5 Kings Terrace Condominium

Key facts from 5 Kings Terrace Condominium's documents

Reflects the 2020 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (PAGE 1, header)

Legal name

5 KINGS TERRACE CONDOMINIUM

Developer / declarant

GOLDIE DEVEIZ@PMENT gC

Governing law

Article 9-B of the Real Property Law of the State of New York (PAGE 1, line after header)

Assessments & dues

Board prepares annual budget and determines Common Charges and Special Assessments; charges allocated pro-rata in accordance with Common Interests (By-Laws Sections 2.4(v) and definition o)

Special assessments

Board may levy special assessments for deficiencies in trust funds, or for capital improvements, etc.; Sponsor's consent required during initial control for certain special assessments (By-Laws Section 2.5(ii) and Section 5.5()

Collections & liens

Board may create liens to secure repayment of borrowed sums; no lien may be created on any Unit without owner's consent (except for common charges); if a Unit Owner fails to pay, Board may enforce by legal means (By-Laws Section 2.4(vi)(c), PAGE 25-26; )

Reserves & fees

Board may establish reserves for working capital, replacements, etc.; Sponsor's consent required during initial control for special assessments for reserves (except 12-month contingency) (By-Laws Section 2.5(ii) and Section 2.4()

Leasing & rentals

Yes, units may be leased; restrictions on leasing are among material amendments that require mortgagee consent (Article 19(a)(iii)(ix), PAGE 10)

Architectural approval

Yes; alterations, additions, improvements to exterior of Unit or to Common Elements require Board approval; interior changes do not require approval but must comply with conditions (Article 10 and By-Laws Section 5.2, PAGE)

Maintenance

Board responsible for common elements, which includes building exterior; roof likely common element (By-Laws Section 5.1(A)(ii) and definitio)

Insurance

Board may determine deductibles (By-Laws Section 5.4(C), PAGE 41)

Use restrictions

Each unit shall be occupied only by the Owner or permitted lessees and the members of their immediate families (Article 9, PAGE 6)

Voting & meetings

Each unit owner casts one vote per unit; in Board elections, each unit owner elects one Board Member (By-Laws Section 4.9(A), PAGE 36)

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