2 Valley View Terrrace Condominium

Key facts from 2 Valley View Terrrace Condominium's documents

Community type

Condominium (Article 1 – Submission of Property)

Legal name

2 VALLEY VIEW TERRACE CONDOMINIUM

Developer / declarant

2 VALLEY VIEW LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, first paragraph after Table)

Assessments & dues

Not fixed; Board determines budget at least annually (Bylaws Article VI Section 2)

Special assessments

Allowed; same method as regular assessments (pro-rata by common interest) (Bylaws Article VI Section 2)

Collections & liens

Unpaid common charges constitute a lien on the unit, superior except to tax assessments and first mortgages; foreclosure available like a mortgage; attorney's fees and costs recoverable (Declaration Article 12; Bylaws Article I)

Reserves & fees

Board shall establish and maintain a Reserve Fund (Bylaws Article III Section 2(q))

Pets

Impliedly permitted – regulations mention 'their pets' (Bylaws Article VIII Section 3)

Home business

Restricted by residential use only (Bylaws Article VIII Section 2)

Use restrictions

True (Bylaws Article VIII Section 2: 'All Unit)

Voting & meetings

Each unit owner is entitled to one vote per unit; each unit appoints a manager to vote; proxies allowed (Bylaws Article II Sections 2, 5, 6)

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