7 Hana Lane Condominium

Key facts from 7 Hana Lane Condominium's documents

Reflects the 2024 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Declaration Article 1, "submits the prop)

Legal name

7 HANA LANE CONDOMINIUM

Developer / declarant

7 HANA LLC

Governing law

Article 9-B of the Real Property Law of the State of New York (Declaration opening paragraph and Bylaws)

Assessments & dues

Board of Managers shall determine budget for Condominium and fix common charges to be paid by Unit Owners; budget sent to all Unit Owners (Bylaws Article VI Section 2)

Special assessments

Board may levy special assessments; for additions/alterations/improvements costing more than $5,000 after Sponsor's control, majority approval of Unit Owners required (Bylaws Article III Section 5(l); Article)

Collections & liens

Board may foreclose lien for unpaid common charges in same manner as mortgage foreclosure; lien may be enforced by suit for money judgment; first mortgagees not liable for more than six months of unpaid regularly budgeted charges accrued be (Bylaws Article VI Section 2, 3; Article )

Reserves & fees

Board of Managers shall establish and maintain a Reserve Fund (Bylaws Article III Section 5(q))

Leasing & rentals

Unit Owner may sell or lease Unit only after all unpaid common charges are paid; Board has right of first refusal for sale only (not for lease); lease not specifically restricted (Bylaws Article XI Section 1)

Parking & vehicles

Commercial license plate vehicles may not be parked for more than 24 hours; no vehicle washing or repairs on Condominium property (Bylaws Article VII Section 8(c), (d))

Architectural approval

Written consent of Board required for (a) alterations to exterior of Unit or any part of Common Elements, (b) building any structure on Common Elements, (c) alterations to inside of Unit impairing structural soundness; consent may be reques (Declaration Article 18(b), (c); Bylaws A)

Insurance

Board to obtain fire insurance with extended coverage on Building including all Units, covering interests of Unit Owners and mortgagees, in an amount equal to full replacement value; additional insurance may be obtained as Board determines; (Bylaws Article VII Section 1)

Voting & meetings

Each Unit Owner has one vote for each percentage of common interest; each Unit appoints a manager to vote; proxy allowed (Declaration Article 11 (page 5); Bylaws )

Amendments

Declaration: amendment requires 75% of Unit Owners in number at a duly called meeting; if material adverse to first-lien mortgagees, must be agreed to by mortgagees representing at least 51% of unit votes subject to first-lien mortgages; mu (Declaration Article 12(b), (c) (page 6);)

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