56 Herrick Ave Condominium

Key facts from 56 Herrick Ave Condominium's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

56 HERRICK AVE CONDOMINIUM

Developer / declarant

GITTA EINHORN

Governing law

Article 9-B of the Real Property Law of the State of New York (the "Condominium Act") (Section 2, page F-1)

Assessments & dues

Board prepares annual budget of anticipated Common Expenses and determines amount of Common Charges and Special Assessments. Common Expenses are allocated pro-rata according to Common Interests (equal 33 1/3%). (Section 2.4(A)(iv) and (v); Section 12 o)

Special assessments

Board may levy Special Assessments allocated pro-rata according to Common Interests. (Section 33 of Definitions (Exhibit C, F-)

Collections & liens

Board may perfect a lien against a Unit for unpaid Common Charges; unit owner precluded from voting if lien exists and unpaid; foreclosure remedies implied. (Section 4.8(B) (G-12); Section 2.4(A)(xv)

Reserves & fees

Board may not add to reserve fund in excess of 5% of estimated Common Expenses without Sponsor consent during Sponsor control; establishing reserves requires 75% Unit Owner approval. (Section 2.5(A)(ii) and 2.5(B)(iv) (G-4 t)

Leasing & rentals

Implicitly allowed; Units may be leased, but occupancy restricted to owner, immediate family, or approved tenants; Board may acquire or lease units under Power of Attorney. (Section 5.7(B) (G-20); Section 16 of Dec)

Architectural approval

Yes, written approval of Board of Managers required for alterations, additions, improvements or changes to any part of the property allocated to the unit, and for changes in layout. (Section 10(a)(ii) of Declaration (F-3); )

Home business

Each Unit may be partially used as a professional office by the owner of such unit only. (Section 5.7(A) (G-20): "Any Unit may be )

Maintenance

Not explicitly assigned; roof likely part of Common Elements (maintained by Association). (Section 7(A) defines Common Elements as )

Insurance

Board shall maintain property insurance covering the Building, all Units and improvements (excluding personal property), and liability insurance covering claims on Property. (Section 5.4(A) and (B) (G-16))

Use restrictions

Each Unit may be used in accordance with use permitted by local law, zoning regulations, and Certificate of Occupancy; also may be partially used as a professional office by the owner. (Section 9 of Declaration (F-3) and Secti)

Voting & meetings

Each Unit Owner casts one vote per percentage of Common Interest owned (33 1/3% each, equal); cumulative voting allowed; Sponsor retains voting control as per Sponsor's rights (Section 4.8; Section 2.7; pages G-12, G-)

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