18 King Terrace Condominium

Key facts from 18 King 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

18 King Terrace Condominium

Developer / declarant

18 King Courz§zlc

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Declaration page 2: "Pursuant to Article)

Assessments & dues

Board determines common charges and special assessments based on a detailed accounting of anticipated Common Expenses and income sources. Assessments allocated pro-rata according to Common Interests. (By-Laws Section 2.4(A)(iv) and (v); Arti)

Special assessments

Charges allocated by Board pro-rata according to Common Interests, as per By-Laws Section 6.1(C). (Exhibit C Definition (32))

Reserves & fees

Board may establish a reserve fund for capital expenditures not exceeding ten (unclear amount) and subject to limitations during Sponsor control. (By-Laws Section 2.4(A)(xii) and Section )

Leasing & rentals

Units may be leased, but no transient occupants allowed. No subleasing of portion of Unit. (Declaration Section 16; By-Laws Section )

Parking & vehicles

Each Unit has two parking spaces as Limited Common Elements, located adjacent to the Unit as shown on Floor Plans. (Declaration Section 8(a) (page 6))

Architectural approval

Alterations, additions, improvements, or changes to a Unit require approval of the Board. (Declaration Section 10(a); By-Laws Secti)

Home business

A Unit may be partially used as a professional office by the owner of such unit only. (By-Laws Section 5.6(A) (page 43))

Insurance

Board shall obtain fire insurance with all risk extended coverage, vandalism and malicious mischief endorsements on Building (including Units and improvements, but not personal property) covering interests of Condominium, Board, Unit Owners (By-Laws Section 5.4(A))

Use restrictions

Units may be used for residential purposes only, occupied only by Owner or permitted lessees and family members. (Declaration Section 9)

Voting & meetings

Each unit owner (including Sponsor) entitled to one vote per unit owned. In Board elections, each unit owner elects one Board Member. Sponsor designates Board Members during initial control period; after control, each unit owner elects one (By-Laws Section 4.8(A) and Section 2.7)

Amendments

Declaration may be amended by vote of all Unit Owners (unanimous) or written consent, except that certain amendments require mortgagee consent (e.g., changes affecting liens, assessments over 25%, etc.). Board may amend Declaration for corr (Declaration Section 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.