480 W Central Avenue Condominium

Key facts from 480 W Central Avenue Condominium's documents

Reflects the 2014 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration page 1: 'DECLARATION OF COND)

Legal name

480 W. CENTRAL AVENUE CONDOMINIUM

Developer / declarant

Berel Karniol

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration page 1 and page 4)

Assessments & dues

Not fixed; budget determined annually by Board (By-laws Article VI Section 2: 'fix and d)

Special assessments

Permitted, levied and paid same manner as regular assessments (By-laws Article VI Section 2 last senten)

Collections & liens

Unpaid common charges constitute a lien on the Unit, prior to all other liens except taxes and first mortgages; Board may foreclose after 90 days delinquency (Declaration Article 12; By-laws Article )

Reserves & fees

$15 per month, plus interest at highest legal rate (By-laws Article VI Section 2: 'monthly f)

Leasing & rentals

Yes, subject to right of first refusal and payment of unpaid common charges (By-laws Article X Section 1)

Architectural approval

Board approval required for fences, gates, painting exterior surfaces, alterations of walls/fencing (By-laws Article VII Section 6(c)-(d))

Maintenance

Unit Owner liable for damage to Condominium property caused by himself or persons for whose conduct he is legally responsible (By-laws Article VII Section 5)

Insurance

Fire and extended coverage insurance on buildings to full replacement value; public liability insurance in single limit of $1,000,000 (By-laws Article VII (physical damage and)

Use restrictions

Yes (By-laws Article VII Section 2: 'All Unit)

Voting & meetings

Each Unit Owner shall have one vote for each percentage of common interest (Declaration Article 8); By-laws give one vote per Unit owner (Declaration Article 8 page 5; By-laws Ar)

Amendments

Declaration requires instrument executed by Board upon 33% of Unit Owners in number (and possibly mortgagee approval for adverse provisions); By-laws amendment procedure not clear, but reference to eligible mortgagees (Declaration Article 10(b); By-laws Artic)

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