7 King Terrace Condominium

Key facts from 7 King Terrace Condominium's documents

Reflects the 2019 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

7 KING TERRACE CONDOMINIUM

Developer / declarant

7 KING TERRACE LLC (Declaration, page 5: '7 KING TERRACE LLC)

Governing law

Article 9-B of the Real Property Law of the State of New York (the Condominium Act) (Declaration, page 5: 'Pursuant to Articl)

Assessments & dues

Condominium Board determines amount based on budgeted Common Expenses, assessed pro-rata according to Common Interests (By-Laws Section 2.4(v) and Section 6.1, )

Collections & liens

Unpaid Common Charges or Special Assessments constitute a lien on the Unit. Foreclosure provisions in Section 6.4 of By-Laws. (By-Laws Section 6.4, page G-24 (page 22))

Home business

Any Unit may be partially used as a professional office by the owner of such unit only (By-Laws Section 5.7, page G-20 (near pag)

Insurance

Unit owners may carry own insurance, but must contain waivers of subrogation and not affect master policy (By-Laws Section 5.4(E), page G-18 (page )

Use restrictions

Each unit may be used as a residence for one family (Article 9, page 7: 'Each Unit may be use)

Voting & meetings

One vote per unit. In board elections, each unit elects one board member. After sponsor control, sponsor votes only if still owns units. (By-Laws Section 4.8 and 4.9, page G-13 ()

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