25 South Cole Condominium

Key facts from 25 South Cole Condominium's documents

Reflects the 2023 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

25 SOUTH COLE CONDOMINIUM

Developer / declarant

WHITE TULIPS LLC (Page 2 of Declaration)

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Section 2 (Submission of the Property), )

Assessments & dues

Board adopts a budget for each fiscal year, including anticipated Common Expenses, and determines Common Charges to cover those expenses. (By-Laws Section 2.4(iv) and Section 6.1)

Special assessments

Board may levy Special Assessments against Unit Owners pro-rata in accordance with their Common Interests (except as otherwise provided). (By-Laws Section 6.1(C) and Exhibit C def)

Collections & liens

Not explicitly detailed, but provisions refer to liens on Units and mortgagee protections; the Condominium Act provides for lien priority. (Section 19 (amendment) and Section 5.5 ()

Reserves & fees

Not mandated, but reduction in reserves is a material amendment requiring mortgagee consent. (Section 19(c)(iii))

Architectural approval

Board approval required for alterations, additions, improvements to any part of Property not allocated to Unit. For interior alterations, owner may make without board approval? But By-Laws require conditions and board may require insurance. (Declaration Section 9; By-Laws Section 5)

Maintenance

Unit Owner responsible for interior maintenance, repairs, replacements of their Unit, including limited common elements. Association responsible for Common Elements maintenance as Common Expense. (By-Laws Section 5.1)

Insurance

Board may determine deductible amounts for insurance policies. (By-Laws Section 5.4(C))

Voting & meetings

Each Unit Owner casts one vote per Unit owned. In Board elections, each Unit Owner elects one Board Member. Sponsor may designate Board Members during initial control period. (By-Laws Section 4.8, 4.9)

Amendments

Declaration may be amended by vote of all Unit Owners (or written consent) unless material amendments require approval of eligible mortgage holders representing at least 51% of votes of units subject to mortgages. Board may amend without ow (Section 19(a), (b), (c))

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