines Common Charges based on an annual budget (By-Laws Section 2.4(A)(iv) and (v): Boar)

Special assessments

Allowed (By-Laws Section 6.1(C): Special Assessme)

Collections & liens

Yes; Board may file a lien and foreclose for unpaid Common Charges (By-Laws Section 6.4: The Condominium Boa)

Reserves & fees

Minimum 10% Reserve for Capital Replacement (By-Laws Section 2.7 (Sponsor Veto Contro)

Leasing & rentals

Yes, per Article 7 of By-Laws (By-Laws Article 7: Selling and Leasing o)

Maintenance

Condominium Board maintains Common Elements; Unit Owner maintains Unit interior (By-Laws Section 5.1: The Condominium Boa)

Insurance

Condominium Board shall obtain insurance for the Property including Units (By-Laws Section 5.4: Insurance)

Use restrictions

Units may be used in accordance with local law and Certificate of Occupancy (Article 9: each Unit may be used in acco)

Voting & meetings

Each Unit Owner casts votes equal to the Common Interest of their Unit (By-Laws Section 4.8: Each Unit Owner sha)

Amendments

66 2/3% vote of Unit Owners, recorded (Article 18(a): Any provision may be amen)

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