27 Francis State Condominium

Key facts from 27 Francis State Condominium's documents

Reflects the 2013 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

27 FRANCIS PLACE CONDOMINIUM

Developer / declarant

FRANCIS ESTATES LLC

Governing law

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

Assessments & dues

Board determines budget at least annually; total requirements prorated according to common interest; assessments payable monthly in advance (By-laws Art VI Sec 2)

Special assessments

Board may levy special assessments in same manner as regular assessments (By-laws Art VI Sec 2)

Collections & liens

Unpaid common charges constitute a lien on the Unit prior to all liens except tax and first mortgage liens; foreclosure in same manner as mortgage; 90 days notice before foreclosure; Board may also obtain money judgment (Declaration Art 12; By-laws Art IX)

Reserves & fees

Maximum interest permitted by law on unpaid charges (Declaration Art 12; By-laws Art VI Sec 2)

Leasing & rentals

Yes, but any sale or lease in violation of By-laws is voidable at Board's election; provisions not applicable to mortgagee acquisitions (By-laws Art XI Sec 1)

Maintenance

Board responsible for maintenance, repairs, replacements of common elements (exterior walls, roof, public utility lines, etc.); Unit Owner responsible for interior maintenance, windows, doors, electrical, plumbing, heating/cooling within Un (By-laws Art III Sec 6)

Insurance

Fire with extended coverage, water damage, vandalism, malicious mischief; full replacement value of building; public liability insurance; fidelity bonds for officers/employees handling funds (By-laws Art VII Sec 1, Sec 10)

Use restrictions

Yes (Declaration Art 17(i); By-laws Art VIII )

Voting & meetings

Each Unit has one vote per percentage of common interest set forth in Exhibit B; joint owners must cast single vote by majority of such owners (Declaration Art 8, Art 3(a))

Amendments

Declaration may be amended by 66-2/3% of Unit Owners in number at duly called meeting; material adverse amendments require consent of mortgagees representing at least 51% of unit votes; amendment recorded. By-laws may be amended by 66-2/3% (Declaration Art 10(b); By-laws Art X)

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