2 Milton Place Condominium

Key facts from 2 Milton Place Condominium's documents

Reflects the 2011 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

2 Milton Place Condominium

Developer / declarant

Tillu Muller

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, FIRST: Submission of Proper)

Assessments & dues

Board determines budget, levies monthly assessments pro-rata according to common interest percentages. (By-laws Article VI, Section 2)

Reserves & fees

Not explicitly mentioned; there is an Operating Account but no separate reserve fund requirement. (By-laws Article VI, Section 6)

Pets

Yes, but must not create nuisance or disturb other owners; guests and pets included. (By-laws Article VIII, Section 3)

Leasing & rentals

Yes; Board has right of first refusal to buy any Unit offered for resale; sale/lease requires payment of unpaid common charges (can be paid from proceeds). (By-laws Article XI, Section 1)

Architectural approval

Board must answer within 60 days of receipt of request by certified mail; failure to answer within 60 days means no objection. (By-laws Article VIII, Section 7)

Maintenance

Board of Managers: exterior maintenance and replacement of roof is a common expense. (By-laws Article III, Section 5)

Insurance

Fire insurance with extended coverage, water damage, vandalism, malicious mischief endorsements on full replacement value of Buildings; public liability insurance with limits determined by Board. (By-laws Article VII, Section 1 and 2)

Voting & meetings

Each Unit Owner has one vote for each percentage of common interest set forth in Exhibit B; each Unit appoints a Manager to vote; Board of Managers cannot vote in election of board members. (Declaration EIGHTH; By-laws Article II, )

Amendments

Declaration amendment: 66-2/3% of Unit Owners in number and common interest; if affecting mortgagees, approval of 51% of first mortgage holders. By-laws amendment: 66-2/3% of Unit Owners in number and common interest, recorded as amendment (Declaration TENTH; By-laws Article X)

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