295 West 11th St. Owners Corp.

Key facts from 295 West 11th St. Owners Corp.'s documents

Reflects the 1981 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article 4: Name of Condominium: 296 West)

Legal name

205 West 11th St. Condominium

Units / lots

2 (Lots 1001 and 1002) (First page: LOT: f/k/a Lot 15, n/k/a Lot)

Developer / declarant

295 West 11th Street Joint Venture

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration first paragraph)

Assessments & dues

Board of Managers prepares budget at least annually, determines Common Charges based on Common Elements interests (Residential 76%, Commercial 24%) (By-Laws Article V Section 1; Declaration)

Special assessments

Board may assess for deficits, reserve funds, working capital; any expenditure >$10,000 requires consent of both unit owner representatives (By-Laws Article II Section 2 (consent re)

Collections & liens

Unpaid common charges constitute a lien on the unit prior to all other liens except tax and first mortgage; may be foreclosed like a mortgage (Declaration Article 17)

Reserves & fees

Board may include amount for working capital, general operating reserve, and replacement reserve (By-Laws Article V Section 1)

Architectural approval

Board consent required for any structural addition, alteration, or improvement in a unit; consent not unreasonably withheld; must respond within 30 days (By-Laws Article V Section 11)

Home business

Not restricted; any lawful purpose allowed for both units (Declaration Article 8)

Signs & flags

Sponsor has easement to erect signs for advertising sale/lease of units (Declaration Article 12(b))

Maintenance

Unit owner maintains unit and non-structural repair of limited common elements; Board maintains common elements (general) and structural repairs of limited common elements (By-Laws Article V Section 10 (a) and (b))

Insurance

All risk building coverage including fixtures, partitions, floors, ceilings; general liability; officers/directors liability; fidelity; workers comp; rent insurance (By-Laws Article V Section 2)

Use restrictions

Residential Unit may be used for residential or other lawful purposes (Declaration Article 8)

Voting & meetings

Each unit owner one vote; total 2 votes; Residential Unit votes through Apartment Corporation board (By-Laws Article III Section 8)

Amendments

Declaration: unanimous vote of both unit owners; By-Laws: as provided in By-Laws (not detailed here); Sponsor may amend for unit changes without consent (Declaration Article 15 (a) and (f))

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