132 Maple Ave Condominium

Key facts from 132 Maple Ave Condominium's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

132 MAPLE AVE CONDOMINIUM

Developer / declarant

LARRY MANDEL

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, Section 2; Exhibit C, defin)

Assessments & dues

Condominium Board determines the amount and establishes means and methods of payment of Common Charges and Special Assessments. (By-Laws, Section 2.4(A)(v))

Special assessments

Board may levy Special Assessments. Certain actions (e.g., capital improvements >$5,000) require 75% unit owner approval and consent of Mortgage Representatives. (By-Laws, Sections 2.4(A)(v), 5.5(C); By-)

Collections & liens

Board may perfect a lien against a Unit for unpaid Common Charges. Board may also acquire Units at foreclosure or other judicial sale. (By-Laws, Sections 2.4(A)(xvi), 4.8(A))

Reserves & fees

During Sponsor control, no addition to a reserve fund in excess of 5% of estimated Common Expenses without Sponsor consent. After control, such action requires 75% unit owner approval. (By-Laws, Sections 2.5(A)(ii), 2.5(B)(iv))

Insurance

Board may determine deductible amounts; reviewed at least once per year. (By-Laws, Section 5.4(C))

Use restrictions

Each Unit may be used in accordance with uses permitted by local law, zoning regulations, and Certificate of Occupancy. Not more than one family at a time. Partial professional office allowed only by owner of such unit. (Declaration, Section 9; By-Laws, Section)

Voting & meetings

Each unit owner casts one (1) vote per Unit Owned. In Board elections, each unit owner appoints one Board Member. Sponsor may vote as long as it owns Unsold Units. (By-Laws, Sections 4.8(A), 4.9(A))

Amendments

Declaration may be amended by vote of 75% in common interest of all Unit Owners (or written consent in lieu of meeting). Sponsor may amend without vote solely to file floor plans for incomplete portions. By-Laws may be amended per Article 1 (Declaration, Section 18; By-Laws, Articl)

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