31 South Cole Condominium

Key facts from 31 South Cole Condominium's documents

Community type

Condominium

Legal name

31 SOUTH COLE CONDOMINIUM

Developer / declarant

YELLOW S4LOV@S

Governing law

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

Assessments & dues

Common Charges and Special Assessments are allocated pro-rata in accordance with each Unit's Common Interest. The Board determines the amount and means of payment. (Exhibit C definition (7) (page 16); By-L)

Special assessments

Special Assessments are charges allocated by the Board to Unit Owners pro-rata according to Common Interests, except as otherwise provided in Declaration or By-Laws. (Exhibit C definition (32) (page 18))

Reserves & fees

Common Charges may include contributions to a general reserve fund for working capital, replacements, or to make up deficits. (Exhibit C definition (7) (page 16))

Home business

Partial use as a professional office by the owner is allowed (By-Laws Section 5.7(B) (page 44))

Use restrictions

Units shall be used only for residential purposes; not more than one family may occupy a Unit at one time; however, a Unit may be partially used as a professional office by the owner (Declaration, Article 9 (page 5-6); By-La)

Voting & meetings

Each Unit Owner (including Sponsor for Unsold Units) casts one vote per Unit owned. In Board elections, each Unit Owner elects one Board Member. Sponsor or designee may vote as long as owns at least one Unit. (By-Laws Section 4.8 and 4.9 (pages 36-37)

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