31 North Madison Condominium

Key facts from 31 North Madison Condominium's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

31 NORTH MADISON CONDOMINIUM

Developer / declarant

NORTH MADISON LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 2, line 'Pursuant to Article 9-B of)

Assessments & dues

Condominium Board prepares a budget for each fiscal year, including anticipated Common Expenses and sources of income. Board determines and collects Common Charges and Special Assessments from Unit Owners. (Pages 25-26, By-Laws Section 2.4(iv)-(v))

Special assessments

Special Assessments are charges allocated and assessed by the Condominium Board to Unit Owners pro-rata in accordance with their Common Interests (except as otherwise provided). (Page 18, Definition (33) and page 26, By)

Collections & liens

The Declaration provides for notice of unpaid common charges and default (By-Laws Section 8.3). The Board has remedies including abatement, enjoinment, and legal proceedings. A lien may be created if permitted. Specific foreclosure process (Page 31 (Article 8), and Pages 22-23 (Ar)

Reserves & fees

During Sponsor control, no reserves may be established other than a twelve-month reserve for contingencies not exceeding 10% of budgeted operating expenses. Also, no Common Charges or Special Assessments for reserves in excess of 5% of esti (Pages 28-29, By-Laws Section 2.5(ii) and)

Architectural approval

Unit Owner must obtain written approval from the Condominium Board before making alterations, additions, improvements, or changes in layout to a Unit or any allocated portion of the Property. The Board must respond within 15 business days; (Pages 38-39, By-Laws Section 5.2)

Maintenance

Unit Owner responsible for all painting, decorating, maintenance, and replacements (structural or non-structural) within the Unit, including interior walls, ceilings, floors, kitchen and bathroom fixtures, windows, doors. Condominium Board (Pages 14-15 (Declaration Section 8(b)) a)

Use restrictions

Units shall be used in accordance with local law and the Certificate of Occupancy, and not more than one family may occupy a Unit. (Page 5-6, Section 9 of Declaration)

Voting & meetings

Each Unit Owner casts one vote per percentage of interest owned. Cumulative voting allowed. Sponsor or its designee has same voting rights as all Unit Owners as long as Units are owned. Votes may be cast by proxy. A fiduciary is the voting (Pages 29, 36-37, By-Laws Section 2.7 and)

Amendments

Amendment by vote of at least 75% in Common Interest of all Unit Owners, cast in person or by proxy at a meeting, or approved in writing by 75% in Common Interest. Certain amendments require mortgagee consent, including changes adversely af (Page 9-11, Section 19 of Declaration)

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