13 Collins Ave Condominium

Key facts from 13 Collins Ave Condominium's documents

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

Community type

Condominium

Legal name

13 COLLINS AVE CONDOMINIUM

Developer / declarant

13 COLLINS, L

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Page 4, Declaration preamble)

Assessments & dues

Condominium Board determines Common Charges and Special Assessments based on adopted budget and Common Interests. (Sections 2.4(v), 6.1 (Pages 24, 21))

Special assessments

Condominium Board may levy Special Assessments pro-rata in accordance with Common Interests. (Definition (32) (Page 17); Section 2.4(v)

Reserves & fees

Condominium Board shall maintain a reserve fund used only for capital expenditures not exceeding 10% of budgeted operating costs for the ensuing twelve months; limited use without Sponsor consent (while Sponsor controls Board). (Section 2.4(xii) (Page 25); Section 2.5 )

Leasing & rentals

Leasing of Units is permitted; any restriction on leasing requires consent of mortgagees and amendment with mortgagee consent. (Section 19(b)(ix) (Page 10) – implicit t)

Architectural approval

Unit Owner must obtain prior written consent of Condominium Board for any alteration, addition, improvement, or change in, to, or upon a Unit (including painting exterior, changing layout). (Section 5.2 (Page 37-38))

Maintenance

Roof is part of Common Elements, maintained by Condominium Board as Common Expense. (Section 7(a) (Page 5) – includes roofs i)

Insurance

Condominium Board may determine deductible amounts; shall review limits and deductibles at least once each year. (Section 5.4(C) (Page 40))

Voting & meetings

Each Unit Owner has one vote per Unit. Sponsor has vote as long as it owns Unsold Units. After Sponsor Control, each Unit Owner votes. In Board elections, each Unit Owner elects one Board Member. (Sections 4.8, 4.9 (Pages 35-36))

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