106 Decatur Avenue Condominium

Key facts from 106 Decatur Avenue Condominium's documents

Community type

condominium (Name: 106 DECATUR AVENUE CONDOMINIUM)

Legal name

106 DECATUR AVENUE CONDOMINIUM

Developer / declarant

106 DECATUR AVE CORP

Governing law

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

Assessments & dues

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

Special assessments

Board may assess Special Assessments (Section 2.4(v); definition of Special As)

Collections & liens

Board may perfect liens on Units for unpaid assessments; Board may purchase Units at foreclosure sales (Section 4.8(B); Section 2.4(xv))

Reserves & fees

Board may establish reserves including a twelve-month reserve for contingencies not exceeding ten percent of budgeted operating expenses (Section 2.5(B))

Leasing & rentals

Leasing is addressed with right of first refusal; not prohibited (Article 7: Selling and Leasing of Units)

Architectural approval

Board approval required for alterations, additions, or improvements to exterior or changes to layout (Article 10; Section 5.2)

Maintenance

Unit Owner maintains interior of Unit including walls, ceilings, floors, windows, doors; Board maintains Common Elements (Section 5.1)

Insurance

Fire insurance with extended coverage, vandalism, malicious mischief; comprehensive general liability; rent; workmen's compensation; boiler and machinery (Section 5.4(A) and (B))

Use restrictions

Units shall be used for residential purposes only (Section 5.7)

Voting & meetings

Each Unit owner entitled to one vote per percentage of interest owned; cumulative voting allowed (Section 2.7 (page 29); Section 4.8 (page)

Amendments

Vote of at least 66 2/3% of Unit Owners in number, or written approval by 66 2/3% in number and common interest; material amendments require consent of eligible mortgage holders representing at least 51% of votes of unit estates subject to (Article 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.