74 Cole Condominium

Key facts from 74 Cole Condominium's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Page 1: 'DECLARATION OF CONDOMINIUM')

Legal name

74 COLE CONDOMINIUM

Developer / declarant

74 COLE LLC (Page 1: 'DECLARANT: 74 COLE LLC')

Governing law

Article 9-B of the Real Property Law of the State of New York (Condominium Act) (Page 1: 'PURSUANT TO ARTICLE 9-B ... OF )

Assessments & dues

Common Charges and Special Assessments set by Condominium Board, allocated pro-rata in accordance with Common Interests. (Exhibit C definition (6) Common Charges )

Special assessments

Charges allocated and assessed by Condominium Board to Unit Owners pro-rata per Common Interests. (Exhibit C definition (33) (page 18))

Collections & liens

Board can perfect a lien against a Unit Owner's Unit for unpaid amounts; if lien perfected and unpaid, Unit Owner cannot vote. (Implied enforcement rights.) (By-Laws Section 4.8(B) (page 35))

Reserves & fees

During Sponsor control, Board cannot establish reserves other than a 12-month reserve for contingencies not exceeding 10% of budgeted operating expenses. Also, cannot impose Common Charge or Special Assessment for capital improvement unless (By-Laws Section 2.5(B)(iii) and (iv) (pa)

Maintenance

Unit Owner responsible for interior of Unit (painting, decorating, walls, floors, ceilings, windows, doors, etc.) and limited common elements (decks). Condominium Board responsible for Common Elements. (By-Laws Section 5.1(A) (page 36-37); Dec)

Insurance

All risk extended coverage insurance covering all Units and improvements, with vandalism and malicious mischief endorsements, including fixtures, equipment, etc. Also comprehensive general liability insurance covering claims for personal in (By-Laws Section 5.4(A) and (B) (pages 39)

Use restrictions

Each Unit may be used only for residential purposes, not more than one family at a time; occupied only by owner, lessees, and immediate family members. (Declaration Section 9 (page 6))

Voting & meetings

Each Unit Owner entitled to cast one vote for each percentage of interest owned; cumulative voting allowed; Board members elected by majority of votes cast at meeting with quorum. (By-Laws Section 4.8(A) (page 34-35))

Amendments

Declaration may be amended by vote of at least 67% in number and common interest of Unit Owners. Sponsor reserves right to amend without vote for certain technical corrections (e.g., correcting floor plans, complying with laws). No amendmen (Declaration Section 19 (pages 10-11))

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