5 Nancy Lane Condominium

Key facts from 5 Nancy Lane Condominium's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (FIRST: SUBMISSION OF PROPERTY: ...under )

Legal name

THE 5 NANCY LANE CONDOMINIUM

Developer / declarant

Israel Spira, David Lovi, Zoltan Lovi

Governing law

Article 9-B of the Real Property Law of the State of New York (Pursuant to Article 9-B... (Page 1, repe)

Assessments & dues

Board of Managers determines cash requirements and fixes Common Charges; reviewed at least annually; budget furnished to unit owners (By-Laws Article VI Section 1 (page 19): )

Collections & liens

Condominium has a lien on each Unit for unpaid Common Charges and assessments; may foreclose; proceeds applied to unpaid charges, then other liens, then surplus to Unit Owner (By-Laws Article VI Section 6 (page 21): )

Reserves & fees

Common Expenses may include an amount for a general operating reserve fund for replacements (By-Laws Article VI Section 1 (page 20): )

Architectural approval

Required for structural exterior changes (Same as above)

Home business

Permitted as home occupation under zoning, or professional office with Board consent (By-Laws Article VI Section 10(a) (page 2)

Use restrictions

Units shall be used for private residences only (By-Laws Article VI Section 10(a) (page 2)

Voting & meetings

One vote for each .001% of interest in Common Elements; for board elections: one vote per .001% per member to be elected (By-Laws Article II Section 7 (page 15): )

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