137 Maple Avenue Condominium

Key facts from 137 Maple Avenue Condominium's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (137 MAPLE AVENUE CONDOMINIUM) (Article 5 - Name of Condominium, Page F-)

Legal name

137 MAPLE AVENUE CONDOMINIUM

Units / lots

2 residential units (Article 4 - Description of the Building:)

Developer / declarant

Y&R REALTY HOLDINGS LLC, 16 Widman Court Unit, Unit 103, Spring Valley, NY 10977 (First page of Declaration, Page F-1)

Governing law

Article 9-B of the Real Property Law of the State of New York (the Condominium Act) (Article 2 - Submission of the Property; )

Assessments & dues

Board prepares annual budget of Common Expenses, then determines Common Charges pro-rata based on Common Interests. (By-Laws Section 2.4(v), Section 6.1)

Special assessments

Allowed: charges allocated pro-rata (except as provided) in accordance with By-Laws Section 6.1(C). Requires 75% Unit Owner approval for certain capital improvements unless required by law/insurance. (Exhibit C Definition (32); By-Laws Secti)

Collections & liens

Common Charges and Special Assessments constitute a lien on the Unit. Board may foreclose if unpaid. (By-Laws Section 6.4, Article 9)

Reserves & fees

Authority to establish reserves; limited to a 12-month reserve for contingencies not exceeding 10% of budgeted operating expenses for the ensuing 12 months (without Unit Owner approval). (By-Laws Section 2.5(B)(iv))

Leasing & rentals

Leasing allowed but subject to Board's Right of First Refusal (Article 7 of By-Laws) and Board approval of occupants. (By-Laws Article 7 (Section 7.2); By-Laws)

Architectural approval

Yes, any alteration, addition, or improvement to any part of the Property requires prior approval of the Board. (Declaration Section 10; By-Laws Section )

Home business

Not explicitly permitted; use must comply with local law and cannot be a nuisance. (By-Laws Section 5.6)

Maintenance

Owner responsible for interior painting, decorating, maintenance, replacements of Unit (walls, ceilings, floors, fixtures, windows, doors, exposed plumbing). Board responsible for Common Elements as Common Expense. (By-Laws Section 5.1(A))

Insurance

Board shall obtain fire insurance (all risk, extended coverage, vandalism, malicious mischief) insuring Building including all Units and improvements (except personal property). Coverage amount: not less than 100% replacement cost. (By-Laws Section 5.4(A) and (C)(i))

Use restrictions

Units may be used in accord with local law; occupation limited to owner, certain relatives/employees, or guests, subject to Board approval. (Declaration Section 9; By-Laws Section 5)

Voting & meetings

Each Unit Owner casts one vote per Unit owned; in Board elections each Unit Owner elects one Board Member. Sponsor votes as long as owns a Unit. (By-Laws Section 4.8, 4.9)

Amendments

Declaration may be amended by unanimous vote of all Unit Owners (or written consent). Certain amendments require mortgagee consent. Sponsor may amend for filing floor plans without vote. (Declaration Section 19)

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