31 Ostilla Ave Condominium

Key facts from 31 Ostilla 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

31 OSTILLA AVE CONDOMINIUM

Developer / declarant

OSTILLA CONS

Governing law

Article 9-B of the Real Property Law of the State of New York (1. Definitions (PAGE 2), 2. Submission o)

Assessments & dues

Board prepares and adopts a budget each fiscal year, determines Common Charges and Special Assessments (2.4(iv) and (v) (PAGE 24))

Special assessments

Permitted; defined in Exhibit C as charges allocated pro-rata by Board in accordance with Common Interests (Exhibit C (32) (PAGE 17); 2.4(v) (PAGE 2)

Reserves & fees

During sponsor control, reserves limited to twelve-month contingency not exceeding 10% of budgeted operating expenses; Special Assessments for reserves above 5% of estimated common expenses require Sponsor consent (2.5(B)(ii) (PAGE 27); 2.5(C)(iv) (PAGE 2)

Architectural approval

Board approval required for alterations, additions, improvements to Unit or changes in layout (5.2 (PAGE 37-38))

Home business

Any Unit may be partially used as a professional office by the owner of such Unit only (5.7(A) (PAGE 43))

Maintenance

Unit owners responsible for repair and maintenance of their Units and Limited Common Elements; Board responsible for Common Elements except as otherwise provided (5.1(A) (PAGE 37); 8. Limited Common Elem)

Insurance

Fire insurance with extended coverage, vandalism, malicious mischief endorsements covering Building, kitchen and laundry fixtures, cabinets, equipment, heating, hot water, and other service machinery (5.4(A) (PAGE 39))

Use restrictions

Each Unit may be used in accordance with local law, zoning, and Certificate of Occupancy; no more than one family may occupy a Unit at one time (9. Use of the Units (PAGE 5); 5.7(A) (PA)

Voting & meetings

Each Unit Owner casts one vote for each percentage of interest owned; cumulative voting allowed in Board elections (4.8 Voting at Meetings (PAGE 35); 4.9 El)

Amendments

May be amended by vote of all Unit Owners (unanimous) at a meeting or in writing; certain changes require mortgagee consent; Sponsor may amend without vote for purposes like correcting Floor Plans (19. Amendment of Declaration (PAGE 9-10))

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