73 North Cole Condominium

Key facts from 73 North Cole Condominium's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

73 NORTH COLE CONDOMINIUM

Developer / declarant

NORTH COLE OCIATES 8

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Declaration, preamble and Art. 1 (Defini)

Assessments & dues

Common Charges and Special Assessments are determined by the Condominium Board and allocated to Unit Owners pro-rata in accordance with their respective Common Interests. (By-Laws, Art. 6.1(A) and Declaration, Ar)

Special assessments

The Condominium Board may levy Special Assessments against Unit Owners pro-rata in accordance with their Common Interests. (By-Laws, Art. 6.1(C))

Collections & liens

Unpaid Common Charges and assessments may become a lien on the Unit. The Board may enforce collection by legal means. The Declaration also provides for priority of assessment liens and notice to mortgagees. (Declaration, Art. 19(c)(ii) (assessment )

Reserves & fees

Reduction in reserves for maintenance, repair and replacement of Common Elements is a material change requiring mortgagee consent. (Declaration, Art. 19(c)(iii))

Architectural approval

Alterations, additions, improvements, or changes to a Unit require approval of the Board if they affect exterior or structure. Prior approval required; Board may require insurance and indemnity agreement. (Declaration, Art. 10 (ii) and (iii); By-)

Maintenance

If work in a Unit is necessitated by a condition or occurrence in that Unit, the Unit Owner is liable for costs not paid by insurance. Unit Owner must promptly report defects to Board. (By-Laws, Art. 5.1(A) (last paragraph))

Insurance

Deductible amounts as determined by Condominium Board, reviewed at least annually. (By-Laws, Art. 5.4(C))

Use restrictions

Each Unit may be used only for residential purposes in accordance with local law and zoning. Not more than one family may occupy a Unit. Owners, lessees, and immediate family only. (Declaration, Art. 9: 'Each Unit may be u)

Voting & meetings

Each Unit Owner entitled to one (1) vote per Unit owned. In Board elections, each Unit Owner elects one Board Member. (By-Laws, Art. 4.8(A) and 4.9(A))

Amendments

Declaration may be amended by vote of all Unit Owners. Board may amend without Unit Owner consent to divide Board into separate boards. Material amendments (affecting voting, assessments >25%, reserves, maintenance, unit boundaries, convert (Declaration, Art. 19 (a)-(c))

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