Farm Estates Condominium

Key facts from Farm Estates Condominium's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Developer / declarant

FARM ESTATES LLC, 35 West Street, Spring Valley, New York 10977 (Declaration preamble)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Preamble, Section 22)

Assessments & dues

Board determines Common Charges based on an annual budget of anticipated Common Expenses. Common Interest percentages (33 1/3% each unit) are used to allocate charges. (By-laws Sections 2.4(A)(iv), 6.1; Declar)

Special assessments

Board can levy Special Assessments for deficits, capital improvements, etc. Approval by 66 2/3% of Unit Owners required for certain actions (e.g., new services, reserves). Borrowing over $5,000 requires consent of all Unit Owners. (By-laws Section 2.5(B), 2.4(A)(vi), Defi)

Collections & liens

Board may perfect a lien against a unit for unpaid Common Charges or Special Assessments and may foreclose. (By-laws Sections 6.4, 9.1, 9.2)

Reserves & fees

Board may establish reserves; approval of 66 2/3% of Unit Owners required to create reserves (including replacement reserve). (By-laws Section 2.5(B)(iv))

Leasing & rentals

Units may be occupied by the owner or his permitted lessees. Board may acquire and lease units under certain conditions. (Declaration Section 9; By-laws Sections )

Architectural approval

Yes, for alterations, additions, or improvements to any part of the property allocated to a unit (including changes that may affect structure or other units). Written approval of Board of Managers required. (Declaration Section 10; By-laws Section )

Maintenance

Association (Common Element). (By-laws Section 5.1(A)(ii) – common elem)

Use restrictions

Each Unit may be used only as a private residence for one family. Partial professional office by owner is allowed. (Declaration Section 9; By-laws Section 5)

Voting & meetings

Each Unit Owner casts one (1) vote per unit owned; cumulative voting allowed for Board elections. Sponsor retains votes for unsold units. No vote for units owned by Condominium Board. (By-laws Sections 4.8, 4.9)

Amendments

Declaration may be amended by 75% of Unit Owners in number and Common Interest; mortgagee consent required if lien affected. Sponsor may amend for floor plans without vote. By-laws may be amended by Board. (Declaration Section 19(a), (b))

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