14 Valley View Terrace Condominium

Key facts from 14 Valley View Terrace Condominium's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Title and Article 2: 'SUBMISSION OF THE )

Legal name

14 Valley View Terrace Condominium

Developer / declarant

14 VALLEY VIEW TERR LLC (First paragraph of Declaration: '14 VALL)

Governing law

Article 9-B of the Real Property Law of the State of New York (the Condominium Act) (Article 2, Declaration page F-1; also de)

Assessments & dues

Condominium Board determines amount of Common Charges and Special Assessments. Budget includes estimated Common Expenses and sources of income. (By-Laws Section 2.4(A)(iv) and (v))

Special assessments

Condominium Board may levy Special Assessments for deficiencies, e.g., if insurance proceeds insufficient for repair. Also for reserves, with limitations during Sponsor control. (By-Laws Section 5.5(C) and Article 2.5(i)

Collections & liens

Condominium Board may file liens for unpaid Common Charges and enforce by foreclosure. Board may acquire Units at foreclosure. (By-Laws Section 2.4(A)(xv) and Declarati)

Leasing & rentals

Yes, subject to Right of First Refusal as detailed in Article 7 of By-Laws. Board may impose restrictions on leasing (material amendment requires mortgagee consent). (By-Laws Article 7 (Right of First Refusa)

Architectural approval

Alterations, additions, improvements, or changes to a Unit require approval of the Condominium Board (subject to specific conditions). Board may require insurance and agreement. (Declaration Article 10 and By-Laws Secti)

Maintenance

Unit Owner: all painting, decorating, maintenance, replacements in or to Unit (interior walls, ceilings, floors, fixtures, windows, doors, exposed plumbing, etc.) and limited common elements (decks, stoops, parking spaces). Condominium Boar (By-Laws Section 5.1(A) and Declaration A)

Insurance

Fire insurance with all risk extended coverage, vandalism and malicious mischief endorsements, insuring Building (including Units, improvements, fixtures, equipment) for full replacement cost (100% of replacement cost exclusive of excavatio (By-Laws Section 5.4(A) and (C)(i)-(ii))

Voting & meetings

In all votes of Unit Owners, each Unit Owner (including Sponsor) casts one vote per Unit owned. In Board elections, each Unit Owner elects one Board Member. Sponsor has same voting rights as long as owns Unsold Units. (By-Laws Section 4.8 and 4.9)

Amendments

Declaration may be amended by unanimous vote of all Unit Owners (in person or by proxy) or by written consent of all Unit Owners. Material amendments (listed in Article 19(c)) require consent of mortgage holders representing at least 51% of (Declaration Article 19, especially 19(a))

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