12 Francis Place Condominium

Key facts from 12 Francis Place Condominium's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

12 FRANCIS PLACE CONDOMINIUM

Developer / declarant

J.B.1. USA INCORS

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Page 1: "PURSUANT TO ARTICLE 9-B OF THE )

Assessments & dues

Condominium Board prepares a budget each fiscal year and determines Common Charges and Special Assessments to cover Common Expenses. (By-Laws Section 2.4(iv)-(v) (Page 25): ")

Special assessments

Allowed; Board may levy Special Assessments for Common Expenses, including casualty restoration and deficit funding. (By-Laws Section 2.4(v) (Page 25) and Sec)

Collections & liens

The Condominium Board may perfect a lien against a Unit Owner's Unit for unpaid charges, and may enforce via foreclosure or other remedies. (By-Laws Section 4.8(A) (Page 37): "the C)

Reserves & fees

Allowed but limited during declarant control: no reserve except a twelve-month contingency fund not exceeding 10% of budgeted operating expenses, unless required by law, insurance, or health/safety. (By-Laws Section 2.5(A)(vii) (Page 28-29))

Leasing & rentals

Yes, but subject to right of first refusal in Article 7 of By-Laws. Material amendments restricting leasing require 51% mortgagee consent. (Declaration Section 19(c)(ix) (Page 10):)

Architectural approval

Alterations, additions, improvements to exterior of Unit require prior written consent of Board if design differs from original; interior alterations allowed without approval unless affecting structure or other units. Board must respond wit (Section 9(b)(ii) and (iv) (Page 6-7): "m)

Insurance

Board obtains property insurance covering Building and Units (fire, extended coverage, vandalism, malicious mischief, etc.) and comprehensive general liability insurance covering claims on Property. (By-Laws Section 5.4(A)(i)-(iii) and (B)()

Use restrictions

Units to be used as private single-family residences; professional office use allowed if does not interfere with residential character. (By-Laws Section 5.7 (Page 44-45): "Units)

Voting & meetings

One vote per unit owned. Sponsor may exercise vote as long as it owns units. After Sponsor no longer owns units, no further right to vote. (Page 29: "each Unit owner will be entitl)

Amendments

Vote of at least 66 2/3% in number and common interest of Unit Owners; material amendments require consent of eligible mortgage holders representing at least 51% of votes of unit estates subject to mortgages held by eligible holders. (Declaration Section 19(a) and (c) (Pages)

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