Franklin Commons Condominium

Key facts from Franklin Commons Condominium's documents

Reflects the 1994 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Article 3: 'known as Franklin Commons Co)

Governing law

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

Assessments & dues

Projected Monthly Common Charges per Unit: $212.00 for first year (Exhibit B: Projected First Year of Opera)

Collections & liens

Condominium Board may acquire Units at foreclosure or other sale on behalf of all Unit Owners (Declaration Article 13, By-Laws Section )

Reserves & fees

May be established for working capital, replacements, or to cover deficits; limited to 5% of budgeted operating expenses for contingencies without further consent (By-Laws Section 2.4(ii) and Section 2.5()

Leasing & rentals

Yes, in accordance with By-Laws (Declaration Article 9(a))

Home business

Professional office allowed with prior written consent of Condominium Board (Declaration Article 9(a))

Use restrictions

Each Unit may be used only as a residence, not more than one family (Declaration Article 9(a))

Amendments

Vote of at least 66-2/3% of all Unit Owners in number and aggregate Common Interests, plus written consent of Mortgage Representatives if any; recorded in Clerk's Office (Declaration Article 18)

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