18 Homestead Lane Condominium

Key facts from 18 Homestead Lane Condominium's documents

Community type

Condominium (Article 5 - Name of the Condominium)

Legal name

18 HOMESTEAD LANE CONDOMINIUM

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration preamble)

Special assessments

Charges allocated by Board pro-rata per Common Interest for unanticipated expenses or capital improvements. (Exhibit C definition (33) and By-Laws Se)

Collections & liens

Condominium Board may impose a lien on a Unit for unpaid Common Charges and may foreclose. (Declaration Article 14 and By-Laws Secti)

Reserves & fees

5% of amount due and interest at 1% per month for non-payment within 10 days of due date. (By-Laws Section 6.4)

Leasing & rentals

Yes, but subject to right of first refusal by Condominium Board. (By-Laws Article 7, Section 7.2)

Architectural approval

Prior written approval of Board required for structural alterations; non-structural alterations do not require approval. (By-Laws Section 5.2)

Home business

A Unit may be partially used as a professional office. (By-Laws Section 5.7(B))

Maintenance

Unit Owner: interior of Unit, including painting, decorating, maintenance, replacements. Association: Common Elements (including exterior, structural, common areas). (By-Laws Section 5.1)

Insurance

Property insurance on Building at full replacement cost, comprehensive general liability insurance, boiler and machinery, workmen's compensation, rent insurance (if applicable), and other insurance as Board determines. (By-Laws Section 5.4)

Use restrictions

Units may be used only for residential purposes in accordance with local law and Certificate of Occupancy; not more than one family per unit. (Article 9(a) and By-Laws Section 5.7)

Voting & meetings

Each Unit Owner votes in proportion to Common Interest; Sponsor may vote on Unsold Units; after sponsor control, each Unit Owner designates one Board member (By-Laws Section 4.8 and 4.9)

Amendments

Declaration: may be amended by vote of 80% of Unit Owners or less if affecting mortgagee rights. By-Laws: amended by majority vote of Board and approval of Unit Owners if required. (Declaration Article 18, By-Laws Article )

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