22 Old Nyack Condominium

Key facts from 22 Old Nyack Condominium's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration §5 — Name of the Condominium)

Legal name

22 OLD NYACK CONDOMINIUM

Developer / declarant

22 OLD NYACK LLC (Declaration Preamble; signature page)

Governing law

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

Assessments & dues

Board adopts annual budget including anticipated Common Expenses and income, then determines Common Charges proportionally based on Common Interests. (By-Laws §2.4(iv),(v))

Special assessments

Permitted; defined as charges allocated pro-rata according to Common Interests (except as otherwise provided). Board may assess for reserve funds, deficits, or other needs. (Exhibit C definition (35); By-Laws §6.1()

Collections & liens

Board may borrow money and create liens on units with owner consent (for borrowing). For unpaid common charges, Board may enforce by legal means including notice to mortgagees and potential foreclosure (implied by default provisions). (By-Laws §2.4(vi); §8.3)

Reserves & fees

Board may establish and maintain reserves for contingencies, repairs, replacements. For first 3 years, reserves limited to twelve-month contingency not exceeding 10% of budgeted operating expenses unless required by law or health/safety. (By-Laws §2.4(iv); §2.5(B))

Leasing & rentals

Leasing is permitted but subject to a right of first refusal in favor of the Condominium Board. (By-Laws Art. 7 — Right of First Refusal;)

Architectural approval

Yes, for alterations, additions, or improvements to any part of the property allocated to a unit (other than interior changes), and for exterior changes differing from original design. Interior changes do not require prior approval. (Declaration §10; By-Laws §5.2(A))

Use restrictions

Each Unit may be used only for residential occupancy, and not more than one family may occupy a Unit at one time. (Declaration §9)

Voting & meetings

Each unit owner entitled to one vote per unit; cumulative voting allowed. Sponsor controls vote until no longer owns majority of units. After Sponsor control, each unit one vote. (By-Laws §4.8; §2.7)

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