37 39 Park Lane Condominium

Key facts from 37 39 Park Lane Condominium's documents

Community type

Condominium

Legal name

37 39 Park Lane Condominium

Developer / declarant

YE DEVELOPERS, LLC (Page 1, "Declarant: YE DEVELOPERS, LLC")

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 1, Paragraph "Pursuant to Article 9)

Assessments & dues

Condominium Board adopts budget and determines Common Charges pro rata according to Common Interests (percentages per unit) (Section 6.1 (Page 23) and Definition (7))

Special assessments

Allowed; may be levied by Board for deficiencies in repair funds or as needed (Section 5.5(C) (Page 45) and Section 6.1)

Collections & liens

Unpaid Common Charges constitute a lien on the unit; Board may foreclose (Section 6.4 (Page 25))

Reserves & fees

Common Expenses include establishment/maintenance of a general operating reserve or reserve fund for replacements (Definition (7) in Exhibit C (Page 19))

Leasing & rentals

Prohibited (no transient occupants) (Section 5.6(B) (Page 48))

Architectural approval

Yes, for alterations, additions, improvements to Units; Board approval may be required and conditions imposed (Section 5.2(A) (Pages 42-43))

Home business

Any Unit may be partially used as a professional office by the unit owner only (Section 5.6(C) (Page 48))

Maintenance

Common Element – maintained by Condominium Board (Article 7(a)(ii) (Page 6) – roofs includ)

Insurance

Property insurance on Building, including units and common elements; comprehensive general liability insurance (Section 5.4(A) and (B) (Pages 43-44))

Use restrictions

Prohibited; no source of annoyance to residents (Section 5.6(A) (Page 47))

Voting & meetings

Each Unit Owner entitled to cast one (1) vote per unit; fiduciary or co-owners must designate; proxies allowed in writing (Section 4.8 (Pages 39-40))

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