57 Collins Ave Condominium

Key facts from 57 Collins Ave Condominium's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Page 1: DECLARATION OF CONDOMINIUM ESTAB)

Legal name

57 COLLINS AVE CONDOMINIUM

Developer / declarant

59 Collins LLC (Page 4: 59 Collins LLC, with an address )

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 R)

Assessments & dues

Board determines annual budget including reserve fund; assesses Common Charges pro-rata by Common Interest (By-Laws Section 2.4(iv),(v) (page 25))

Special assessments

Board may levy Special Assessments for deficiencies in insurance trust funds or as otherwise provided; assessed pro-rata by Common Interest (By-Laws Section 6.1(C) (page 29) and Dec)

Collections & liens

Board may enforce collection of unpaid Common Charges by legal means; notice to Permitted Mortgagees required (Section 8.3) (By-Laws Article 8 (Mortgaging of Units) )

Reserves & fees

Board shall include a reserve fund for future capital replacements or repairs in the annual budget (By-Laws Section 2.4(iv) (page 25))

Leasing & rentals

Leasing is subject to Right of First Refusal in favor of the Board (Article 7 of By-Laws); also Board may restrict leasing by amendment (Declaration Section 19(ix)) (By-Laws Table of Contents (page 22) show)

Architectural approval

Board approval required for alterations, additions, improvements to allocated property or layout changes; requirement to execute agreement with Board (By-Laws Section 5.2 (page 39))

Use restrictions

Each Unit may be used only for residential purposes and as a one-family dwelling (Declaration Section 9 (page 6): Each of )

Voting & meetings

Each Unit Owner votes in proportion to Common Interest; cumulative voting allowed in Board elections; Sponsor votes for Unsold Units (By-Laws Section 4.8 and 4.9 (pages 36-37)

Amendments

Declaration may be amended by vote of at least 67% in number and Common Interest of all Unit Owners, either at meeting or in writing; certain amendments require mortgagee consent (Declaration Section 19 (pages 6-7))

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