10 Marman Place Condominium

Key facts from 10 Marman Place Condominium's documents

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

Community type

Condominium

Legal name

10 MARMAN PLACE CONDOMINIUM

Developer / declarant

10 MARMAN PLACE, LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (cover page and Section 26 of Declaration)

Assessments & dues

Board determines amount and establishes means and methods of payment of Common Charges and Special Assessments (By-Laws Section 2.4(A)(v))

Special assessments

Charges allocated and assessed pro-rata in accordance with Common Interests (Exhibit C Definition (33) and By-Laws Se)

Reserves & fees

During Sponsor control, reserves limited to 5% of estimated Common Expenses per year without Sponsor consent; later, establishment of reserves requires 75% unit owner approval (By-Laws Sections 2.5(A)(ii) and 2.5(B)(i)

Maintenance

Unit owner maintains interior of unit including walls, ceilings, floors, windows, doors, fixtures, etc.; Board maintains Common Elements as Common Expense (By-Laws Section 5.1(A))

Insurance

Building insurance at least 80% replacement cost; general liability insurance with single limits of not less than $500,000 initially; boiler and machinery insurance; rent insurance; workers' compensation (By-Laws Section 5.4(A) and (B))

Use restrictions

Units are for residential purposes; accessory apartment permitted only for owner or certain residents (Declaration Section 9 ("Use of the Units)

Voting & meetings

Each unit owner casts one vote per unit owned; cumulative voting in Board elections (By-Laws Sections 4.8 and 4.9)

Amendments

Declaration may be amended by vote of at least 66 2/3% of unit owners in number; Sponsor has unilateral right to amend without vote to add land, change unit layout, etc.; no amendment affecting mortgage lien without mortgagee consent (Declaration Section 19)

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