36 Ridge Avenue Condominium

Key facts from 36 Ridge Avenue Condominium's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

36 Ridge Avenue Condominium

Developer / declarant

36 Ridge LLC (Declaration, page 1 (Declarant))

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, Article 1; By-Laws, Article)

Assessments & dues

Board of Managers determines annual budget and assessment; initial budget may be set by Sponsor (By-Laws, Article III, Section 5, item 1;)

Special assessments

Yes, levied and paid in same manner as regular assessments (By-Laws, Article VI, Section 2)

Collections & liens

Unpaid common charges constitute a lien on unit, prior except tax liens and first mortgage; Board shall foreclose after 90 days past due (Declaration, Article 12; By-Laws, Articl)

Reserves & fees

Monthly fee of not more than $15 to cover additional burden of late payment (By-Laws, Article VI, Section 3)

Parking & vehicles

Commercial license plate vehicles may not be parked in Community for more than 24 hours (By-Laws, Article VIII, Section 6(e))

Maintenance

Board maintains common elements; Unit Owners maintain interior of their units, including fixtures, appliances, plumbing, electrical, HVAC within the unit (By-Laws, Article III, Section 6; Article)

Insurance

Fire and extended coverage insurance on Buildings at full replacement value, minimum $600,000 until first Board meeting; policies include New York standard mortgagee clause and waiver of subrogation (By-Laws, Article VII, Section 1)

Use restrictions

All Units shall be used for residential purposes only (By-Laws, Article VIII, Section 2)

Voting & meetings

Each Unit Owner has one vote for each percentage of common interest shown in Exhibit B; each unit appoints a Manager who votes in person or by proxy (Declaration, Article 8; By-Laws, Article)

Amendments

Declaration amendments require 51% of Unit Owners in number and consent of mortgagees representing 51% of first-lien unit votes; By-Laws amendments require majority of Unit Owners at a meeting and same mortgagee consent (Declaration, Article 10; By-Laws, Articl)

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