5 7 Gwen Lane Condominium

Key facts from 5 7 Gwen Lane Condominium's documents

Reflects the 2010 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

5-7 Gwen Lane Condominium

Developer / declarant

Marton Guttman

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration Art. 1; By-laws Art. I Sec. )

Assessments & dues

Board of Managers determines budget annually and fixes monthly assessments payable in advance. Assessments prorated according to common interest percentages. Special assessments levied similarly. (By-laws Art. VI Sec. 2; Art. III Sec. 5 )

Special assessments

May be levied by Board if required, same method as regular assessments. (By-laws Art. VI Sec. 2)

Reserves & fees

Not explicitly mentioned; Board may maintain other accounts ('Other Accounts') as needed. (By-laws Art. VI Sec. 7)

Pets

Pets are allowed but must not cause nuisance or disturbance; owners liable for damage caused by pets. (By-laws Art. VIII Sec. 3, 5)

Leasing & rentals

Leasing is implied as allowed, but subject to restrictions; see material adverse change clause requiring mortgagee consent for leasing restrictions. Transfer/sale restrictions exist (common charges must be paid). (By-laws Art. X (material adverse changes)

Architectural approval

Written consent of Board of Managers required for any exterior alteration or alteration impairing structural soundness. No separate ARC mentioned; Board acts as architectural reviewer. (Declaration Art. 17(b); By-laws Art. VII)

Signs & flags

Not specifically addressed; but no alteration to exterior without Board consent would cover signs.

Insurance

Not required, but Unit Owners may carry additional insurance provided it includes waivers of subrogation and does not affect master policy. (By-laws Art. VII Sec. 1 (last sentence))

Use restrictions

All Units restricted to residential occupancy in accordance with municipal zoning. By-laws: 'All Units shall be used for residential purposes only.' (Declaration Art. 17(g); By-laws Art. VII)

Voting & meetings

Each Unit Owner entitled to one vote per percentage of common interest (Declaration); each Unit Owner entitled to cast one vote at meetings (By-laws). Common interest 50% per Unit, so effectively one vote per Unit. (Declaration Art. 8; By-laws Art. II Sec.)

Amendments

Declaration: 80% of Unit Owners in number and common interest plus mortgagees representing 51% of first mortgage votes to terminate condominium; 66-2/3% of Unit Owners in number to amend, with mortgagee approval for certain material changes (Declaration Art. 10; By-laws Art. X)

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