53 Main Street Condominium

Key facts from 53 Main Street Condominium's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article 5: Name of the Condominium: 53 M)

Legal name

53 MAIN STREET CONDOMINIUM

Developer / declarant

MRB DEVELOPERS

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Opening paragraph, page 3 (F-1); also De)

Assessments & dues

Board prepares and adopts a budget for each fiscal year, including anticipated Common Expenses and projected income; Board then determines the amount of Common Charges and Special Assessments. (By-laws Section 2.4(iv), (v), pages G-2 )

Special assessments

Permitted but subject to limitations: during Declarant control period, Declarant consent needed for Special Assessments for reserves; after sponsor control, certain assessments require 75% unit owner approval unless for required repairs, he (By-laws Section 2.5(A)(ii), page G-4 (pa)

Collections & liens

Condominium Board may perfect a lien against a Unit Owner's Unit for unpaid Common Charges; a Unit Owner with a perfected lien loses voting rights until paid. Foreclosure is implied but not detailed. (By-laws Section 4.8(B), page G-13 (page )

Reserves & fees

Board may establish a reserve for contingencies not exceeding ten percent (10%) of budgeted operating expenses for the ensuing twelve months. Additional reserves require 75% unit owner approval unless required by law, violation notice, insu (By-laws Section 2.5(B), page G-5 (page 2)

Leasing & rentals

Leasing is implicitly allowed; there is a Right of First Refusal in Article 7 of By-laws (page G-27 area). Also, Board may lease Units acquired. No explicit prohibition. (By-laws Article 7 (Right of First Refusa)

Architectural approval

Yes, for alterations, additions, or improvements to the exterior of a Unit or to any part of the property outside the interior of the Unit. Also for changes in layout. Board approval required. (Declaration Article 10, page 6-7 (F-4 to)

Use restrictions

Each Unit may be used for residential purposes only. (Declaration Article 9, page 6 (F-4): 'Ea)

Voting & meetings

Each Unit has voting power based on its Common Interest percentage. Units owned by Board or designee have no vote. Votes suspended for units with perfected liens. Fiduciaries vote. Co-owners designate one person to vote or vote jointly. (By-laws Section 4.8, pages G-13 to G-14 )

Amendments

Amendments to Declaration require: (i) consent of mortgagee if affects lien; (ii) written consent of Unit Owner if changes common interest percentage; (iii) implied consent if no response within 60 days after notice by certified mail. Certa (Declaration Article 19, pages 10-11 (F-8)

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