3 Mosier Court Condominium

Key facts from 3 Mosier Court Condominium's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Page 1, header: 'DECLARATION OF CONDOMIN)

Legal name

3 MOSIER COURT CONDOMINIUM

Developer / declarant

ESTHER WASS

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 1, 'PURSUANT TO ARTICLE 9-B' and De)

Assessments & dues

Board prepares budget and determines Common Charges; Special Assessments may be levied (By-laws Sections 2.4(iv), 2.4(v): 'prepa)

Special assessments

Charges allocated pro-rata by common interest; may be levied for capital improvements and other purposes with Unit Owner approval threshold of 75% for capital improvements (unless required by law or insurance) (By-laws Section 2.5(iii): 'impose any Co)

Collections & liens

Board has power to enforce collection of Common Charges, including filing liens; Board may acquire units at foreclosure or judicial sale (By-laws Sections 2.4(xiv), 2.4(xv): 'pur)

Reserves & fees

Board may establish a twelve-month reserve for contingencies not exceeding ten percent of budgeted operating expenses; no other reserves without 75% Unit Owner approval (By-laws Section 2.5(iv): 'establish any )

Leasing & rentals

Implied allowed for entire unit, but subject to restrictions: no sublease of portion, no transient occupants; Right of First Refusal exists (By-laws Section 5.7: 'no portion of a Un)

Architectural approval

Board approval required for alterations, additions, improvements; may require insurance and indemnity agreement (By-laws Section 5.2: 'Prior to, and as a)

Insurance

Board may determine deductible amounts (By-laws Section 5.4(C): 'Any insurance p)

Use restrictions

Units may be used only as a single-family residence, subject to local law and Certificate of Occupancy (Declaration Section 9: 'Each Unit may be)

Voting & meetings

Each unit owner casts one (1) vote for each percentage of interest owned; cumulative voting for board elections (By-laws Section 4.9(A): 'each Unit Owner)

Amendments

Declaration may be amended by 66 2/3% in number and common interest of all Unit Owners, with exceptions for mortgagee consent; Sponsor may amend unilaterally for filing floor plans (Declaration Section 19: 'any amendment m)

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