3 John Street Condominium

Key facts from 3 John Street Condominium's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Page 1: 'CONDOMINIUM DECLARATION' and pa)

Legal name

3 JOHN STREET CONDOMINIUM

Developer / declarant

3 JOHN ST. SP

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Page 1: 'PURSUANT TO ARTICLE 9-B OF THE )

Assessments & dues

Common Charges determined by Condominium Board based on adopted budget, allocated pro-rata according to Common Interest. (By-Laws Section 2.4(iv)-(v) (page 25); E)

Special assessments

Charges allocated by Board to Unit Owners pro-rata according to Common Interests. (Exhibit C definition (32) (page 18); By-)

Reserves & fees

Reserve fund for replacements and contingencies may be established as part of Common Expenses. Limitations during Sponsor control: no reserve exceeding 10% of budgeted operating expenses except for required items. (By-Laws Section 2.5(B) (page 28-29) and )

Leasing & rentals

Yes, Unit may be occupied by Owner's permitted lessees. (Declaration Article 9 (page 6): 'occupie)

Architectural approval

Yes, for alterations, additions, improvements, or changes to the layout of a Unit, subject to Board approval. (Declaration Article 10 (page 6): 'change)

Maintenance

Unit Owner responsible for all painting, decorating, maintenance, repairs, and replacements within the Unit (interior walls, ceilings, floors, fixtures, windows, doors, etc.) at own cost. Condominium Board responsible for Common Elements as (By-Laws Section 5.1(A) (page 37-38))

Insurance

Board determines deductible amounts. (By-Laws Section 5.4(C) (page 40): 'Any i)

Use restrictions

Not more than one family may occupy a Unit at one time. Occupancy only by Owner, permitted lessees, and immediate family. (Declaration Article 9 (page 6): 'not mor)

Voting & meetings

Each Unit Owner has one vote per Unit owned. In Board elections, each Unit Owner elects one Board Member. Sponsor or its designee votes for Unsold Units. (By-Laws Section 4.8 and 4.9 (page 36-37))

Amendments

Declaration may be amended by vote or written consent of all Unit Owners. Material amendments (listed) require consent of eligible mortgage holders representing at least 51% of votes of units subject to mortgages held by eligible mortgagees (Declaration Article 19 (pages 9-11))

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