Homestead Villas Condominium

Key facts from Homestead Villas Condominium's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Developer / declarant

Monsey Villas Developers LLC, 13 Hayes Court, Unit 101, Monroe, New York 10950 (Declaration page 1 (F-1))

Governing law

Article 9-B of the Real Property Law of the State of New York (Preamble)

Special assessments

Permitted; allocated pro rata in accordance with common interests (Definition (33) of Declaration; Section )

Reserves & fees

Limited; no reserve exceeding ten percent of budgeted operating expenses for twelve months unless required by law or board determination (Section 2.5(D) By-Laws)

Use restrictions

Units shall be used solely as private residences; not more than one family per unit (Article 9 Declaration; Section 5.10 By-L)

Voting & meetings

Each unit owner has one vote per percentage of common interest owned; cumulative voting allowed; sponsor has same voting right while owning units; no vote if lien for unpaid common charges (Sections 4.8, 4.9 By-Laws)

Amendments

By vote of 66 2/3% in number and common interest of all unit owners; material amendments require consent of eligible mortgage holders representing at least 51% of votes of units subject to mortgages (Article 19 Declaration)

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