36 Ostilla Ave Condominium

Key facts from 36 Ostilla Ave Condominium's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article 1; Page 1)

Legal name

36 OSTILLA AVE CONDO

Developer / declarant

THIRTY OSTILIZPLL

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Article 2; Page 1)

Assessments & dues

Board prepares annual budget showing anticipated Common Expenses and determines Common Charges and Special Assessments to cover them. (By-Laws Section 2.4(iv), (v))

Special assessments

Defined as charges allocated pro-rata by Common Interest for purposes permitted under the Declaration and By-Laws. (Exhibit C definition (33); By-Laws Secti)

Collections & liens

Unpaid Common Charges and Special Assessments become a lien upon the Unit and may be collected by action at law (implied – not fully quoted but referenced). (By-Laws Article 6 (not fully reproduced,)

Reserves & fees

Board may establish reserves. During declarant control period, reserve assessments limited to 5% of estimated Common Expenses for any year; after control, a twelve-month contingency reserve not exceeding 10% of budgeted operating expenses. (By-Laws Section 2.5(A)(ii) and (B)(iv))

Leasing & rentals

Leasing of Units is permitted but subject to Right of First Refusal by the Board (Article 7 of By-Laws). (By-Laws Article 7 (referenced in table o)

Architectural approval

Unit Owner must obtain written approval from the Board for alterations, additions, or improvements to the Unit or Limited Common Elements. Board shall respond within 15 business days; failure to respond deemed approval. (By-Laws Section 5.2(i)-(iii))

Home business

Professional office allowed only for the owner of the Unit, and only partial use. (By-Laws Section 5.7(A))

Maintenance

Unit Owner responsible for interior walls, ceilings, floors, kitchen/bathroom fixtures, windows, doors, plumbing, heating fixtures within Unit. Association responsible for Common Elements. (By-Laws Section 5.1(A)(i) and (ii))

Insurance

Board shall maintain property insurance covering building (fire, extended coverage) at 100% replacement cost, exclusive of excavation and foundations, without deduction for depreciation. Also comprehensive general liability insurance (minim (By-Laws Section 5.4(A), (B), (C))

Use restrictions

Each Unit may be used in accordance with local law, zoning, and Certificate of Occupancy; not more than one family may occupy a Unit. Units may be partially used as a professional office by the owner. (Declaration Article 9; By-Laws Section 5)

Voting & meetings

Each Unit Owner one vote per percentage of Common Interest owned; cumulative voting allowed in Board elections. (By-Laws Section 4.8(C), Section 4.9(A))

Amendments

Declaration may be amended by vote of at least 67% in Common Interest of all Unit Owners (in person or by proxy at a meeting, or in writing). Certain amendments require mortgagee consent: changes affecting mortgage lien, Common Interest per (Declaration Article 19)

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