41 Park Lane Condominium

Key facts from 41 Park Lane Condominium's documents

Community type

Condominium

Legal name

41 PARK LANE CONDOMINIUM

Developer / declarant

WILLOW TREE, LLC

Governing law

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

Assessments & dues

Board determines Common Charges based on budget for each fiscal year (Section 2.4(v) of Bylaws)

Special assessments

Allowed; charges allocated pro-rata by Common Interest except as otherwise provided (Definition (33) in Exhibit C; Section 6.)

Collections & liens

Unpaid Common Charges constitute a lien on the Unit; Board may enforce by legal means (Section 6.4 of Bylaws (implied by Sectio)

Reserves & fees

Allowed; but establishment of reserves exceeding 5% of estimated expenses requires approval of 75% of Unit Owners while Sponsor controls Board (Section 2.5(B)(iv) of Bylaws)

Leasing & rentals

Yes, units may be sold or leased (Section 16 of Declaration (right to 'sel)

Architectural approval

Yes, written approval of Board required for alterations, additions, or improvements to part of property allocated to unit (Section 5.2 of Bylaws)

Home business

Only professional office use by owner is allowed (Section 5.7(B) of Bylaws)

Maintenance

Owner responsible for interior of unit (walls, ceilings, floors, fixtures, windows, doors, exposed plumbing, etc.); Association responsible for Common Elements (Section 5.1(A) of Bylaws)

Insurance

Fire insurance with all-risk extended coverage, vandalism, malicious mischief, covering Building (including Units and fixtures), plus general liability, workers' compensation, etc. (Section 5.4(A) and (B) of Bylaws)

Use restrictions

Yes, but a Unit may be partially used as a professional office by the owner of such unit only (Section 5.7(B) of Bylaws)

Voting & meetings

In non-board elections, each Unit Owner (including Sponsor) casts one vote per Unit owned. In Board elections, each Unit Owner elects one Board Member. (Section 4.8(A) and Section 4.9(A) of Byl)

Amendments

Amendments generally require 75% of Common Interests; Sponsor may amend for floor plans without vote; no amendment affecting mortgage lien without written consent of mortgagee; no amendment changing common interest without written consent o (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.