17 Maple Terrace Condominium

Key facts from 17 Maple Terrace Condominium's documents

Community type

Condominium

Legal name

THE 17 MAPLE TERRACE CONDOMINIUM

Developer / declarant

17 MAPLE TERRACE LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Page 3: pursuant to Article 9-B of the R)

Assessments & dues

Board prepares budget, sets Common Charges pro-rata by Common Interest (By-laws Section 6.1)

Special assessments

Board may levy Special Assessments for deficiencies, e.g., insurance deficiency (5.5 C), with pro-rata allocation by Common Interest (By-laws Section 6.1(C) and 5.5(C))

Collections & liens

Board may file lien against a Unit for unpaid Common Charges (By-laws Section 6.4)

Reserves & fees

General operating reserve or reserve fund for replacements may be established (Exhibit C definition (7) of 'Common Char)

Leasing & rentals

Yes, subject to Right of First Refusal (By-laws Article 7)

Maintenance

Owner responsible for damage from negligence, misuse, abuse; also liable for damage to other units or common elements from failure to maintain (By-laws Section 5.1(B))

Insurance

Board may determine deductible amounts (By-laws Section 5.4(C): 'Any insurance p)

Use restrictions

Each Unit may be used in accordance with law and certificate of occupancy; no more than one family may occupy a Unit at one time (Declaration Section 9)

Voting & meetings

Each Unit Owner casts one vote per Unit owned; cumulative voting allowed for Board elections (By-laws Sections 4.8 and 4.9)

Amendments

Declaration: amendment by vote of at least 75% of all unit owners or in writing by 75% in number and common interest; By-laws: amendment by vote of 75% of unit owners (Declaration Section 19; By-laws Article )

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