11 King Terrace Condominium

Key facts from 11 King Terrace Condominium's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Document title & Declaration §5)

Legal name

11 KING TERRACE CONDOMINIUM

Developer / declarant

11 KING TERRACE LLC (Preamble, page 1)

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration preamble, §2, Exhibit C(10))

Assessments & dues

Condominium Board determines Common Charges and Special Assessments; budget includes estimated common expenses. (By-Laws §2.4(A)(v), Article 6 generally)

Special assessments

Board may levy Special Assessments for deficiencies in Trust Funds, capital improvements, and other purposes subject to certain limitations. (By-Laws §2.4(A)(v), §5.5(C); Declaration)

Collections & liens

Unpaid common charges may become a lien on the Unit; foreclosure process is implied but not detailed. Provision for notices to mortgagees (Article 8). (By-Laws §6.4 (not fully visible), Articl)

Reserves & fees

Board may create reserve for contingencies, repairs, replacements. A twelve-month reserve for contingencies is allowed without certain approvals. Material change includes reduction in reserves. (By-Laws §2.5(B)(iii) (limitations), Decl)

Leasing & rentals

Leasing appears permitted but subject to Right of First Refusal and Board regulation. No transient occupancy allowed. (By-Laws Article 7 (tables only), §5.6(B))

Architectural approval

Board approval required for alterations, additions, improvements to any part of the Property beyond interior of Unit, and for changes to layout. (Declaration §9; By-Laws §5.2)

Maintenance

Unit Owner responsible for interior of Unit and Limited Common Elements (decks, parking spaces). Condominium Board responsible for Common Elements. (By-Laws §5.1; Declaration §8(c))

Insurance

Deductible amounts are determined by Board. (By-Laws §5.4(C))

Use restrictions

Units shall be used for residential purposes only, except that a professional office by the owner is allowed. (By-Laws §5.6(A))

Voting & meetings

Each Unit Owner casts one vote per unit owned. Sponsor may designate Board Members for minimum 2 years after first closing as long as Sponsor owns at least one unit. After initial period, each Unit Owner elects one Board Member. (By-Laws §2.7, §4.8, §4.9; Declaration Ex)

Amendments

By vote of all Unit Owners, or in writing. No amendment adversely affecting mortgage lien without mortgagee consent. Sponsor may amend without unit owner consent for correcting Floor Plans or certain technical changes. Board may amend for d (Declaration §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.