1 Roosevelt Avenue Condominium

Key facts from 1 Roosevelt Avenue Condominium's documents

Reflects the 2011 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title: "1 ROOSEVELT AVENUE CONDOMINIUM" )

Legal name

1 Roosevelt Avenue Condominium

Developer / declarant

Chaim Gelbman of 1 Roosevelt Avenue Corp., 1 Roosevelt Avenue, Spring Valley, NY 10977 (Declaration preamble, [[PAGE 3]]; Cover )

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration FIRST, [[PAGE 4]]; By-Laws A)

Assessments & dues

Board fixes the budget at least annually, sends a copy to each Unit Owner and mortgagee, and determines the total amount to be assessed as a single sum against all Units prorated according to each Unit's common interest; assessments are pay (By-Laws Art VI Sec 2, [[PAGE 22-23]])

Special assessments

Board may determine and levy monthly assessments and may vote special assessments; special assessments are levied and paid in the same manner as regular assessments (By-Laws Art III Sec 4(1); Art VI Sec 2, )

Collections & liens

Unpaid common charges plus maximum legal interest constitute a lien on the Unit prior to all other liens except tax/assessment liens and sums unpaid on any first mortgage of record; lien may be foreclosed in like manner as a mortgage (Declaration ELEVENTH, [[PAGE 6-7]])

Reserves & fees

Annual budget must include reserves, but no specific amount or funding target is stated (By-Laws Art VI Sec 2 (budget includes "i)

Leasing & rentals

Unit Owners may sell or lease their Units, subject to the Board of Managers' right of first refusal and payment of unpaid common charges; any sale or lease in violation is voidable by the Board (By-Laws Art XI Sec 1, [[PAGE 27]])

Parking & vehicles

Commercial license plate vehicles may not be parked in the Community for a period in excess of 24 hours (By-Laws Art VIII Sec 8(e), [[PAGE 25]])

Architectural approval

Consent request must be mailed by certified mail return-receipt requested to the Management Agent or President; the Board must answer within 60 days, and failure to do so means no objection (By-Laws Art VIII Sec 7, [[PAGE 25]])

Maintenance

Roof and roof members are maintained and replaced by the Board as a common expense (By-Laws Art III Sec 5, [[PAGE 18]])

Insurance

Board must obtain and maintain fire insurance with extended coverage, water damage and malicious mischief endorsements, insuring the Building, improvements, bathroom/kitchen/laundry fixtures, Sponsor-installed equipment, heating/hot water e (By-Laws Art VII Sec 1, [[PAGE 23-24]])

Use restrictions

Occupancy of the Units is restricted to Residential Occupancy in accordance with applicable zoning regulations (Declaration SEVENTEENTH(i); By-Laws Art )

Voting & meetings

Each Unit Owner shall have one vote for each percentage of common interest set forth in Exhibit B; the percentage has been based on the approximate proportion that the fair value of each Unit bears to the aggregate fair value of all Units (Declaration EIGHTH, [[PAGE 6]])

Amendments

The Declaration may be modified or amended by an instrument executed by the Board of Managers upon a vote of 66-2/3% of the Unit Owners; material adverse amendments require mortgagees representing at least 51% of first-mortgage votes (Declaration TENTH(b)(i), [[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.