16 Fred Eller Condominium

Key facts from 16 Fred Eller Condominium's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

16 Fred Eller Condominium

Developer / declarant

MADISON RIDGE DEVELOPMENT LLC (PAGE 3, Declaration opening paragraph)

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 2, PAGE 3)

Assessments & dues

Board determines Common Charges and Special Assessments based on budget. (By-Laws Article 2 Section 2.4(v), PAGE 2)

Special assessments

Board may levy special assessments. Borrowing over $5,000 in any fiscal year requires consent of all Board members and all Unit Owners. (By-Laws Article 2 Section 2.4(vi), PAGE )

Collections & liens

Board may file a lien for unpaid common charges and obtain a release of judgment or other lien. (By-Laws Article 2 Section 2.4(vi), PAGE )

Reserves & fees

Board may establish reserve fund for capital expenditures not exceeding ten percent of budgeted operating expenses for ensuing twelve months. Sponsor may veto establishment of reserves except for items required by law. (By-Laws Article 2 Section 2.4(xiii), 2.5)

Leasing & rentals

Yes, but subject to restrictions; Board may impose restrictions on leasing (subject to mortgagee consent). Right of First Refusal on transfers. Leasing is allowed. (Declaration Article 11, By-Laws Article )

Architectural approval

Yes, prior written consent of Board required for alterations, additions, or improvements to exterior or changes in layout. (Declaration Article 10, By-Laws Article )

Maintenance

Unit Owner responsible for interior of unit (walls, ceilings, floors, fixtures, windows, plumbing, heating) and limited common elements. Association responsible for Common Elements. (By-Laws Article 5 Section 5.1(A), PAGE 3)

Insurance

Board to maintain property insurance on replacement cost basis, comprehensive general liability insurance, workers compensation, boiler and machinery insurance. (By-Laws Article 5 Section 5.4, PAGE 40-4)

Use restrictions

Each Unit may be used in accordance with the Rules and Regulations and the Certificate of Occupancy. (Declaration Article 9, PAGE 6)

Voting & meetings

Each Unit Owner entitled to one vote per percentage of interest owned. Sponsor may cumulate votes. Fiduciaries and co-owners have designated voting. (By-Laws Article 4 Section 4.8, PAGE 36-3)

Amendments

Amendment of Declaration requires 66 2/3% vote of all Unit Owners (in number and common interest). Material amendments require consent of 51% of eligible mortgage holders. Sponsor may amend without unit owner consent to divide Board into se (Declaration Article 19, PAGE 10-11)

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