3 Nancy Lane Condominium

Key facts from 3 Nancy Lane Condominium's documents

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

Community type

Condominium

Legal name

3 NANCY LANE CONDOMINIUM

Developer / declarant

Holloran Road Corp

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 1, page 3)

Assessments & dues

Board of Managers determines and levies monthly common charges to cover estimated common expenses; may increase monthly charges (By-laws Article III Section 5 items 1 an)

Special assessments

Levy special assessments to pay for cost of litigation or other needs; levied and paid same as regular assessments (By-laws Article III Section 5 item 10 (p)

Collections & liens

Unpaid common charges constitute a lien on unit prior to all except tax and first mortgage liens; foreclosure action if unpaid 90 days from due date; board may purchase unit at foreclosure sale (Article 12 (page 7); By-laws Article VI )

Reserves & fees

Operating account established; no separate reserve fund mentioned (By-laws Article VI Section 6 (page 20))

Pets

Pets permitted but must not be a nuisance (By-laws Article VIII Section 3 (page 22))

Leasing & rentals

Yes, but subject to Board's right of first refusal; any sale/lease in violation voidable at Board's election (By-laws Article X Section 1 (page 23))

Parking & vehicles

Commercial license plate vehicles may not be parked in the Community for more than 24 hours (By-laws Article VIII Section 6(e) (page )

Maintenance

Board (common expense) (By-laws Article III Section 6 (page 15) )

Insurance

Board shall obtain fire insurance with standard mortgagee clause, minimum $600,000 after closing of all units; also public liability insurance (By-laws Article VII (pages 20-21))

Use restrictions

All Units shall be used for residential purposes only (By-laws Article VIII Section 2 (page 22))

Voting & meetings

One vote for each percentage of common interest (50% per unit); each unit appoints a manager who may vote (Article 8 (page 5); By-laws Article II S)

Amendments

Declaration amended by instrument executed by Board of Managers upon approval of at least 80% of unit votes (based on one vote per first mortgage owner) and mortgagees representing at least 51% of first mortgage owners; for material adverse (Article 10 (page 6))

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