5 Maple Terrace Condominium

Key facts from 5 Maple Terrace Condominium's documents

Reflects the 2010 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration heading)

Legal name

5 MAPLE TERRACE CONDOMINIUM

Developer / declarant

Cheskel Gottlieb (Declaration opening paragraph)

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration opening paragraph)

Assessments & dues

Common Charges and Special Assessments allocated and assessed by Condominium Board pro-rata according to Common Interests (Exhibit C Definitions (6) and (33); By-L)

Special assessments

Special Assessments may be levied by Board pro-rata according to Common Interests, as per By-Laws Section 6.1(C) (Exhibit C Definition (33); By-Laws Secti)

Collections & liens

If a unit owner fails to maintain limited common element, Board may assess cost and collect; unpaid charges may become a lien; termination provisions allow release of liens (Declaration Section 8(c) and Section 20)

Reserves & fees

Board may establish reserves for capital improvements or replacements, other than a twelve-month reserve not exceeding 5% of budgeted operating expenses for the then current year, subject to approval of 75% of Common Interest (By-Laws Section 2.5(B)(iv))

Architectural approval

Unit Owner may make interior alterations; for structural work or alterations affecting other units, approval required; Board may require insurance and agreement (Declaration Section 10 and By-Laws Secti)

Maintenance

Unit Owner responsible for all interior painting, decorating, maintenance, repairs and replacements within the Unit; Board responsible for Common Elements as Common Expense (By-Laws Section 5.1(A))

Insurance

Board determines deductible amounts (By-Laws Section 5.4(C))

Use restrictions

Each Unit shall be occupied only by the Owner thereof or his family, in accordance with Certificate of Occupancy (Declaration Section 9)

Voting & meetings

Each Unit Owner casts one vote for each percentage of Common Interest owned; cumulative voting allowed in Board elections (By-Laws Section 4.8)

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