FOR INFORMATIONAL USE ONLY. CONTACT MANAGEMENT OFFICE FOR OFFICIAL DOCUMENTS.
Regents Park Gardens Condominium
Kew Gardens Hills, New York
ARTICLE V. Operation of the Property .
Section 1. Determination of Common Expenses and Fixing of Common
The Board of Managers shall from time to time, and at least annually,
prepare a budget of projected Common Expenses of the Condominium and shall
determine the amount of the Common Expenses of the Condominium and the
amount of the Common Charges payable by the Unit Owners to meet the
Common Expenses of the Condominium and shall allocate such Common Charges
among the Unit Owners according to their respective Common Interest. The
Common Expenses shall include, among other things, major and minor maintenance,
repairs, additions, improvements, bad debts, depreciation, obsolescence,
insurance premiums, and such other expenses as the Board may deem proper for
the operation and maintenance of the Property, including, without limitation,
funds for working capital of the Condominium, a general operating reserve, and a
reserve fund, for capital repairs, replacements, and improvements, as now or
hereafter defined in Section YYYY51-2.0 of the Administrative Code, which may
be necessary for the health and safety of the residents of the Building, and funds
to satisfy any deficit in the Common Expenses for any prior year. The Common
Expenses may also include such amounts as may be required for the purchase by
the Board or its designee, corporate or otherwise, on behalf of all Unit Owners,
of any Unit whom owner has elected to sell such Unit or of any Unit which is to
be sold at a foreclosure sale or of any Unit to be purchased pursuant to the
Board's Right of First Refusal.
While the Sponsor is in control of the Board, the Working Capital Fund established pursuant to the Plan by contributions by Purchasers shall not be used to reduce estimated Common Charges.
The Board shall advise all Unit Owners, promptly, in writing, of the amount of Common Charges payable by each of them, as determined by the Board of Managers, as aforesaid, and shall furnish to all Unit Owners (and their respective mortgagees if required) copies of each budget on which such Common Charges and Expenses are based.
Until the Sponsor has conveyed title to all the Units to Purchasers thereof, the Board may reduce the amount of Common Charges payable by Unit Owners (including the Sponsor or its designee as owner of any unsold Units and the Commercial Unit) provided that to long as the Sponsor controls the Board, the Common Charges will not be reduced below the amount necessary to operate the Property.
The Sponsor shall be responsible for the Common Charges payable for any Unit owned by Sponsor from the date of the First Closing until a bona fide sale of such Unit. A bona fide sale for these purposes includes a sale to a person or entity for investment as well as a sale for occupancy by the purchaser or a member of his immediate family.
Section 2. Insurance.
The Board of Managers shall obtain and maintain, to
the extent obtainable, an All-Risk Special Multi-Peril Policy (the "Policy") that
includes the following insurance coverage:
(1) Buildings and rents insurance which insures the Buildings (including all of the Units and the equipment, partitions, floors and ceilings within the Units, but not including any wall, ceiling or floor decorations or coverings or other furniture, furnishings, fixtures, or equipment or other personal property supplied or installed by Unit Owners), and covers the interests of the Condominium, the Board, and all Unit Owners and their mortgagees, as their interest may appear, in an amount equal to the full replacement value of the Buildings (exclusive of the cost of excavation and foundations), without deductions for depreciation. Such insurance shall contain a New York standard mortgagee clause in favor of each mortgagee of a Unit, which clause shall provide that the loss, if any, thereunder shall be payable to such mortgagee as its interest may appear, subject, however, to the loss payment provision in favor of the Board set forth below.
The amount of the Buildings insurance to be maintained until the first meeting of the Board following the second meeting of the Unit Owners shall be in at least the sum of $11,500,000 (with a $1,000 deductible).
The Policy shall contain, if available without an increase in the premium for the insurance coverage, waivers of subrogation and waivers of any defense based on co-insurance or of pro-rata reduction of liability or of invalidity arising from any acts of the insured, and shall provide that such policies may not be cancelled or substantially modified without at least ten (10) days prior written notice to all of the insureds, including all mortgagees of Units. Prior to obtaining any Buildings insurance or any renewal thereof, the Board shall obtain from a casualty insurance company or other qualified source an appraisal of the full replacement value of the Buildings (exclusive of the cost of excavations and foundations), including all of the Units, and all of the Common Elements therein, without deduction for depreciation, for the purpose of determining the amount of insurance coverage to be effected pursuant to this section.
Duplicate originals of the Policy and of all renewals thereof and of any successor policy, together with proof of payment of premiums, shall be delivered to all mortgagees of Units at least ten (10) days after receipt by the Board and ten (10) days prior to expiration of the then current policies.
(2) Comprehensive general liability insurance, in such limits as the Board may from time to time determine, covering each member of the Board, the managing agent, the manager, and each Unit Owner and covering all claims for bodily injury or property damage arising out of any occurrence in the Common Elements or the Units, except such policy shall not cover liability of a Unit Owner arising from occurrences within his own Unit. Such public liability coverage shall also cover cross liability claims of one insured against another. In addition to general public liability, the insurance will include garage keepers and water damage legal liability insurance and auto mobile non-ownership insurance and may include insurance for products and independent contractors if the Board deems such coverage desirable. The Board shall review such limits once each year. Until the first meeting of the Board following the first annual meeting of the Unit Owners, the public liability insurance shall have a combined single limit of $1,000,000 covering all claims for bodily injury arising out of one occurrence. The water damage legal liability insurance shall have a limit of $1,000,000 and the automobile non-ownership insurance shall have a combined single limit of $500,000 covering all claims arising out of one occurrence.
(3) Comprehensive boiler and machinery insurance which will cover the repair and replacement cost of the boiler equipment and any other machinery contained in the Buildings. Until the first meeting of the Board following the first annual meeting of the Unit Owners, the boiler and machinery insurance shall have a limit of $5,000,000 (with a $1,000 deductible clause).
(4) Directors' and officers' liability insurance, which will cover any liability of the directors and officers of the Condominium arising from their actions as directors and officers. Until the first meeting of the Board following the first annual meeting of the Unit Owners, the directors' and officers' insurance shall have a limit of $250,000 for each claim and a limit of $500,000 for all the claims aggregating from a single transaction or occurrence.
(5) Fidelity Bond guaranteeing the proper handling of Condominium funds by the officers and directors of the Condominium. This bond will also include a managing agent rider guaranteeing the proper handling of Condominium funds by the managing agent. Until the first meeting of the Board following the first annual meeting of the Unit Owners, the bond shall be in the amount of $200,000.
The Board shall also obtain and maintain, to the extent obtainable, an Excess Liability Policy, in such limits as the Board may from time to time determine, covering each member of the Board, the managing agent, the manager, and each Unit Owner. This policy will cover all claims in excess of the $1,000,000 limit of the general liability coverage of the All-Risk Special Multi-Purpose Policy. Until the first meeting of the Board following the first annual meeting of the Unit Owners, the Excess Liability Policy will have a limit of $5,OOO,OOO.
In addition, the Board may obtain and maintain such other insurance as the Board may determine is necessary and proper for the Condominium.
The Board shall give written notice of insurance obtained by it, and of any change therein or termination thereof, to each Unit Owner.
All policies shall provide that adjustment of loss shall be made by the Board and that the net proceeds thereof shall be payable to the Board.
Unit Owners shall not be prohibited from carrying other insurance for their own benefit provided that all such policies shall contain waivers of subrogation and further provided that the liability of the carriers issuing insurance obtained by the Board shall not be affected or diminished by reason of any such additional insurance carried by any Unit Owner.
Unit Owners shall not do or permit any act or thing to be done in or to their Units or the Common Elements which is contrary to law or which invalidates or is in conflict with any policies of insurance at any time carried by the Board for the benefit of the Unit Owners or which shall or might subject the Board or the Unit Owners to any liability or responsibility for any damage to persons or property; nor shall any Unit Owner keep anything in his Unit except as now or hereafter permitted by the Board of Fire Underwriters, the Fire Department, the Fire Insurance Rating Organization, or other authority having jurisdiction and then only in such manner or such quantity so as not to increase the rate for fire insurance applicable to the Buildings; nor shall any Unit Owner use his Unit in a manner which will increase the insurance rate for the Buildings, or any property located therein, over the rate in effect for the insurance maintained by the Board for the benefit of the Unit Owners. A Unit Owner who fails to comply with the provisions of this paragraph shall pay all costs, expenses, fines penalties, or damages which may be imposed upon the Board or the Unit Owners by reason of such failure and shall also reimburse the Board for that portion of all insurance premiums thereafter paid by the Board which shall be attributable to such failure by the Unit Owner.
Section 3. Repair or Reconstruction After Fire or Other Casualty.
In the event of damage to or destruction of the Buildings as a result of fire or other
casualty (unless such damage or destruction shall give a Unit Owner or a lienor a
right of partition as provided in Section 339-cc of the Condominium Act), the
Board shall arrange for the prompt repair and reconstruction of the Buildings
(including any damaged Units and any equipment therein, and partitions, floors,
and ceilings within the Units, but not including any wall, ceiling, floor decorations
or coverings, or other furniture, furnishings, fixtures, or equipment
installed by Unit Owners), and the Board shall disburse, in appropriate progress
payments, the proceeds of all insurance policies to the contractors engaged in
such repair and reconstruction. Any cost of such repair and reconstruction in
excess of the insurance proceeds shall constitute a Common Expense.
If, as the result of fire or other casualty, three-fourths of the Buildings are destroyed or substantially damaged and seventy-five percent (75%) or more of the Unit Owners do not duly and promptly resolve to proceed with repair or restoration, then in accordance with the provisions of Section 339-cc of the Condominium Act, the Property shall become subject to an action for partition at the suit of any Unit Owner or any lienor as if owned in common, in which event the net proceeds of sale, together with the net proceeds, if any, of insurance policies shall be considered as one fund and shall be divided by the Board among all Unit Owners in proportion to their respective Common Interests, after first paying out of the share of each Unit Owner the amount of any unpaid liens on his Unit.
If the Buildings are repaired or reconstructed after a fire or other casualty, the repaired or reconstructed Buildings may not use more than the Air Rights currently utilized by the Buildings.
Section 4. Payment of Common Charges.
Unit Owners shall pay Common
Charges at such time or times as the Board shall determine.
No Unit Owner shall be liable for the payment of any part of the Common Charges attributable to his Unit subsequent to a sale, transfer, or other conveyance by him of such Unit, and its appurtenant Common Interest, made in compliance with the terms of these By-Laws. A purchaser or other successor-in- title to the Sponsor of a Unit shall be liable for the payment of all Common Charges accrued and unpaid against such Unit prior to his acquisition thereof, except that, to the extent permitted by law, a permitted first mortgagee acquiring title to a mortgaged Unit or a purchaser at a mortgage foreclosure sale held with respect to a permitted first mortgage shall not be liable, and such mortgaged Unit shall not be subject to a lien, for the payment of any Common Charges subsequent to the recording of such permitted first mortgage and prior to the acquisition of title to such Unit by the permitted first mortgagee or by such purchaser. However, in the event of a foreclosure of a permitted first mortgage (whether by sale, deed in lieu of foreclosure, or otherwise) the defaulting Unit Owner shall remain fully liable for the payment of all unpaid Common Charges that accrued prior to such foreclosure. Any unpaid Common Charges that are not collected from such defaulting Unit Owner shall be deemed a Common Expense, collectible from all those who are Unit Owners at the time that such Common Expense is levied.
No Unit Owner may exempt himself from liability for his Common Charges by waiver of the use or enjoyment of any of the Common Elements or by abandonment of his Unit.
No Unit Owner shall be liable for the payment of any Common Charges accruing after conveyance of his Unit and his Common Interest to the Board on behalf of all other Unit Owners, provided that his Unit is free and clear of liens for unpaid Common Charges.
A mortgagee or other purchaser of a Unit at a foreclosure sale shall not be liable for, and such Unit shall not be subject to a lien for, the payment of Common Charges accruing prior to the foreclosure sale.
Section 5. Collection of Common Charges. The Board shall collect Common Charges from the Unit Owners from time to time and at least annually and shall take prompt action to collect, from the appropriate Unit Owner, any Common Charges which remain unpaid for more than thirty (30) days from the due date for the payment thereof.
Section 6. Default in Payment of Common Charges. In the event of default by any Unit Owner in paying to the Board the Common Charges as determined by the Board, such Unit Owner shall be obligated to pay interest at the maximum legal rate on such unpaid Common Charges from the due date thereof, together with all expenses, including attorneys' fees, incurred by the Board in any action brought to collect such unpaid Common Charges. The Board may also impose a late charge, in its discretion, for Common Charges received more than ten (10) days after same are due. Pursuant to Section 339-z of the Condominium Act, the Board, on behalf of the Unit Owners, shall have a lien on each Unit for any unpaid Common Charges thereof, together with interest thereon. Upon the sale or conveyance of a Unit, such unpaid Common Charges shall be paid out of the sale proceeds or by the grantee. The Board shall have the right and duty to attempt to recover such unpaid Common Charges, interest, and expenses, by suit to recover a money judgment, or by foreclosure pursuant to Section 339-aa of the Condominium Act of the lien created by Section 339-z of that Act.
Section 7. Foreclosure of Liens for Unpaid Common Charges. Pursuant to Section 339-aa of the Condominium Act, in any action by the Board to foreclose a lien for unpaid Common Charges, the defaulting Unit Owner shall be required to pay a reasonable rental for the Unit for any period prior to sale pursuant to judgment of foreclosure and sale, and the plaintiff in such foreclosure action shall be entitled to the appointment of a receiver to collect such rent. The Board, acting on behalf of the Unit Owners, shall have power to bid on the Unit at foreclosure sale and to acquire, hold, lease, mortgage and convey the Unit. A suit to recover a money judgment for unpaid Common Charges shall be maintainable without foreclosing or waiving the lien securing the same and foreclosure shall be maintainable notwithstanding the pendency of a suit to recover a money judgment.
Section 8. Statement of Common Charges. Upon written request, the Board (or a managing agent on its behalf) shall provide any prospective grantor or grantee of a Unit with a written statement of the unpaid Common Charges accrued against the Unit and neither the grantor nor grantee shall be liable for, nor shall the Unit conveyed be subject to a lien for, any unpaid Common Charges against such Unit accrued prior to such conveyance in excess of the amount set forth in such statement.
Section 9. Abatement and Enjoinment of Violations by Unit Owners.
The failure by any Unit Owner to comply with the By-Laws or the Rules and
Regulations annexed hereto, or the breach of any provision of the Declaration
(the "Default") shall give the Board the right, in addition to any other right set
forth in these By-Laws (a) upon reasonable notice to the Unit Owner, to enter
the Unit and summarily abate and remove the Default, at the expense of the
defaulting Unit Owner (provided, however, that no prior notice shall be required
in the event the Board shall determine that action is immediately necessary for
the preservation or safety of the property of the Condominium or for the safety
of any occupants of the Condominium or other persons or required to avoid the
suspension of any-necessary service to the Condominium), or (b) to bring an
action to recover sums due or for damages or injunctive relief, or both, on behalf
of the Unit Owners.
In a proper case an aggrieved Unit Owner may maintain an action described in clause (b) of the preceding paragraph.
A Unit Owner who has committed flagrant or repeated Defaults may be required by the Board to give sufficient surety, or sureties, for his future compliance with the By-Laws, the Rules and Regulations, and the Declaration.
Section 10. Maintenance and Repair.
(a) All maintenance, repairs and
replacements to any Unit, whether structural or non-structural, ordinary or
extraordinary (other than maintenance of, and repairs to, any Common Elements
contained therein not necessitated by the negligence, misuse, or neglect of the
owner of such Unit) shall be made by the owner of such Unit. Each Unit Owner
shall be responsible for all damages to any and all other Units and/or to the
Common Elements resulting from his failure to perform such maintenance,
repairs, and replacements.
(b) All maintenance, repairs and replacements to the Common Elements (other than non-structural repairs to the Limited Common Elements), whether located inside or outside of the Units, shall be made by the Board and shall be charged to all the Unit Owners as a Common Expense, unless necessitated by the negligence, misuse, or neglect of a Unit Owner, in which case such expense shall be charged to such Unit Owner.
(c) Unit Owners benefited by the Limited Common Elements shall be responsible for the non-structural repair and maintenance thereof; however, all such non-structural repair and maintenance, including, but not limited to, the painting of stairwells, shall be subject to the prior written consent of the Board.
Section 11. Heating and Air Conditioning.
(a) The Units are individually
metered for the cost of gas used to supply heat and hot water. The Unit Owners
shall pay the cost of such gas directly to the utility company.
(b) Air conditioning equipment installed in Units by Unit Owners shall be and remain the property of the Unit Owners who will have the obligation for the maintenance, repair and replacement of the air conditioning equipment at their own cost.
Section 12. Use of Units.
In order to provide for congenial occupancy of
the Property and for the protection of the value of the Units, the Units shall be
used in accordance with the following provisions:
(a) Each residential Unit will be used only as a residence for not more than one family.
(b) A Unit Owner, other than Sponsor with respect to the Duplex Units, may sell or lease only his entire Unit, and not merely a portion thereof.
(c) Units may not be wed for transient occupancy by transients (other than guests of the Unit Owner).
(d) The Garage Unit, consisting of the 79 indoor parking bays and 86 outdoor parking spaces shall be used for any lawful purpose; provided, however, that the Board may promulgate rules and regulations regarding the use of the 86 outdoor parking spaces and the Garage Unit Owner may promulgate rules and regulations regarding the use of the 79 indoor parking bays, so long as such rules and regulations are not inconsistent with the provisions of the Plan, the Declaration or these By-laws.
(e) The outdoor parking spaces shall be used only for the purpose of parking automobiles and such other vehicles as may from time to time be wed to service the Property.
(f) Notwithstanding anything to the contrary contained above,
(1) Regent's Park Associates (the "Sponsor"), a New York limited partnership, shall have the right to use any one or more Units as model Units and offices for selling, renting, management, operation, and promotion of the Units owned by Sponsor or for any other lawful purpose;
(2) Any Unit may also be used for any purpose provided that such use is approved in writing, by Sponsor or the Board, is permitted by law and does not violate the terms and conditions of the then existing Certificate of Occupancy for the Building in which the Unit is located.
(3) Unit 135-14a may be used as a medical or dental office, subject to the obligation of the Owner of such Unit to conform the Certificate of Occupancy to such use at his sole cost and expense. Such Unit Owner shall indemnify and hold the Condominium and the Board harmless from and against any costs, expenses, and liabilities incurred in connection with any amendment of the Certificate of Occupancy and/or any non-conforming use of the Unit. Notwithstanding the foregoing, if the tenant of such Unit on the date of presentation of the Plan agrees to purchase the Unit but is unable to amend the Certificate of Occupancy to conform to the use thereof, the Sponsor may only offer such Unit as a residential Unit in conformity with the Certificate of Occupancy therefor.
Section 13. Repairs, Additions, Improvements or Alterations by the Board
Any repairs, additions, improvements, or alterations costing
$50,000 or less may be made by the Board without approval of the Unit Owners
or mortgagees of Units and the cost thereof shall constitute a Common Expense.
Whenever in the judgment of the Board of Managers the Common Elements shall require repairs, additions, improvements, or alterations, or the Limited Common Elements shall require structural and extraordinary maintenance, repairs, or replacements, costing in excess of $50,000 and the making of such repairs, additions, improvements, or alterations shall have been approved by more than fifty percent (50%) in number and in Common interest of the Unit Owners (including the Sponsor or its designee if then a Unit Owner) in accordance with these by-Laws (and by the holders of first mortgages on Units, if their approval is required), the Board shall proceed with such repairs, additions, improvements, or alterations and shall assess all Unit Owners for the cost thereof as a Common Charge.
Section 14. Additions, Alterations, or improvements by Unit Owners.
(a) No Unit Owner shall make any structural addition, alteration, or improvement in
or to his Unit, without the prior written consent thereto of the Board, and, if
required, of his mortgagee. The Board shall have the obligation to answer any
written request by a Unit Owner for approval of a proposed structural addition,
alteration, or improvement in such Unit, within thirty (30) days after such
request and failure to do so shall constitute a consent by the Board to the
proposed addition, alteration, or improvement. Any application to any govern-
mental authority having or asserting jurisdiction for a permit to make an
addition, alteration, or improvement in or to any Unit shall be executed by the
Board only, without, however, incurring any liability on the part of the Board or
its members to any contractor, subcontractor, materialman, architect, or
engineer on account of such addition, alteration, or improvement, or to any
person having any claim for injury to person or damage to property arising
therefrom. The applicability of any such application to a governmental authority
shall be limited to the current floor area and development rights utilized by the
(b) The provisions of subparagraph (a) of this Section 14 shall not apply to a Unit owned by the Sponsor or its designee until a deed to such Unit has been delivered to a purchaser thereof, or to any Garage Unit. As to Units owned by Sponsor or its designee, and as to Garage Units, the Board will execute any application or other documents required to be filed with any governmental authority having or asserting jurisdiction in connection with any structural or non-structural addition, alteration, or improvements made, or to be made, by the Sponsor or its designee to any Unit, or by an Owner of a Garage Unit to its Garage Unit, provided, however, that neither the Board nor the Unit Owners other than the Sponsor or its designee, or the Garage Unit Owner, as the case may be, shall be subjected to any expense or liability by virtue of the execution of the application or such other document.
(c) Non-structural alterations and improvements to Units that do not affect the exterior of the Building or the value of other Units may be made without the prior approval of the Board. However, no Unit Owner shall do any work which would jeopardize the soundness or safety of the Property, reduce the value of the Property or of any other Unit, impair any easement or hereditament, or add any material structure or excavate any additional basement or cellar, without in every case first obtaining the consent in writing of the Board, his mortgagee and all the Unit Owners affected.
Section 15. Use of Common Elements.
(a) Each Unit Owner may use the
Common Elements in accordance with the purpose for which they are intended,
without hindering the exercise of or encroaching upon the rights of the other
(b) The Common Elements shall be used only for the furnishing of the services and facilities incident to the use and occupancy of the Units, and for which services and facilities the Common Elements are reasonably suited and capable. No Unit Owner shall make any addition, alteration, improvement, or change in or to any Common Element (including, without limitation, the exterior of the Building) without the prior written consent of the Board (and the holders of Unit first mortgages, if required).
Section 16. Right of Access.
(a) The manager and/or the managing agent
and/or any other person authorized by the Board, the manager, or the managing
agent, shall have a right of access to any Unit (subject, in the case of the Garage
Unit, to the terms of any leases then affecting such Unit) for the purpose of
making inspections or removing violations therefrom or correcting any condition
originating in the Unit and threatening another Unit or a Common Element, or for
the purposes of installing, operating, maintaining, repairing, altering, rebuilding,
restoring, or replacing any of the services, including, but not limited to, the
mechanical or electrical services, located in, over, under, through, adjacent to,
or upon the Unit or the common Elements, or to correct any condition which
violates the provisions of any mortgage covering another Unit, for abating and
removing any breach of the Declaration or violation of the By-Laws or the Rules
and Regulations or any rule, regulation, resolution, or decision of the Board, or
for any other purposes permitted by the By-Laws. Such right of access shall be
executed only after requests for entry are made in advance, and any such entry
shall be made at 3 time reasonably convenient to the Unit Owner. In addition,
such right shall be exercised in such a manner as will not unreasonably interfere
with the proper use of the Units. In case of an emergency, such right of entry
shall be immediate, whether or not the Unit Owner is present at the time of
entry. In the alternative, the Board may bring an action for damages or
injunctive relief or both, on behalf of the Unit Owners.
(b) Sponsor and its contractors shall have a right of access to each Unit and to all of the Common Elements to perform alterations and repairs in or about Unsold Units and to fulfill Sponsor's obligations under the Offering Plan.
(c) For so long as the Gold Guarantees and the Silver Guarantee are in effect, Sponsor, Kraus Realty Managers Ltd. and Kraus Realty Maintainers Ltd., their agents, employees, and independent contractors, shall have a right of access to the Property and the Units, without being subject to any fee or charge, to discharge the rights and obligations, if any, of Kraus Realty Maintainers Ltd. under the terms and conditions of the Gold Guarantees and the Silver Guarantee.
Section 17. Electricity and Water.
Electricity will be supplied to each
Unit through its own individual meter and each Unit Owner will be required to
pay the charges for such electricity directly to the utility company servicing the
Payments for electricity used in the Common Elements and Commercial Unit (including the superintendent's apartment) and for water used in the Buildings will be paid by the Board and charged to the Unit Owners as a Common Expense.
Section 18. Garage Unit; Insurance. In addition to its responsibility for the Common Charges payable tor the Garage Unit, the owner of that Unit shall provide personal liability insurance with limits of $500,000 for any one person and $1,000,000 for any one accident and $250,000 for property damage, and $1,000,000 for general legal liability insurance.
Section 19. Notification of Change in Ownership. The Board of Managers shall direct the Managing Agent, upon a change in ownership of a Unit occupied by a non-purchasing tenant, to notify the non-purchasing tenant of such change in ownership, within a reasonable period of time after the Managing Agent learns of such change, by a letter sent certified mail, return receipt requested, to the tenant at the premises occupied by the tenant. If at any time there is no Managing Agent employed by the Condominium, then the Board of Managers shall so notify a non-purchasing tenant of a change in ownership of the Unit occupied by the tenant.
Section 20. Agreement with Managing Agent re: Units Occupied by Non-Purchasing Tenants. Each owner of a Unit occupied by a non-purchasing tenant shall enter into an agreement, at the closing of title to the Unit, with the Managing Agent, irrevocably appointing the Managing Agent and its successors (or the Board of Managers if no Managing Agent is employed by the Condominium) as the Unit Owners agent to perform for the account of the Unit Owner, and at the expense of the Unit Owner, all services and facilities required by law to be furnished to the non-purchasing tenant, and which are not to be furnished by the Condominium. In addition, at the closing of title to his Unit, the owner of a Unit occupied by a non-purchasing tenant (other than Sponsor or its designees) shall deposit with the Managing Agent (or the Board of Managers if no Managing Agent is employed by the Condominium) an amount equal to not less than two months' common charges and real estate taxes to be used as security to furnish services required under the non-purchasing tenant's lease and by the Rent Stabilization Law and Code. Upon notice by the Managing Agent (or the Board of Managers, as the case may be) that the deposit has been diminished, the fund shall be replenished by the Unit Owner within a specified period of time. Interest, if any, earned on the fund shall be the property of the Unit Owner. The failure of the Unit Owner to replenish the fund in a timely fashion shall result in the Board of Managers, on behalf of the Unit Owners, having a lien against the Unit, and the provisions of Section 6 and Section 7 of Article V of these By-Laws shall apply as if the unpaid contribution to the fund were unpaid Common Charges.
FOR INFORMATIONAL USE ONLY. CONTACT MANAGEMENT OFFICE FOR OFFICIAL DOCUMENTS.