49 Collins Ave Condominium

Key facts from 49 Collins Ave Condominium's documents

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

Community type

Condominium (Name: 49 COLLINS AVE CONDOMINIUM, page 1)

Legal name

49 COLLINS AVE CONDOMINIUM

Developer / declarant

58 HERRICK LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Page 1 header and Section 2)

Assessments & dues

Common Charges determined by Board based on anticipated Common Expenses and budget, assessed pro-rata according to Common Interests. (By-Laws Section 2.4(iv) and (v))

Special assessments

Board may levy Special Assessments for deficiencies in insurance proceeds, capital replacements, etc., pro-rata according to Common Interests. (By-Laws Section 2.4(v) and Declaration S)

Collections & liens

Board may enforce collection of Common Charges and Special Assessments by lien and legal proceedings. (By-Laws Section 2.4(xviii) and Declarati)

Reserves & fees

Board may establish a reserve fund for capital replacements; during Sponsor control, a 12-month contingency fund not exceeding 10% of budgeted operating expenses is allowed. Sponsor consent needed for additional reserves except as required (By-Laws Section 2.4(iv) and 2.5(B)(iv))

Leasing & rentals

Units may be sold or leased, subject to the Board's Right of First Refusal as detailed in Article 7 of the By-Laws. (By-Laws Article 7 (Sale and Leasing of U)

Architectural approval

Alterations, additions, improvements in or to a Unit that change layout or affect structural integrity, safety, or other units require approval and agreement to hold harmless. (Declaration Section 9(1)-(3) and By-Laws)

Maintenance

Owner responsible for interior of Unit and its Limited Common Elements (decks, basements); Board responsible for Common Elements. (By-Laws Section 5.1 and Declaration Sect)

Insurance

Board may determine deductible amounts for insurance policies. (By-Laws Section 5.4(C) last sentence)

Use restrictions

Units may be used only for residential purposes permitted by local Law and zoning regulations and the Certificate of Occupancy; not more than one family per Unit per time. (Declaration Section 9)

Voting & meetings

Each Unit Owner casts one vote per percentage of Common Interest owned; cumulative voting allowed in Board elections. Sponsor or designee votes as Unit Owner for Unsold Units. (By-Laws Section 4.8(a) and 4.9)

Amendments

Declaration may be amended by vote of at least 67% in number and percentage of Common Interest of all Unit Owners; certain material amendments require consent of eligible mortgage holders (51% of votes). Amendment must be recorded. (Declaration Article 19)

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