15 17 Hammond Street Condominium

Key facts from 15 17 Hammond Street Condominium's documents

Reflects the 2009 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration title, passim)

Legal name

15-17 Hammond Street Condominium

Developer / declarant

Michael Bleier and Beatrice Bleier

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, FIRST; By-laws Article I Se)

Assessments & dues

Board of Managers determines budget at least annually; total common expenses assessed pro rata according to each Unit's common interest. (By-laws Article VI Section 2 (page 19))

Special assessments

Special assessments may be levied for additional necessary expenses in the same manner as regular assessments. (By-laws Article VI Section 2 (page 19-20)

Collections & liens

Unpaid common charges constitute a lien on the Unit prior to all other liens except tax/assessment liens and first mortgage liens. Lien may be foreclosed like a mortgage; foreclosure sale proceeds shortfall becomes common expense. (Declaration Article TWELFTH (page 7); By)

Reserves & fees

$15 or less per month on the delinquent amount, plus interest at the highest legal rate allowed by New York. (By-laws Article VI Section 2 (page 20): )

Leasing & rentals

Units may be sold or leased subject to payment of unpaid common charges; Board has right of first refusal to buy any Unit offered for resale. (By-laws Article XI Section 1 (page 24))

Parking & vehicles

Commercial license plate vehicles may not be parked in the Community for a period in excess of 24 hours. (By-laws Article VIII Section 8(e) (page )

Architectural approval

Board consent required for alterations affecting structural soundness; for any alteration of interior that affects structural soundness; for painting exterior surfaces of windows, walls, or doors; for erecting fences or gates. (By-laws Article VIII Section 7 (page 23))

Maintenance

Board of Managers is responsible for repairs and replacements to the roof as a common expense. (By-laws Article III Section 6 (page 15))

Insurance

Fire insurance with extended coverage, water damage, malicious mischief; full replacement value of buildings; public liability insurance minimum $1,000,000 initially; fidelity bonds for funds. (By-laws Article VII Section 1 (page 21-2)

Use restrictions

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

Voting & meetings

Each Unit Owner has one vote per percentage of common interest; Board of Managers cannot vote in election of Board members. Each Unit appoints a Manager to vote. (Article EIGHTH (Declaration, page 6) and)

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