12 Collins Avenue Condominium

Key facts from 12 Collins Avenue Condominium's documents

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

Community type

Condominium (Article 1: Submission of Property to Art)

Legal name

12 COLLINS AVENUE CONDOMINIUM

Developer / declarant

PRAG REALTY INC.

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 1; By-laws Article I Section 1; )

Assessments & dues

Board of Managers determines and levies monthly assessments ('common charges') to cover common expenses, based on a budget fixed at least annually. Assessments are pro-rata according to each Unit Owner's common interest percentage. (By-laws Article III, Section 5, item 1; )

Special assessments

Board may increase monthly assessments or vote a special assessment in excess of the budgeted amount if required to meet additional necessary expenses. (By-laws Article III, Section 5, item 1)

Collections & liens

Unpaid common charges constitute a lien on the Unit, prior to all other liens except tax assessments and first mortgages. Lien may be foreclosed like a mortgage. Holder of a first mortgage who acquires title through foreclosure or deed in l (Declaration Article 12)

Reserves & fees

Not explicitly required, but the budget may include reserves for betterments and contingencies. (By-laws Article VI, Section 2 (budget in)

Leasing & rentals

Yes, but subject to right of first refusal by Board of Managers and requirement that all unpaid common charges are paid before conveyance or lease. Any sale or lease in violation is voidable at Board's election. Exception for mortgagee acqu (By-laws Article XI, Section 1)

Parking & vehicles

Commercial license plate vehicles may not be parked in the Community for a period in excess of 24 hours. (By-laws Article VIII, Section 8(e))

Architectural approval

Written consent of Board of Managers required for: (a) alterations to the exterior of a Unit or any part of the common elements; (b) construction of any structure on common or restricted common elements; (c) interior alterations that impair (Declaration Article 17(b); By-laws Artic)

Maintenance

Unit Owner responsible for maintenance and good repair of the Unit and any area restricted to the Owner's use. Board of Managers responsible for maintenance, repair, and preservation of common elements (including outside walls, roofs, land, (Declaration Article 17(a); By-laws Artic)

Insurance

Board of Managers shall obtain fire insurance with extended coverage, water damage, vandalism and malicious mischief endorsements, insuring the Building (including all Units and improvements, bathroom, kitchen, laundry fixtures). Also publi (By-laws Article VII, Sections 1 and 2)

Use restrictions

Occupancy of Units is limited to residential occupancy in accordance with applicable zoning regulations. (Declaration Article 17(i); By-laws Artic)

Voting & meetings

Each Unit Owner shall have one vote for each percentage of common interest set forth in Exhibit B. (Percentages: Unit 1 – 32%, Unit 2 – 68%, Unit 3 – not clearly stated in text) (Article 8; Exhibit B)

Amendments

Declaration may be amended by Board of Managers upon vote of 66-2/3% of Unit Owners at a duly called meeting. Amendments of material adverse nature to first-lien mortgagees require consent of mortgagees holding at least 51% of unit votes (b (Declaration Article 10(b) and (c))

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