119 Rt 306 Condominium

Key facts from 119 Rt 306 Condominium's documents

Reflects the 2014 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

119 RT 306 CONDOMINIUM

Developer / declarant

MAR & RIV, LLC (PAGE 1, Declaration)

Governing law

Article 9-B of the Real Property Law of the State of New York (PAGE 1, Section 1, Declaration)

Assessments & dues

Board determines Common Charges and Special Assessments based on annual budget; Common Charges pro-rata by Common Interest (By-laws Section 2.4(v), PAGE 25; Declara)

Special assessments

Defined; Board can levy pro-rata by Common Interest; limited during declarant control (cannot create reserves except for certain purposes) (Exhibit C(34), PAGE 18; Declaration Sect)

Collections & liens

Board may file lien against unit for unpaid common charges; owner with lien cannot vote (By-laws Section 2.4(vi), PAGE 25; Sectio)

Reserves & fees

Board may establish reserve for replacements, working capital; limitation during declarant control to 10% of budgeted operating expenses for 12 months unless for law/insurance/health&safety (Exhibit C(8), PAGE 16; By-laws Section 2)

Leasing & rentals

Yes, units may be leased; imposition of restriction on leasing is material amendment (Declaration Section 19(c)(ix), PAGE 10-1)

Architectural approval

Yes, Board approval required for alterations, additions, improvements to units; written consent within 15 business days; failure to respond deemed approval (Declaration Section 10, PAGE 6; By-laws )

Maintenance

Owner maintains unit interior and limited common elements (porches, decks, storage rooms) including cleaning, patching, surface repair; Association maintains common elements; detailed in maintenance provisions (Declaration Section 8(b), PAGE 5-6; By-l)

Insurance

Board obtains fire insurance with extended coverage on building; general liability insurance; boiler and machinery; workmen's compensation; rent insurance (By-laws Section 5.4, PAGE 40-41)

Use restrictions

Units for residential purposes only; not more than one family per unit (Declaration Section 9, PAGE 6)

Voting & meetings

Each unit owner entitled to one vote per percentage interest owned; cumulative voting allowed; Sponsor controls as long as owns majority; no vote if lien perfected (By-laws Section 4.8, PAGE 36-37; Section)

Amendments

Declaration amendment requires 66 2/3% vote of unit owners; material amendments require consent of eligible mortgage holders representing at least 51% of unit mortgages; Board can amend to divide Board without owner consent (Declaration Section 19, PAGE 9-10)

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