2 Park Condominium

Key facts from 2 Park Condominium's documents

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

Community type

Condominium (Title: "DECLARATION OF CONDOMINIUM")

Legal name

2 PARK CONDOMINIUM

Units / lots

3 residential Units (Article 5, Page 4: "3) residential Units)

Developer / declarant

2-4 Park LLC (Title page and signature page)

Governing law

Article 9-B of the Real Property Law of the State of New York (Title page and Section 1)

Assessments & dues

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

Special assessments

Yes; defined in Definitions (35). Limited during Sponsor control. (Exhibit C Definition (35); By-Laws Secti)

Collections & liens

Board can perfect lien against Unit for unpaid charges; Board may acquire units via foreclosure or surrender. (By-Laws Section 4.8(B); Declaration Arti)

Reserves & fees

Established as part of Common Expenses; during Sponsor control, reserve limited to 12-month contingency not exceeding 10% of budgeted operating expenses. (Definition Common Expenses; By-Laws Sect)

Leasing & rentals

Yes, but subject to Declaration, By-Laws, Rules and Regulations; Right of First Refusal applies to sales and leases. (Declaration Article 18; By-Laws Article )

Architectural approval

Prior written consent of Board required for alterations, additions, improvements, layout changes, exterior changes. (Declaration Article 10; By-Laws Section )

Insurance

Board may determine deductible amounts. (By-Laws Section 5.4(D))

Use restrictions

Units may be used only for residential purposes; no other use permitted. Not more than one family per Unit. (Declaration Article 9)

Voting & meetings

One vote per Unit (By-Laws Section 4.8: "each Unit owner wi)

Amendments

66 2/3% in number and common interest of Unit Owners; material amendments require consent of mortgagees holding 51% of unit estates subject to mortgages. (Declaration Article 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.