16 Hoyt Street Condominium

Key facts from 16 Hoyt Street Condominium's documents

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

Community type

Condominium (Cover page: 16 HOYT STREET CONDOMINIUM)

Legal name

16 HOYT STREET CONDOMINIUM

Developer / declarant

HOYT COLE DEVELOPMENT

Governing law

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

Assessments & dues

Common Charges and Special Assessments allocated pro-rata according to Common Interests (By-Laws Section 6.1 and Declaration Defi)

Special assessments

Allowed; capital improvements exceeding $5,000 in a calendar year require approval of all Unit Owners and Mortgage Representatives (By-Laws Section 5.3(B))

Reserves & fees

General operating reserve and replacement reserve may be established by Board (By-Laws Section 2.4(vii))

Leasing & rentals

Leasing allowed subject to Right of First Refusal and no transient occupants (By-Laws Article 7 and Section 5.7(B))

Architectural approval

Alterations, additions, or improvements to any part of a Unit require approval of Board (except interior painting, decorating, etc.) (By-Laws Section 5.2)

Home business

A Unit may be partially used as a professional office by the owner of such unit (By-Laws Section 5.7(A))

Maintenance

Unit Owner responsible for interior maintenance (walls, ceilings, floors, fixtures, windows, doors, plumbing, etc.) and Limited Common Elements; Condominium Board responsible for Common Elements (By-Laws Section 5.1; Declaration Section)

Insurance

Fire insurance with extended coverage, vandalism, malicious mischief; insuring Building (including Units, improvements, fixtures, equipment) at 100% replacement cost (By-Laws Section 5.4(A) and (B)(i))

Use restrictions

Each Unit may be used for residential purposes only (By-Laws Section 5.7(A))

Voting & meetings

Each Unit Owner casts one vote per unit owned; in Board elections, each Unit Owner elects one Board Member (By-Laws Section 4.8(A) and 4.9(A))

Amendments

Amendment requires vote of all Unit Owners, except Sponsor may amend without vote for filing under Section 339-p; certain amendments require mortgagee consent (Declaration Article 18(a) and (b); By-La)

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