20 Maple Terrace Condominium

Key facts from 20 Maple Terrace Condominium's documents

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

Community type

Condominium (Title page, Article 1)

Legal name

20 MAPLE TERRACE CONDOMINIUM

Developer / declarant

RM FAMILY TRUST

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 1)

Assessments & dues

Board of Managers determines the budget at least annually and assesses common charges against each Unit based on its percentage of common interest (set forth in Exhibit B). (By-laws Article VI Section 2)

Special assessments

Special assessments may be levied and paid in the same manner as regular assessments. (By-laws Article VI Section 2)

Collections & liens

Unpaid common charges become a lien on the Unit, prior to all other liens except taxes and first mortgages. Lien may be foreclosed when past due. Board shall take action to collect any common charges unpaid 90 days from due date by foreclos (Declaration Article 12; By-laws Article )

Reserves & fees

Board may charge a monthly fee of not more than fifteen dollars ($15) to cover additional burden from late payment. (By-laws Article VI Section 2)

Leasing & rentals

Leasing allowed subject to right of first refusal by Board of Managers. Seller must give at least 30 days notice; Board responds within 15 days. Failure to respond is waiver. (By-laws Article XI Section 1)

Insurance

Board shall obtain fire insurance with extended coverage endorsements insuring the Building including all Units and improvements in an amount equal to full replacement value, initially at least $600,000. Also public liability insurance. (By-laws Article VII Section 1)

Use restrictions

All Units shall be used for residential purposes only. (By-laws Article VIII (House Rules) Secti)

Voting & meetings

Each Unit Owner has one vote for each percentage of common interest (based on Exhibit B). At meetings, each Unit appoints a Manager who votes in person or by proxy. (Declaration Article 8; By-laws Article I)

Amendments

Declaration amendments: require agreement by at least 51% of unit votes (based on one vote for each first mortgage) for material adverse changes. Specific provisions: voting rights, assessments, etc. By-laws amendments: not fully detailed b (Declaration Article 10; 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.