18 Wilsher Drive Condominium

Key facts from 18 Wilsher Drive Condominium's documents

Community type

Condominium (Title and throughout)

Legal name

18 WILSHER DRIVE CONDOMINIUM

Developer / declarant

18 WILSHER DRIVE CONDOMINIUM

Governing law

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

Assessments & dues

Board prepares annual budget, determines Common Charges and Special Assessments, collects from Unit Owners (By-Laws §2.4(iv)-(v))

Special assessments

Defined as charges allocated pro-rata in accordance with Common Interests; allowed with Board determination; during Sponsor control, limited to 5% of estimated Common Expenses for reserve (Exhibit C 'Special Assessments'; By-Laws)

Collections & liens

If borrowed sums not repaid by Unit Owner, Board may file lien against that Unit Owner's Unit; Board may acquire Units through foreclosure or judicial sale (By-Laws §2.4(vi) and §2.4(xv))

Reserves & fees

Board may establish reserves; during Sponsor control limited to 5% of estimated Common Expenses; after control, reserves limited to twelve-month reserve not exceeding 10% of budgeted operating expenses without 75% Unit Owner approval (By-Laws §2.5(ii) and §2.5(B)(iv))

Leasing & rentals

Yes, Units may be occupied by permitted lessees; subject to Right of First Refusal (Article 7 of By-Laws) (Declaration §9; By-Laws Art. 7 table of )

Architectural approval

Yes, for alterations, additions, or improvements to any part of Property allocated to Unit; interior alterations not specifically requiring approval; Board approval must be given within 15 business days, deemed approved if no response (By-Laws §5.2(ii); Declaration §9)

Insurance

Fire insurance with all risk extended coverage, vandalism, malicious mischief; comprehensive general liability insurance; rent insurance; workers' compensation; boiler and machinery insurance (By-Laws §5.4(A)-(B))

Use restrictions

Units to be occupied only by Owner or permitted lessees and members of immediate family (Declaration §9)

Voting & meetings

Each Unit Owner entitled to one vote per percentage of Common Interest owned; cumulative voting allowed; Sponsor has same voting right as long as owns Units (By-Laws §4.8 and §4.9)

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