4 Stanley Place Condominium

Key facts from 4 Stanley Place Condominium's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Art. 1, p. 1: "establishing a plan of co)

Legal name

4 STANLEY PLACE CONDO

Developer / declarant

4 STANLEY L

Governing law

Article 9-B of the Real Property Law of the State of New York (P. 1: "PURSUANT TO ARTICLE 9-B OF THE RE)

Assessments & dues

Board prepares annual budget and determines Common Charges and Special Assessments, allocated pro rata based on Common Interest. (By-Laws Sec. 2.4(iv),(v) (p. 24); Defini)

Special assessments

Charges allocated and assessed by Board to Unit Owners pro rata in accordance with Common Interests. (Definitions (32) (p. 17); By-Laws Sec. 6)

Collections & liens

Board may file a lien against a Unit for unpaid Common Charges; Board may purchase Units at foreclosure or judicial sale. (By-Laws Sec. 8.3 (p. 30) and Sec. 2.4(xv)

Reserves & fees

Common Expenses may include establishment/maintenance of a reserve fund for working capital, replacements. (Definitions (7) Common Expenses (p. 14-1)

Leasing & rentals

Leasing is permitted but subject to Board's Right of First Refusal (By-Laws Art. 7) and no transient occupants. (By-Laws Art. 7 (p. 20-21) Right of First)

Architectural approval

Board approval required for alterations, additions, or improvements to a Unit, and for changes in layout. (Art. 10 (p. 5) and By-Laws Sec. 5.2 (p. )

Maintenance

Unit owners responsible for interior maintenance, painting, decoration, replacements (structural and non-structural) of their Unit. Condominium Board responsible for maintenance of Common Elements as a Common Expense. (By-Laws Sec. 5.1(A) (p. 36-37))

Insurance

Board may determine deductible amounts. (By-Laws Sec. 5.4(C) (p. 40): "such deduc)

Use restrictions

Each Unit may be used in accordance with local law and zoning, and not more than one family may occupy a Unit. (Art. 9 (p. 5): "not more than one family)

Voting & meetings

Each Unit Owner (including Sponsor) entitled to one vote per Unit. After Sponsor control, each Unit Owner elects one Board Member. (By-Laws Sec. 4.8(A) (p. 35) and Sec. 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.