39 Paiken Drive Condominium

Key facts from 39 Paiken Drive Condominium's documents

Community type

condominium (Article 1: 'submits the property...to th)

Legal name

39 Paiken Drive Condominium

Developer / declarant

39 Paiken LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 1: 'provisions of Article 9-B of)

Assessments & dues

Board determines total annual requirements and prorates against each Unit according to its common interest (50% each per Exhibit B) (Article VI Section 2 (page 19): 'The tot)

Special assessments

Allowed, levied and paid in same manner as regular assessments (Article VI Section 2 (page 19): 'Special)

Collections & liens

Unpaid common charges constitute a lien on the Unit prior to all other liens except tax liens and first mortgages; lien may be foreclosed like a mortgage; Board may accelerate balance of fiscal year upon default (Article 12 (page 6-7): 'Unpaid common ch)

Reserves & fees

Interest at the maximum amount permitted by the State of New York on unpaid sums from due date (Article VIII Section 9 (page 23): 'said )

Leasing & rentals

Yes, but Board has right of first refusal to purchase any Unit offered for sale; no sale or lease unless all unpaid common charges are paid (Article XI Section 1 (page 24): 'The Con)

Architectural approval

Yes, Board consent required for exterior alterations, alterations to common elements, and interior structural changes (Section 16(b) (page 8-9): 'No alteration)

Maintenance

Board (part of common elements) (Article III Section 6 (page 16) implies )

Insurance

Not required, but Unit Owners may carry additional insurance (with waiver of subrogation and not affecting Board's policies) (Article VII Section 1 (page 22): 'Unit O)

Use restrictions

Yes (Section 16(i) (page 9): 'Occupancy of th)

Voting & meetings

Each unit appoints a Manager; one vote per unit at Unit Owner meetings (Article II Section 5 (page 12): 'each Un)

Amendments

Declaration amendments require 80% of Unit Owners and mortgagees representing 51% of first-lien mortgages; By-Law amendments require 66-2/3% of Unit Owners in number and common interest, plus recorded amendment; material adverse amendments (Article 10 (page 6): amendment of Declar)

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