41 Decatur Avenue Condominium

Key facts from 41 Decatur Avenue Condominium's documents

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

Community type

Condominium (Title: "DECLARATION OF CONDOMINIUM")

Legal name

41 DECATUR AVENUE CONDOMINIUM

Developer / declarant

PRAG REALTY

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 THE )

Assessments & dues

Condominium Board prepares annual budget and determines Common Charges and Special Assessments (By-Laws Section 2.4(iv)-(v))

Special assessments

Defined as charges allocated by Condominium Board pro-rata according to Common Interests; allowed under By-Laws Section 6.1(C) (Definition (33) in Exhibit C; By-Laws Se)

Collections & liens

Condominium Board may enforce terms and bring legal proceedings; provision for surrender of units and acquisition by Board at foreclosure (By-Laws Section 2.4(xviii); Declaration )

Reserves & fees

During Sponsor control, no reserve may exceed a twelve-month reserve for contingencies not exceeding 10% of budgeted operating expenses, unless required by law or for health/safety (By-Laws Section 2.5(C)(iv))

Leasing & rentals

Implied by Right of First Refusal (Article 7 of By-Laws) and Board's power to lease units; leasing subject to restrictions in Article 7 (By-Laws Table of Contents (Article 7 sec)

Architectural approval

Exterior alterations, additions, or improvements require Board approval if design differs from original; interior alterations allowed but structural changes require approval; no physical modification to another unit without consent (Declaration Section 10; By-Laws Section )

Maintenance

Unit Owner responsible for interior of Unit, limited common elements (decks); Condominium Board responsible for Common Elements; owner must maintain and repair Unit and limited common elements at own expense (By-Laws Section 5.1; Declaration Section)

Insurance

Fire insurance with extended coverage, vandalism, malicious mischief endorsements, insuring Building including improvements and bathroom, kitchen, laundry fixtures; also comprehensive general liability, rent insurance, workmen's compensatio (By-Laws Section 5.4(A)-(B))

Use restrictions

Units shall be used for residential purposes only; occupied by not more than one (1) family at one time (Declaration Section 9)

Voting & meetings

Each owner of a Unit shall cast one (1) vote for each percentage of interest; Sponsor may cumulate votes; as long as Sponsor owns a majority of Units, it may exercise its vote and control the Board of Managers (By-Laws Section 4.9)

Amendments

By vote of at least 66 2/3% in number of all Unit Owners (or in writing by 66 2/3% in number and common interest); no amendment adversely affecting mortgage lien without mortgagee written consent; material changes require consent of eligibl (Declaration Section 19)

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