12 Elaine Place Condominium

Key facts from 12 Elaine Place Condominium's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

12 Elaine Place Condominium

Units / lots

4 residential units (Article 4: 'The building contains four ()

Governing law

Article 9-B of the Real Property Law of the State of New York (the Condominium Act) (Article 1(a) of Declaration)

Assessments & dues

Board determines Common Charges based on annual budget, collected pro-rata according to Common Interests. (By-Laws Section 2.4(iv)–(v) and Article )

Special assessments

Board may levy Special Assessments pro-rata in accordance with Common Interests (except as otherwise provided). (By-Laws Section 6.1(C) and definition (3)

Collections & liens

Board may perfect a lien against a Unit for unpaid Common Charges and may foreclose such lien. (By-Laws Section 6.4)

Reserves & fees

Not explicitly created, but Board may borrow money for capital improvements; during Sponsor control, reserves cannot be created without Sponsor's consent (but not unreasonably withheld for contingency fund required by law). (By-Laws Section 2.4(vi) and Section 2.7()

Leasing & rentals

Yes, Unit Owners may sell or lease units subject to Right of First Refusal (Article 7 of By-Laws) and other conditions. (By-Laws Article 7, especially Section 7.)

Architectural approval

Any alterations, additions, improvements, or changes to a Unit require prior written approval of the Condominium Board. (Declaration Article 12 and By-Laws Secti)

Maintenance

Unit Owner responsible for maintenance of Unit and Limited Common Elements (basement, decks, porches, attic). Association responsible for all Common Elements. (By-Laws Section 5.1(A) and Declaration A)

Insurance

Unit Owners may carry their own insurance, but such policies must contain waivers of subrogation. (By-Laws Section 5.4(D))

Use restrictions

Each Unit may be used in accordance with local law and Certificate of Occupancy, and not more than one family may occupy a Unit at one time. (Declaration Article 9(a) (PAGE 7))

Voting & meetings

Each Unit Owner has one vote per Unit owned, including Sponsor. Co-owners have one vote jointly. No vote if lien perfected on unit. Proxy allowed in writing, revocable. (By-Laws Section 4.8)

Amendments

Declaration may be amended by vote of 66 2/3% of Unit Owners; amendment must be recorded. By-Laws may be amended by 66 2/3% vote of Unit Owners. Amendments affecting mortgagee rights require mortgagee consent. (Declaration Article 18(a); By-Laws Artic)

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