12 Gwen Lane Condominium

Key facts from 12 Gwen Lane Condominium's documents

Community type

Condominium

Legal name

12 Gwen Lane Condominium

Developer / declarant

Yismach Properties LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Article 1 (Definitions) and Article 2 (S)

Assessments & dues

See Schedule A: Common Charges per unit for 2007 range from $559.41 to $901.33 monthly (Schedule A at end of Declaration)

Special assessments

Permitted; for capital improvements requires approval of 80% of Board members (By-Laws Section 2.3(iii) and Exhibit C d)

Collections & liens

Condominium Board may acquire Units on behalf of all Unit Owners; unpaid Common Charges may result in lien and foreclosure (By-Laws Article 8 and Declaration Articl)

Reserves & fees

Limited to 12-month contingency reserve not exceeding 5% of budgeted operating expenses (By-Laws Section 2.3(iv))

Leasing & rentals

Yes; Unsold Units may be leased to any persons; other Units may be occupied only by owner, family members, or corporate designees (Declaration Article 8(b))

Architectural approval

Yes, for structural alterations, additions, improvements, or repairs to Units and appurtenant Limited Common Elements; prior written approval of Condominium Board required (By-Laws Section 5.3(A))

Signs & flags

Sponsor has right to place 'for sale', 'for rent' signs on exterior walls; no restriction on others explicitly stated (Declaration Article 9(c))

Maintenance

Owner maintains Unit and Limited Common Elements (non-structural ordinary); Board maintains General Common Elements (except damage caused by owner) (By-Laws Section 5.1)

Insurance

Condominium Board may determine deductibles (By-Laws Section 5.4(C) last paragraph)

Use restrictions

Units (except commercial) may be used as private residence; commercial units allowed for commercial/professional purposes with restrictions (Declaration Article 8(a) and 8(d))

Voting & meetings

Each Unit Owner entitled to one vote per Unit; cumulative voting for Board elections; Sponsor has additional voting control during Initial Control Period (By-Laws Section 4.7(A) and 4.8)

Amendments

Declaration: requires vote of all Unit Owners in number and aggregate Common Interests, unless Sponsor's consent needed (Art 17). By-Laws: separate amendment procedure (Art 11). (Declaration Article 17 and 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.