64 Herrick Avenue Condominium

Key facts from 64 Herrick Avenue Condominium's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (FIRST: Submission of Property)

Legal name

64 HERRICK AVENUE CONDOMINIUM

Developer / declarant

MAYER FRIEDMAN

Governing law

Article 9-B of the Real Property Law of the State of New York (FIRST: Submission of Property)

Assessments & dues

Board of Managers determines budget, prorates total annual requirements among Units according to common interest percentages. Monthly payments in advance. (By-laws Article VI Sections 1 and 2)

Special assessments

Allowed; levied and paid in same manner as regular assessments. For improvements costing over $5,000 (or $2,500 while Sponsor controls), majority unit owner approval required. (By-laws Article III Section 5 item 12; A)

Collections & liens

Unpaid common charges become a lien prior to all other liens except taxes and first mortgage. Foreclosure permitted. Board may purchase unit at foreclosure, hold, lease, or sell. (Declaration TWELFTH; By-laws Article VI )

Reserves & fees

Reserves for maintenance, repair and replacement are included in the budget; no specific amount required. (By-laws Article VI Section 1 (budget ite)

Leasing & rentals

Yes, but all unpaid common charges must be paid before conveyance or lease. Board has right of first refusal to buy any Unit offered for resale (not explicitly for lease). (By-laws Article XI Section 1)

Architectural approval

Written consent of Board required for exterior alterations, any structure on common elements, or alterations impairing structural soundness. (Declaration Seventeenth (b); By-laws Art)

Maintenance

Board of Managers responsible for roof maintenance and repairs as part of common elements. (By-laws Article III Section 6 (exterior )

Insurance

Fire insurance with extended coverage, water damage, vandalism, malicious mischief covering Building (including all Units and fixtures initially installed by Sponsor) at full replacement value. Also liability insurance. (By-laws Article VII Section 1)

Use restrictions

All Units shall be for residential purposes only. (By-laws Article VIII Section 2; Declarat)

Voting & meetings

Each Unit Owner has one vote per Unit owned. Board of Managers cannot cast votes of any member to the Board. (By-laws Article II Section 2)

Amendments

Declaration: 80% of Unit Owners in number and common interest must execute amendment. No change to common interest, voting rights, or condominium parcel without affected owner and mortgagee consent. By-laws: 80% owner approval plus notice; (Declaration TENTH; By-laws Article 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.