17 Valley View Terrace Condominium

Key facts from 17 Valley View Terrace Condominium's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

17 VALLEY VIEW TERRACE CONDOMINIUM

Developer / declarant

17 VALLEY VIEQg

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (PURSUANT TO ARTICLE 9-B OF THE REAL PROP)

Assessments & dues

Board determines amount of Common Charges and Special Assessments based on an annual budget of anticipated Common Expenses and income (Section 2.4(iv) (Page 24-25): prepare a )

Special assessments

Board may levy Special Assessments for capital improvements, reserves, or to cover deficiencies after casualty or condemnation (Definition (32) (Page 17): Special Asses)

Collections & liens

Board may foreclose any lien on a Unit for unpaid Common Charges or assessments (Section 2.4(vii) (Page 25): to foreclose)

Reserves & fees

Board may establish reserve funds for working capital, replacements, and contingencies, subject to limitations during Sponsor Control (12-month reserve not exceeding 10% of budgeted operating expenses) (Definition (5) Common Elements? Actually)

Leasing & rentals

Leasing allowed, as Units may be occupied by permitted lessees; Board may acquire and lease Units (Section 9 (Page 6): occupied only by the)

Architectural approval

Yes, for any alterations, additions, or improvements to any part of the Property allocated to a Unit, subject to the approval of the Board (Section 10 (Page 6): alterations, additi)

Maintenance

Unit Owner responsible for interior of Unit (walls, floors, ceilings, fixtures, windows, doors, etc.) and Limited Common Elements (decks). Board responsible for Common Elements (including roof, exterior, common areas). (Section 5.1(A) (Page 36-37): all paintin)

Insurance

Board may set deductible amounts for insurance policies (Section 5.4(C) (Page 39): Any insurance )

Use restrictions

Each Unit may be used in accordance with permitted use by local law and zoning, and no more than one family may occupy a Unit at one time (Section 9 (Page 5-6): Each Unit may be u)

Voting & meetings

Each Unit Owner casts one vote per Unit owned. During Sponsor Control, Sponsor votes for each Unsold Unit. In Board elections, each Unit Owner elects one Board Member. (Section 4.8 (Page 35): each Unit Owner e)

Amendments

Declaration may be amended by vote of all Unit Owners (in person or by proxy) or by written consent. Certain amendments require mortgagee consent. No amendment changing Common Interest percentages without affected owner's written consent. (Section 19(a) (Page 9): amended by the v)

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