17 Francis Place Condominium

Key facts from 17 Francis Place Condominium's documents

Reflects the 2010 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Name: 17 FRANCIS PLACE CONDOMINIUM)

Legal name

17 FRANCIS PLACE CONDOMINIUM

Developer / declarant

SIMON OSTREICHER and JOSEPH WEINSTOCK (Page 1: 'DECLARANT: SIMON OSTREICHER and)

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

Common charges determined by Condominium Board based on annual budget (Section 6.1) (Section 6.1 (By-Laws))

Special assessments

Board may impose Special Assessments for capital improvements with approval of 75% of Unit Owners (Section 2.5(iii)); also for deficiencies after casualty (Section 5.5(C)) (Section 2.5(iii), Section 5.5(C))

Collections & liens

Condominium Board may perfect a lien against a unit for unpaid common charges (Section 4.8(B)) and give notice and take steps to collect (Section 8.3) (Section 4.8(B), Section 8.3)

Reserves & fees

Reserves limited to a 12-month reserve for contingencies not exceeding 5% of budgeted operating expenses; no other reserves without 75% Unit Owner vote (Section 2.5(iv)) (Section 2.5(iv))

Architectural approval

Prior written consent of Condominium Board required for alterations, additions, improvements or changes in or to a unit, including change of location of utility installations (Section 5.2(A)) (Section 5.2(A) of By-Laws)

Maintenance

Unit Owner responsible for all maintenance, repairs, replacements within Unit (interior walls, floors, ceilings, fixtures, windows, doors, plumbing, etc.) (Section 5.1(A)); Condominium Board responsible for Common Elements as Common Expense (Section 5.1(A) of By-Laws)

Insurance

Board may determine deductible amounts (Section 5.4(C)) (Section 5.4(C))

Use restrictions

Each Unit may be used only in accordance with zoning regulations and Certificate of Occupancy, and not more than one family at a time (Section 9) (Section 9 of Declaration)

Voting & meetings

Each Unit Owner entitled to one vote per percentage of interest owned; cumulative voting allowed for Board elections; Sponsor/designee can vote as long as owns Unsold Units (Section 4.8) (Section 4.8 and Section 4.9)

Amendments

Declaration: vote of 66 2/3% of unit owners in number and common interest, or written consent (Section 19(a)); Board can amend to divide Board (Section 19(b)); material amendments require 51% of eligible mortgage holders (Section 19(c)) (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.