10 First Street Condominium

Key facts from 10 First Street Condominium's documents

Reflects the 2013 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration title)

Legal name

10 First Street Condominium

Developer / declarant

JOEL & CIREL KLEIN

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 1, page 3)

Assessments & dues

Board fixes budget annually, determines total amount required, prorates among Units according to common interest; assessments payable monthly in advance (By-laws Article VI Section 2)

Special assessments

Board may levy special assessments, payable same manner as regular assessments (By-laws Article VI Section 2)

Collections & liens

Board may foreclose lien if sum unpaid 90 days after notice to Unit Owner and mortgagee; foreclosure in same manner as mortgage foreclosure (By-laws Article IX)

Reserves & fees

If unpaid 30 days after due date, sum bears interest at maximum permitted by New York law, plus reasonable costs and attorney's fees (By-laws Article IX)

Parking & vehicles

Commercial license plate vehicles may not be parked in the Community for more than 24 hours (By-laws Article VIII Section 6(e))

Architectural approval

Written consent of Board required for alterations to exterior, common elements, or interior affecting structural soundness (Declaration Article 14(b))

Maintenance

Board of Managers (as common element) (By-laws Article V Section 6 (exterior wa)

Insurance

Fire insurance with extended coverage, water damage, vandalism, malicious mischief; full replacement value of Building and initial fixtures; plus public liability coverage (By-laws Article VII Section 1)

Use restrictions

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

Voting & meetings

One vote per Unit Owner; majority of owners present in person or by proxy decides matters (By-laws Article II Sections 1 and 4)

Amendments

By 66-2/3% of Unit Owners in number at duly called meeting; material adverse amendments require approval of mortgagees representing at least 51% of unit votes; withdrawal requires 80% in number and common interest plus mortgagee approval (Declaration Article 10(a) and (b); By-la)

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