12 Koritz Way Condominium

Key facts from 12 Koritz Way Condominium's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title page)

Legal name

12 KORITZ WAY CONDOMINIUM

Developer / declarant

WILLIAM KORN (WILLIAM KORN, residing at 4706 Beach 47,)

Governing law

Article 9-B of the Real Property Law of the State of New York (Pursuant to Article 9-B of the Real Prop)

Assessments & dues

Condominium Board determines Common Charges based on budget and Common Interests (pro-rata). Special Assessments also allocated pro-rata. (Section 6.1: Determination of Common Cha)

Collections & liens

Board may file lien for unpaid Common Charges, interest, costs, and foreclose. (Section 6.4: Default In Payment of Commo)

Reserves & fees

Allowed only a twelve-month reserve for contingencies not exceeding 5% of budgeted operating expenses; other reserves require Unit Owner vote. (Section 2.5(iv): establish any reserves )

Leasing & rentals

Leasing permitted subject to occupancy by lessee and members of immediate family; no minimum term or rental cap specified. (Declaration Section 9: each Unit to be o)

Architectural approval

Board approval required for alterations, additions, improvements to Units; also for structural changes to Common Elements. (Declaration Section 10: alterations, add)

Home business

Any Unit may be partially used as a professional office by the owner of such unit occupied only by said individual or by a shareholder, director, officer, partner, or employee. (By-Laws Section 5.7: Any Unit may be par)

Insurance

Fire insurance with all risk extended coverage, vandalism and malicious mischief, insuring Building (including Units and fixtures installed at recording, but not owner's personal property). Also comprehensive general liability insurance, re (By-Laws Section 5.4(A) and (B))

Use restrictions

Each Unit may be used in accordance with local law and Certificate of Occupancy, not more than one family per Unit. (Declaration Section 9: each Unit may be )

Voting & meetings

One vote per Unit; cumulative voting allowed; Sponsor votes as long as owns units; Unit Owner cannot vote if lien on unit exists. (Section 4.8 (A) each Unit Owner entitled)

Amendments

Declaration: 66 2/3% vote of unit owners; no amendment adversely affecting mortgagee rights without written consent; Sponsor may amend without vote for as-built plans. By-Laws: 75% vote of Unit Owners. (Declaration Article 20; By-Laws Article )

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