124 Route 306 Condominium

Key facts from 124 Route 306 Condominium's documents

Community type

Condominium

Legal name

THE 124 ROUTE 306 CONDOMINIUM

Developer / declarant

Route 306 Home Builders LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Header: 'Pursuant to Article 9-B of the )

Assessments & dues

Condominium Board determines Common Charges and Special Assessments based on budget and actual Common Expenses (By-Laws Section 2.4(iv)-(v): 'prepare an)

Special assessments

Allowed; may be levied to cover deficiencies in insurance proceeds or other needs (By-Laws Section 5.5(C): 'Condominium Boa)

Collections & liens

Unpaid liens (other than permitted mortgages) on a Unit must be paid before proceeds from sale of Unit are distributed to Unit Owner; Condominium Board may purchase Unit at foreclosure sale (By-Laws Section 5.5(C) and (D), and Sect)

Reserves & fees

Common Charges include reserve for common expenses and general operating reserve (Exhibit C definition (7) of 'Common Char)

Leasing & rentals

Yes; subject to Right of First Refusal (Article 7) and Power of Attorney provisions (By-Laws Article 7: 'SELLING AND LEASING )

Parking & vehicles

Designated parking spaces are Limited Common Elements; Driveway Area is subject to an easement for ingress/egress for both 122 and 124 Route 306 Condominiums (Declaration Section 8 and Section 15(e))

Architectural approval

Yes; Condominium Board approval required for any alteration, addition, improvement, or change to a Unit (except interior cosmetic changes not affecting structural integrity) (Declaration Section 10(a) and By-Laws Se)

Home business

Limited: a Unit may be partially used as a professional office by the owner of such Unit only (By-Laws Section 5.7(A): 'Any Unit may be)

Maintenance

Unit owner maintains interior of Unit (including painting, decorating, repairs); Condominium Board maintains Common Elements; Unit owner also responsible for exterior glass surfaces of windows (By-Laws Section 5.1(A) and (B))

Insurance

Fire insurance with all risk extended coverage, vandalism and malicious mischief endorsements; insuring Building (including Units, bathroom and kitchen fixtures, service machinery) covering Condominium, Board, Unit Owners, Permitted Mortgag (By-Laws Section 5.4(A))

Use restrictions

Yes; each Unit may be used only in accordance with the use permitted by local law, zoning regulations, and Certificate of Occupancy; not more than one family per Unit (Declaration Section 9: 'Each Unit may be)

Voting & meetings

One vote per unit owned; Sponsor also votes for unsold units (By-Laws Section 4.8(A): 'each Unit Owner)

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