16 Ridge Ave Condominium

Key facts from 16 Ridge Ave 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

16 RIDGE AVE CONDOMINIUM

Developer / declarant

MADISON RIDGE LOPNESNT LC

Governing law

Article 9-B of the Real Property Law of the State of New York (The Condominium Act) (Declaration, Pg. 4; Article 9-B referenc)

Assessments & dues

Condominium Board annually prepares and adopts a budget, then allocates and assesses Common Charges amongst Unit Owners pro-rata based on Common Interests. (By-Laws Section 6.1, Pg. 45)

Special assessments

Allowed; Board may levy Special Assessments for deficiencies, capital improvements, etc. Subject to limitations: during Declarant control, Sponsor consent needed for certain actions; all Unit Owners consent needed for borrowing over $5,000 (By-Laws Sections 2.4(vi), 2.5, 6.1; Pg. )

Collections & liens

Common Charges and Special Assessments are a lien on the Unit. Board may enforce payment through legal means, including foreclosure. Mortgagees have notice rights and cure rights. (By-Laws Sections 2.4(xviii), 4.8(C), Art)

Reserves & fees

Allowed for contingencies, replacements, deficits. During Sponsor control, reserves are limited to a twelve-month reserve for contingencies without Sponsor consent. (By-Laws Sections 2.5, 6.1; Pg. 28, 45)

Leasing & rentals

Leasing is allowed but subject to Right of First Refusal in Article 7 of By-Laws. (By-Laws Article 7, Pg. 21-22)

Parking & vehicles

Each Unit has two (2) outdoor Limited Common Elements parking spaces located adjacent to the entrance of the Unit. Total four spaces. (Declaration Section 8, Pg. 5; By-Laws Se)

Architectural approval

Alterations, additions, improvements or changes to Units or Limited Common Elements require approval of the Condominium Board. Changes costing more than $5,000 per calendar year require approval of all Unit Owners and Mortgage Representativ (By-Laws Section 5.2, Pg. 38-39; Declarat)

Home business

Professional office by owner of the unit permitted, but not full commercial use. (By-Laws Section 5.6, Pg. 43)

Maintenance

Unit Owner responsible for all painting, decorating, maintenance, repairs, replacements in their Unit (interior walls, ceilings, floors, fixtures, windows, doors, etc.). Condominium Board responsible for Common Elements. If work necessitate (By-Laws Section 4.11(A), Pg. 37-38; Sect)

Insurance

Board determines deductible amounts. (By-Laws Section 5.4(C), Pg. 41)

Use restrictions

Units shall be used as private residences in accordance with local law and Certificate of Occupancy. Professional office use by owner permitted part-time. (By-Laws Section 5.6, Pg. 43)

Voting & meetings

Each Unit Owner casts one (1) vote per Unit owned. In Board elections, each Unit Owner elects one (1) Board Member. Sponsor has same voting right as all Unit Owners for each Unit owned. (By-Laws Section 4.9, Pg. 36-37)

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