64 North Cole Condominium

Key facts from 64 North Cole Condominium's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article 3: 'Condominium shall be known a)

Legal name

64 North Cole Condominium

Units / lots

2 (Unit 111 and Unit 112) (Exhibit B: Unit 111 and Unit 112 describ)

Developer / declarant

64 North Cole LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Heading: 'Pursuant to Article 9-B of the)

Assessments & dues

Condominium Board prepares budget and sets Common Charges and Special Assessments apportioned pro rata according to Common Interests (By-Laws Article 6 and Section 2.4(iv))

Special assessments

May be imposed for capital improvements, alterations, additions to Common Elements costing more than $50,000 in any fiscal year, or for health/safety, or to fund deficits, but requires unanimous approval of all Unit Owners (Section 2.4(C)(i (By-Laws Section 2.4(C)(iii))

Collections & liens

Condominium Board may impose lien for unpaid Common Charges; self-help and remedies available (Article 9 of By-Laws); also procedure for default in payment of Common Charges (Section 6.4) (By-Laws Article 9 (Self Help, Abatement,)

Reserves & fees

Restricted: only a twelve-month reserve for contingencies not exceeding 5% of budgeted operating expenses for the ensuing twelve months; no other reserves allowed without unanimous approval (By-Laws Section 2.4(C)(iv))

Leasing & rentals

Units may be leased only in accordance with the By-Laws and the Rules and Regulations (Article 9 (Declaration) and By-Laws Sect)

Architectural approval

Condominium Board must give prior written approval for any structural alteration, addition, improvement, or repair to a Unit, and for any alterations, additions, or improvements to Common Elements costing more than $25,000 in the aggregate (By-Laws Sections 5.2(A) and 5.3)

Home business

Condominium Board may consent to use of a Unit as a professional or business office, provided compliance with law and certificate of occupancy; consent is personal to the Unit Owner (By-Laws Section 5.7(C))

Maintenance

Roof is part of Common Elements; maintained by Condominium Board (Article 7(a)(ii) - roofs included in Com)

Insurance

Fire and hazard insurance with all risk extended, covering the Building (including Units, bathroom and kitchen fixtures installed as of recording, service machinery) for not less than 80% replacement cost; also comprehensive general liabili (By-Laws Section 5.4)

Use restrictions

Units to be used only as private residences for Unit Owners and Family Members, and for no other purpose except as permitted by Board and law (By-Laws Section 5.7(B))

Voting & meetings

Each Unit Owner entitled to one vote per each 0.01% of Common Interest attributable to his/her Unit(s) (By-Laws Section 4.8(A))

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