11 First Street Condominium

Key facts from 11 First Street Condominium's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

11 First Street Condominium

Developer / declarant

Jacob Oshry

Governing law

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

Assessments & dues

Board of Managers shall fix and determine budget annually, assess total amount as a single sum against all Units prorated according to common interest. Payable monthly in advance. (By-laws Article VI Section 2, Page 17-18)

Special assessments

Special assessments shall be levied and paid in same manner as regular assessments. (By-laws Article VI Section 2, Page 18)

Collections & liens

Unpaid common charges and interest are a chargeable lien against the Unit. Board may foreclose lien under Real Property Law Section 339. Attorneys' fees and costs may be recovered (but not a lien). (Article 12 (Declaration), Page 7; By-law)

Reserves & fees

Not explicitly mentioned as a separate reserve fund, but By-laws Article VI Section 2 includes 'reserves' as an operational item in budget. (By-laws Article VI Section 2, Page 17-18)

Leasing & rentals

Not explicitly addressed. Article 14 (Declaration) mentions sale or lease of Unit subject to Declaration and By-laws. By-laws Article XI (Restrictions on Conveyances) restricts conveyance or lease without compliance with section (common cha (Article 11, Page 7; By-laws Article XI, )

Architectural approval

Consent requested by certified mail to Management Agent or President of Board; Board obligated to answer within 60 days; failure to respond within stipulated time means no objection. (Article 14(b), Page 8; By-laws Article V)

Maintenance

Owner responsible for maintenance, repairs, replacements of their Unit and any common elements restricted to their use. Board responsible for maintenance, repairs, replacements to common elements (including snow removal, painting, etc.). If (By-laws Article II Section 6, Page 15-16)

Use restrictions

All Units shall be used for residential purposes only. (By-laws Article VIII Section 2, Page 20)

Voting & meetings

Each Unit Owner shall have one vote for each percentage of common interest set forth in Exhibit B. (Article 8, Page 6; By-laws Article III S)

Amendments

Declaration may be amended by Board upon vote of 66-2/3% of Unit Owners in number at a duly called meeting. Certain amendments require mortgagee approval (51% of first mortgage votes). Amendments to By-laws require 66-2/3% of Unit Owners. (Article 10(b), Page 6; 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.