15 King Terrace Condominium

Key facts from 15 King Terrace Condominium's documents

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

Community type

Condominium (Page 1, 'Declaration establishing a plan)

Legal name

15 King Terrace Condominium

Developer / declarant

15 King LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 1, 'PURSUANT TO ARTICLE 9-B OF THE )

Assessments & dues

Board prepares annual budget and determines Common Charges and Special Assessments. (Section 2.4(A)(iv) and (v) of By-Laws)

Special assessments

Board may levy Special Assessments for deficiencies in insurance proceeds or other purposes as per By-Laws. (Section 6.1(C) of By-Laws and Section 5.)

Collections & liens

Board may perfect a lien against a unit for unpaid Common Charges; unit owner cannot vote if lien is perfected. (Section 4.8(B) of By-Laws)

Leasing & rentals

Yes, but subject to Right of First Refusal (Article 7 of By-Laws) and other restrictions. (By-Laws Article 7 generally)

Architectural approval

Yes, for alterations to parts of property allocated to a unit (subject to Board approval) and for Common Elements alterations. (Section 9(iii) of Declaration and Sectio)

Maintenance

Unit Owner responsible for all painting, decorating, maintenance, repairs, replacements in/on the Unit; Condominium Board responsible for Common Elements as a Common Expense. (Section 4.11 of By-Laws)

Insurance

Fire insurance with all risk extended coverage, vandalism, malicious mischief, insuring the Building (including Units, improvements, fixtures) but not personal property. (Section 5.4(A) of By-Laws)

Use restrictions

Each unit may be used in accordance with local law and zoning; any unit may be partially used as a professional office by owner only. (Section 5.7(A) of By-Laws)

Voting & meetings

Each Unit Owner has one vote per unit owned. In Board elections, each unit elects one Board Member. During Sponsor control, Sponsor designates Board Members. (Section 4.8 and 4.9 of By-Laws)

Amendments

Declaration may be amended by vote of all Unit Owners or by written consent of all Unit Owners. Material amendments require consent of eligible mortgage holders representing at least 51% of votes of unit estates subject to mortgages. (Section 19 of Declaration)

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