48 North Cole Ave Condominium

Key facts from 48 North Cole Ave Condominium's documents

Community type

Condominium

Legal name

48 North Cole Ave Condominium

Developer / declarant

ACE BUILDER

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 4: 'Pursuant to Article 9-B of the )

Assessments & dues

Board prepares budget and sets Common Charges based on Common Interests (By-Laws Section 2.4(A)(iv), (v))

Special assessments

Allowed; Board can levy for deficits, repairs, etc. (By-Laws Section 2.4(A)(v), 6.1(C))

Collections & liens

Condominium Board may impose liens for unpaid Common Charges (By-Laws Section 8.3, Section 9.1)

Reserves & fees

Board may establish reserve fund; assessments for reserves other than 12-month contingency require 75% Unit Owner approval (By-Laws Section 2.5(B)(iii))

Architectural approval

Alterations, additions, or improvements to Unit require Board approval (By-Laws Section 5.2; Declaration Article)

Use restrictions

Units occupied only by owner, permitted lessees, and immediate family (Declaration Article 9 (Page 6): 'occupie)

Voting & meetings

Each Unit Owner has one vote per Unit; Sponsor has one vote per unsold Unit; after Sponsor control, each Unit Owner elects one Board Member (By-Laws Section 4.8(A), 4.9(A))

Amendments

Declaration amendment requires vote of all Unit Owners or written consent; mortgagee consent for material changes affecting mortgages (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.