129 Route 306 Condominium

Key facts from 129 Route 306 Condominium's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Page 1, Declaration of Condominium)

Legal name

129 ROUTE 306 CONDOMINIUM

Developer / declarant

129 RT 306 LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 1, header: PURSUANT TO ARTICLE 9-B )

Assessments & dues

Board determines and collects Common Charges and Special Assessments from Unit Owners pro-rata in accordance with their respective Common Interests. (Section 2.4(v), Definition of Common Cha)

Special assessments

Board may levy Special Assessments pro-rata in accordance with Common Interests for specific purposes upon notice. (Definition (33) in Exhibit C; Section 6.)

Reserves & fees

Board may establish reserves. During Sponsor control, limited to a twelve-month reserve for contingencies not exceeding 10% of budgeted operating expenses for the ensuing twelve months. Without Sponsor consent, no other reserves may be esta (Section 2.5)

Architectural approval

Board approval required for alterations, additions, improvements to exterior of Unit or to any part of the property allocated to the Unit. Interior alterations allowed without approval. Changes to layout of Unit permitted with Board approva (Section 10 of Declaration, Section 5.2 o)

Maintenance

Owner maintains interior of Unit and specified limited common elements. Association maintains Common Elements and structural aspects of limited common elements. (Section 5.1(A) of By-Laws)

Insurance

Board to maintain property insurance on building (replacement cost, no deduction), comprehensive general liability insurance, rent insurance, workmen's compensation, boiler and machinery insurance, and such other insurance as Board determin (Section 5.4 of By-Laws)

Use restrictions

Each Unit shall be used for residential purposes only, in accordance with use permitted by local law and zoning regulations. (Article 9, Section in Declaration (page )

Voting & meetings

One vote per Unit. Each Unit Owner entitled to one vote per Unit owned. Sponsor may vote per Unit owned. Board or designee cannot vote on units they own. (Section 4.8(B), 4.9)

Amendments

Declaration may be amended by vote of at least 66 2/3% of Unit Owners in number and common interest, cast in person or by proxy at a meeting, or by written approval of 66 2/3% in number and common interest. No amendment affecting mortgage l (Article 19 of Declaration)

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