5 Stetner Street Condominium

Key facts from 5 Stetner Street Condominium's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (First page: "5 STETNER STREET CONDOMINIU)

Legal name

5 Stetner Street Condominium

Developer / declarant

The Shira Trust (Cover page and Declaration)

Governing law

Article 9-B of the Real Property Law of the State of New York (FIRST: Submission of Property)

Assessments & dues

Board fixes budget at least annually; total requirement assessed pro rata according to common interest per unit (Article VI, Section 2)

Special assessments

Permitted; levied and paid in same manner as regular assessments (Article VI, Section 2)

Collections & liens

Unpaid common charges constitute a lien on the unit, prior except for taxes and first mortgage; foreclosure available when past due; Board may purchase unit at foreclosure sale (TWELFTH; Article VI, Section 3)

Reserves & fees

Not explicitly addressed; budget includes deficits from prior years (Article VI, Section 2 mentions deficits )

Pets

Not explicitly; only reference: guests and their pets shall not use units in illegal/disturbing manner (Article VIII, Section 3 (implies pets al)

Leasing & rentals

Yes, with conditions: unpaid common charges must be paid before lease; Board has right of first refusal for sale (not lease); lease voidable if in violation (Article XI, Section 1)

Parking & vehicles

Commercial license plate vehicles may not be parked in Community for more than 24 hours (Article VIII, Section 8(e))

Architectural approval

Yes: no alterations to exterior, and no interior alterations impairing structural soundness, without written consent of Board (SEVENTEENTH(b); Article VIII, Section 7)

Home business

Not explicitly addressed; no commercial use likely implied by residential restriction (Not addressed)

Maintenance

Board (common expense) repairs and replaces roof and roof members (Article III, Section 5)

Insurance

Fire insurance with extended coverage, vandalism, malicious mischief, water damage; insuring building and fixtures, full replacement value; public liability insurance $500,000 per occurrence initially; also fidelity bonds may be required. (Article VII, Section 1)

Use restrictions

Occupancy restricted to Residential Occupancy in accordance with zoning regulations (SEVENTEENTH(i))

Voting & meetings

Each Unit Owner has one vote per percentage of common interest; each unit appoints a Manager to vote (EIGHTH; Article II, Section 5)

Amendments

Declaration: amendment by 2/3 Unit Owners in number at duly called meeting, with mortgagee approval for material adverse changes (51% of first mortgage votes). By-laws: amendment by 66-2/3% in number and common interest, with similar mortga (TENTH(b); Article X (By-laws))

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