7 Paiken Drive Condominium

Key facts from 7 Paiken Drive Condominium's documents

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

Community type

Condominium

Legal name

7 PAIKEN DRIVE CONDOMINIUM

Developer / declarant

7 Paiken LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration, Article 1, page 3; also ref)

Assessments & dues

Board of Managers determines monthly assessments (common charges) payable in advance; may also levy special assessments (By-laws Article II, Section 5(1); page 1)

Special assessments

Board may vote a special assessment in excess of regular assessments, if required (By-laws Article II, Section 5(1): 'vote )

Collections & liens

Unpaid common charges constitute a lien on the Unit, prior to all other liens except tax liens and first mortgages; foreclosure allowed when past due, like mortgage foreclosure; Board may purchase unit at foreclosure sale (Declaration Article 12, page 6; By-laws )

Reserves & fees

Not required; but Board may establish operating account and insurance trustee fund (By-laws Article VI, Section 7: 'Operatin)

Pets

Yes, but subject to nuisance rules and liability for damage (By-laws Article VIII, Section 3: 'Owners)

Leasing & rentals

Yes, but subject to Board's right of first refusal and payment of all unpaid common charges (By-laws Article X, Section 1: 'No Unit O)

Architectural approval

Yes, for exterior alterations, additions, structures, and interior alterations affecting structural soundness; all require written consent of Board of Managers (Declaration Article 17(b): 'No additions)

Maintenance

Association: common elements including exterior walls, roofs, public utility lines in common elements, exterior maintenance. Unit Owner: interior maintenance including plumbing, electrical, painting, decorating, windows (including glass), d (By-laws Article II, Section 6; pages 16-)

Insurance

Fire insurance with extended coverage, water damage, vandalism, and such other insurance as Board determines; building including all units and improvements; minimum $600,000 until first Board meeting; liability insurance also required (By-laws Article VII; pages 20-21)

Use restrictions

Yes (Declaration Article 17(i): 'Occupancy of)

Voting & meetings

Each Unit Owner shall have one vote for each percentage of common interest set forth in Exhibit B (each unit 50% common interest, so 50 votes per unit?) (Declaration, Article 8: 'Each Unit Owner)

Amendments

Declaration: amendments require consent of all unit owners and all mortgagees? (text partially illegible); By-laws: 'no amendment will affect or impair the interests of ... holders of mortgages... without consent of majority of unit owners (Declaration Article 10, page 5; By-laws )

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