10 Ridge Avenue Condominium

Key facts from 10 Ridge Avenue Condominium's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

10 RIDGE AVENUE CONDO

Developer / declarant

NJ EQUITIES LLC (Declaration page 1)

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 2 - Submission of the Property; )

Assessments & dues

By Board adopting annual budget; Common Charges are assessed pro-rata according to Common Interests. (By-Laws Section 2.4(v) and Article 6 gen)

Special assessments

Yes, as Common Charges; may be levied by Board for deficiencies, e.g., after casualty or for capital improvements with approval if over $5,000. (By-Laws Section 6.1(C) and Section 5.3 ()

Collections & liens

Implied; unpaid common charges may result in lien; Board can enforce by legal means. (By-Laws Section 2.4(xviii): 'to enforce )

Reserves & fees

Mentioned in context of Sponsor's veto power over assessments for reserves; no specific amount. (By-Laws Section 2.5(ii): 'assess any Com)

Leasing & rentals

Yes, but subject to right of first refusal (Article 7) and that entire unit must be leased (no partial). (By-Laws Section 5.7(B): 'In no event, ho)

Architectural approval

Yes, Board approval required for alterations, additions, or improvements (including changes to layout). (By-Laws Section 5.2: 'All alterations, a)

Maintenance

Unit Owner responsible for all painting, decorating, maintenance, and replacements within Unit including interior surfaces, fixtures, windows, doors, etc. Board responsible for Common Elements. (By-Laws Section 4.11(A)(i) and (ii): 'al)

Insurance

Fire insurance with all risk, extended coverage, vandalism, malicious mischief; covers Building including Units and certain fixtures, but not personal property. Minimum 100% replacement cost. (By-Laws Section 5.4(A) and (C)(i): 'fire)

Use restrictions

Yes; no commercial, manufacturing, or industrial purpose. (By-Laws Section 5.6(A): 'No portion of t)

Voting & meetings

Each unit owner casts one vote per unit; in board elections, each unit owner elects one board member. (By-Laws Section 4.9(A): 'Each owner of a)

Amendments

Declaration may be amended by vote of all Unit Owners; sponsor may amend without vote for incomplete portions; certain material changes require consent of at least 51% of eligible mortgage holders. (Declaration Article 19: 'This Declaratio)

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