35 Ostereh Condominium

Key facts from 35 Ostereh Condominium's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

35 Ostereh Condominium

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 3 of Declaration: 'submits the prop)

Assessments & dues

Board of Managers determines budget at least annually, prorated among Units according to their respective common interest (percentage from Exhibit B); assessments payable monthly in advance (By-laws Art. VI Sec. 2 (page 22); Declar)

Special assessments

Board may vote a special assessment in excess of monthly amount if required to meet additional necessary expenses, assessed pro-rata according to common interest (By-laws Art. III Sec. 4 item 1 (page 18))

Collections & liens

Unpaid common charges (plus interest) constitute a lien on the Unit prior to all other liens except tax liens and first mortgage; lien may be foreclosed when past due like a mortgage; foreclosure costs and attorneys' fees recoverable; proce (Declaration Art. TWELFTH (pages 6-7))

Reserves & fees

If assessment unpaid within 30 days of due date, sum bears interest at maximum amount permitted by New York law from due date (By-laws Art. IX (page 26))

Leasing & rentals

Yes, but Board of Managers has right of first refusal to buy any Unit offered for resale; no Unit Owner shall convey, mortgage, pledge, sell or lease unless all unpaid common charges assessed against the Unit are paid (or paid from proceeds (By-laws Art. XI Sec. 1 (page 26))

Architectural approval

Written consent of Board of Managers required for any alterations to exterior of Unit or any part of common elements, erection of structures, fences/gates, and alterations to interior that impair structural soundness (By-laws Art. VIII Sec. 7 (page 24))

Maintenance

Roofs are common elements (part of common elements) - maintenance is common expense (Declaration Art. FIFTH: 'outside walls a)

Insurance

Board shall obtain fire insurance with extended coverage, water damage, vandalism, malicious mischief, insuring Building including all Units and improvements, fixtures, equipment, etc., in amount equal to replacement cost; also public liabi (By-laws Art. VII Sec. 1 (pages 23-24))

Use restrictions

Occupancy restricted to Residential Occupancy in accordance with applicable zoning regulations (Declaration Art. SEVENTEENTH (i) (page 8)

Voting & meetings

Each Unit Owner has one vote for each percentage of common interest; Declaration Art. EIGHTH: 'one vote for each percentage of common interest' (Declaration Art. EIGHTH (page 5); By-law)

Amendments

By-laws may be altered, amended or repealed by vote of 80% of Unit Owners in number and common interest at a meeting with notice containing full statement of proposed amendment; no amendment shall impair validity of mortgage rights or certa (By-laws Art. X (page 26); Addendum (page)

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