16 Valley View Terrace Condominium

Key facts from 16 Valley View Terrace Condominium's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

16 VALLEY VIEW TERRACE CONDOMINIUM

Developer / declarant

TTSL LLC (Declarant, page 1)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Article I of Declaration (page 1))

Assessments & dues

Condominium Board determines Common Charges based on budget of Common Expenses (Section 2.4(v) of By-Laws (page G-2))

Special assessments

Charges allocated by Board pro-rata according to Common Interests (Definition 32 (page F-14))

Collections & liens

Condominium Board may levy assessment liens; no lien on Unit without owner consent; foreclosure sale proceeds distributed per Condominium Act (Section 2.4(vi), (viii); Section 5.5(C);)

Reserves & fees

Sponsor cannot reduce reserve for maintenance, repair, replacement during control; board may add to contingency fund (Section 2.5 (page G-4) and Amendment lis)

Leasing & rentals

Leasing of Units subject to Right of First Refusal by Board (Article 7 of By-Laws (page G-21); Sectio)

Architectural approval

Unit Owner may not make alterations, additions, improvements without approval of Board (Section 9 of Declaration (page F-3) and )

Maintenance

Unit Owner responsible for interior painting, decorating, maintenance, repairs, replacements (walls, ceilings, floors, fixtures, windows, doors, plumbing, gas, heating). Board responsible for Common Elements as Common Expense. (Section 5.1(A) of By-Laws (page G-14))

Insurance

Policy may provide for deductibles as Board determines (Section 5.4(C) of By-Laws (page G-17))

Use restrictions

Use of Units shall be for residential purposes only (Section 9 of Declaration (page F-3))

Voting & meetings

Each Unit Owner entitled to one vote per Unit owned; after Sponsor control, each Unit Owner elects one Board Member (Section 4.8 and 4.9 of By-Laws (pages G-)

Amendments

Unanimous vote of all Unit Owners; mortgagee consent required if amendment adversely affects lien (Section 19 of Declaration (pages F-6, F-)

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