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Condominium and Co-op Deskbook: A Practical Guide to Commercial and Residential Properties (4th Edition)

by William J. Lippman

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ISBN Number: 9781402410567
Page Count: 800
Number of Volumes: 1
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More and more business owners are recognizing that commercial condominiums are an inviting, profit-making alternative to commercial leases.

PLI’s Condominium and Co-op Closings: A Practical Guide to Residential and Commercial Properties gives you the comprehensive coverage of commercial condos that helps you to capitalize on this important business option.

This practical, easy-to-read guide explains the legal, business, financial, and tax advantages of commercial condos to unit owners, as well as all the lender and tenant issues and drafting concerns that must be considered to make these agreements work. Condominium and Co-op Closings also takes you step by step through residential condo and co-op deals, including such issues as document review, inspections, financing terms and options, drafting and negotiating contracts of sale, carrying out duties and preparing necessary documents for closing, settling major issues before closing, and handling post-closing details. Included are timesaving sample forms that help ensure all the necessary documentation is done right.

Updated at least once a year, Condominium and Co-op Closings is a vital guide for any lawyer handling condo and co-op transactions, as well as for business owners and individuals involved in these deals.


		Preface to the Fourth Edition
		Table of Contents
	Chapter 1:	General Considerations
§ 1:1 : Principles to Follow in All Cases1-1 § 1:1.1 : Get into the Case As Early As Possible1-2 § 1:1.2 : Balance the Client’s Timing Concerns with the Legal Considerations1-2 § 1:1.3 : Use a Standardized Contract of Sale—Carefully Modified by You1-3 § 1:2 : Background on Condominiums1-4 § 1:2.1 : Type of Ownership1-4 § 1:2.2 : Organizational Structure of the Condominium1-4 § 1:2.3 : Tax Considerations on the Ownership and Sale of a Condominium Unit1-6 § 1:3 : Background on Co-ops1-6 § 1:3.1 : Type of Ownership1-6 § 1:3.2 : Organizational Structure of the Cooperative Corporation1-7 § 1:3.3 : Qualification of Cooperative Corporation Under I.R.C. Section 2161-7 § 1:3.4 : Impact of Taxpayer Relief Act of 19971-8 § 1:4 : Important Steps in Every Transaction1-8 § 1:4.1 : Obtain the Necessary Information1-8 § 1:4.2 : Review the Documents and Inspect the Property1-9 § 1:4.3 : Undertake Steps to Assure Financing1-9 § 1:4.4 : Draft and Negotiate the Contract of Sale1-9 § 1:4.5 : Obtain and Prepare the Necessary Documents for Closing1-10 § 1:4.6 : Attend the Closing1-10 § 1:4.7 : Handle Miscellaneous Postclosing Details1-10
	Chapter 2:	Interviewing the Client
§ 2:1 : Important Information to Obtain Immediately2-2 § 2:1.1 : Information from the Seller2-3 [A] : Has a Broker Been Engaged?2-3 [B] : Has a Purchaser Been Identified?2-3 [C] : Does the Seller Have Important Time Considerations?2-3 [D] : What is the Seller’s Type of Ownership?2-3 [E] : Have Financing Details Been Settled?2-4 § 2:1.2 : Information from the Purchaser2-4 [A] : Has a Property Been Identified?2-4 [B] : Has a Closing Date Been Established?2-4 [C] : What Type of Financing Is Contemplated by the Purchaser?2-5 [D] : What Type of Ownership Is Contemplated by the Purchaser?2-5 § 2:1.3 : Background on Brokers’ Agreements2-5 [A] : Type of Listing2-6 [A][1] : Nonexclusive2-6 [A][2] : Exclusive2-6 [A][3] : Exclusive Right to Sell2-7 [B] : Amount of Commission2-7 [C] : When Commission Must Be Paid2-7 [D] : Checklist for Negotiation of a Broker’s Agreement2-8 [D][1] : Negotiate the Type of Listing2-8 [D][2] : Negotiate the Commission2-8 [D][3] : Negotiate When a Commission Is Due2-8 § 2:1.4 : Background on Binders2-9 [A] : Reasons to Avoid2-9 [B] : Enforceability2-10 § 2:1.5 : Other Considerations2-10 [A] : Is a Sponsor (Developer) Involved?2-10 [B] : Is New Construction Involved?2-11 [C] : Is the Unit Tenanted?2-12 § 2:2 : Detailed Information to Obtain to Prepare for the Closing2-13 § 2:2.1 : Information Checklist for Purchaser’s Attorney2-13 [A] : Basic Information2-13 [B] : Documents2-15 [C] : Key Issues in the Documents2-15 [D] : Inspections2-17 § 2:2.2 : Information Checklist for Seller’s Attorney2-18 [A] : Basic Information2-18 [B] : Documents2-19 § 2:3 : Advising the Purchaser about Financing2-19 § 2:3.1 : Payment of the Whole Amount Without Outside Financing2-20 § 2:3.2 : Assumption of the Existing Mortgage2-20 § 2:3.3 : Purchase-Money Mortgage Taken Back by the Seller2-21 § 2:3.4 : Third-Party Financing2-22 [A] : Generally2-22 [B] : Loan-to-Value Ratio2-22 [C] : Ability to Pay2-22 [D] : Competitive Mortgage Terms2-23 [E] : Standard Mortgage Terms2-23 [F] : New FHA Rules for Condominium Buyers2-24 [G] : New FNMA Rules for Condominium Buyers2-25 [G][1] : Established Projects2-25 [G][2] : All Projects2-26 [G][3] : Amendments to Documents2-27 Form 2-1 : Broker’s Agreement2F1-1 Form 2-2 : Broker’s Agreement (Completed Version)2F2-1 Form 2-3 : Real Estate Binder2F3-1
	Chapter 3:	The Contract of Sale
§ 3:1 : Introduction3-3 § 3:2 : Principal Considerations for the Purchaser3-5 § 3:2.1 : Financing Contingency3-5 § 3:2.2 : Closing Date and Its Adjournment3-7 [A] : Time-of-the-Essence Clause3-7 § 3:2.3 : Descriptions of Property and Title Exceptions (for Condominium Units)3-8 § 3:2.4 : Personal Property3-8 § 3:2.5 : Type of Deed and Seller’s Representations As to Title (for Condominium Units)3-9 § 3:2.6 : Condition of Unit and Repairs3-9 § 3:2.7 : Documents and Expenses Relating to Closing3-10 § 3:2.8 : Seller’s Representations As to Monthly Charges3-11 § 3:3 : Principal Considerations for the Seller3-11 § 3:3.1 : Closing Date and Its Adjournment3-11 § 3:3.2 : Purchaser’s Financing Obligations3-12 [A] : Financing Contingency Term3-12 § 3:3.3 : Property Description and Condition of Title (for Condominium Units)3-13 § 3:3.4 : Payment of Purchase Price3-13 § 3:3.5 : Personal Property3-14 § 3:3.6 : Transfer of Possession3-14 § 3:3.7 : Documents and Expenses Relating to Closing3-14 § 3:4 : Analysis of the Condominium Contract of Sale3-14 § 3:4.1 : New York Contract3-15 [A] : Preamble3-17 [B] : Clause #1—Description of Unit3-18 [C] : Clause #2—Personal Property Included in Sale3-18 [D] : Clause #3—Purchase Price and Manner of Payment3-19 [E] : Clause #4—Closing Date and Place3-20 [F] : Clause #5—Representations and Warranties by Seller3-22 [G] : Clause #6(a)(i)—The Deed3-23 [H] : Clause #6(a)(ii)—Organizational Documents of the Seller3-24 [I] : Clause #6(a)(iii), (iv), and (v)—Documents from the Condominium Association and the Unit Keys3-25 [J] : Clause #6(a)(vi)—Seller Cooperation with Title Company3-26 [K] : Clause #6(a)(vii), (viii), and (ix)—State and Local Taxes3-27 [L] : Clause #6(a)(x)—FIRPTA Affidavit3-27 [M] : Clause #6(b)—Documents to Be Produced by Purchaser at the Closing3-27 [N] : Clause #6(c)—Conditions of Purchaser’s Obligations3-28 [O] : Clause #7—Closing Adjustments3-28 [P] : Clause #8 and Clause #9—Right of First Refusal and Condominium Processing Fee3-30 [Q] : Clause #10—No Other Representations Clause3-31 [R] : Clause #11 and Clause #12—Access for Inspection and Transfer of Possession3-33 [S] : Clause #13—Remedies of the Purchaser and the Seller for Defaults3-34 [T] : Clause #14—Procedure for Giving Notices Required by the Contract3-36 [U] : Clause #15—Purchaser’s Lien Created by Down Payment and Title Costs3-36 [V] : Clause #16—Procedures Relating to the Down Payment3-37 [W] : Clause #17—Obligations Relating to State Transfer Gains Tax3-38 [X] : Clause #18—Compliance with FIRPTA3-38 [Y] : Clause #19(a)—Obtaining Title Report and Notification of Title Objections3-38 [Z] : Clause #19(b) and (c)—Method for Curing Title Objections and Condition of Title at Closing3-40 [AA] : Clause #19(d)—Remedies When Seller Cannot Convey Title as Promised3-41 [BB] : Clause #20—Risk of Loss During the Preclosing Period3-42 [CC] : Clause #21—Compliance with IRS Requirements3-43 [DD] : Clause #22—Responsibility for the Broker’s Commission3-43 [EE] : Clause #23—Mortgage Contingency3-43 [FF] : Clause #24 to Clause #30 and Executory Clause—Routine Contract Provisions3-46 [GG] : Schedule A—Permitted Exceptions to Title3-47 [HH] : Grounds for Cancellation Not Covered by the Standard Form of Contract3-48 § 3:4.2 : Illinois Contract3-49 [A] : Clause #1—Identification of Purchaser and Property3-49 [B] : Clause #2—Identity of Seller and Quality of Title3-49 [C] : Clause #3—Purchase Price and Down Payment3-49 [D] : Clause #4—Mortgage Contingency3-49 [E] : Clause #5—Waiver of Right of First Refusal3-49 [F] : Clause #6—Time and Place of Closing3-50 [G] : Clause #7—Provision for Seller’s Continued Possession of Premises3-50 [H] : Clause #8—Broker’s Commission3-50 [I] : Clause #9—Earnest Money Escrow3-50 [J] : Clause #10—Condition of Property3-50 [K] : Clause #11—Delivery of Signed Contract by Seller3-51 [L] : Conditions and Stipulations3-51 [M] : Additional Clauses3-52 § 3:4.3 : Florida Contract3-52 § 3:4.4 : California Contract3-52 § 3:5 : Analysis of the Co-op Contract of Sale3-52 § 3:5.1 : Clause #1—Definitions and Information3-53 § 3:5.2 : Clause #2—Agreement to Sell and Purchase; Method of Payment of Purchase Price; Escrow3-53 § 3:5.3 : Clause #3—Personal Property3-54 § 3:5.4 : Clause #4—Representations and Covenants.3-54 § 3:5.5 : Clause #5—Corporate Documents3-54 § 3:5.6 : Clause #6—Steps to Obtain Co-op Corporation Approval3-54 § 3:5.7 : Clause #7—Condition of Unit and Possession3-54 § 3:5.8 : Clause #8—Risk of Loss3-55 § 3:5.9 : Clause #9—Closing Location3-55 § 3:5.10 : Clause #10—Closing3-55 § 3:5.11 : Clause #11—Closing Fees, Taxes, and Apportionments3-55 § 3:5.12 : Clause #12—Broker’s Commission3-55 § 3:5.13 : Clause #13—Defaults, Remedies, and Indemnities3-55 § 3:5.14 : Clause #14—Entire Agreement; Modification3-55 § 3:5.15 : Clause #15—Removal of Liens and Judgments3-56 § 3:5.16 : Clause #16—Seller’s Inability to Transfer Lease and Shares3-56 § 3:5.17 : Clause #17—Notices and Contract Delivery3-56 § 3:5.18 : Clause #18—Financing Provisions3-56 § 3:5.19 : Clause #19 to Clause #293-56 § 3:5.20 : Clause #30—Lead Paint3-56 Form 3-1 : New York Condominium Form Contract3F1-1 Form 3-2 : New York Condominium Form (Completed Version)3F2-1 Form 3-3 : Illinois Form Contract3F3-1 Form 3-4 : Florida Form Contract3F4-1 Form 3-5 : California Form Contract3F5-1 Form 3-6 : Disclosure of Information on Lead-Based Paint.3F6-1 Form 3-7 : New York Co-op Form Contract3F7-1 Form 3-8 : New York Co-op Form Contract (Completed Version)3F8-1
	Chapter 4:	Preparing for the Closing
§ 4:1 : Introduction4-3 § 4:2 : The Role of a Purchaser’s Attorney in a Condominium Sale4-4 § 4:2.1 : Checklist4-4 § 4:2.2 : Responsibilities in Detail4-5 [A] : Oversee Financing Arrangements4-5 [B] : Obtain Title Insurance; Check Seller’s Corrective Actions4-11 [C] : Obtain Survey of Premises from Seller/Conduct New Survey4-14 [D] : Review Deed for Conformity to Contract of Sale4-16 [E] : Oversee Preparation of Necessary Checks4-17 [E][1] : Compute Apportionments with Seller’s Attorney4-19 [E][2] : Review Pay-Off Letter from Seller’s Mortgagee4-20 [E][3] : Obtain RESPA Statement from Purchaser’s Lender4-20 [F] : Make Certain that the Seller Has Arranged for Needed Items4-21 [F][1] : Documents if Seller Is a Corporation, Limited Partnership or Limited Liability Company4-22 [F][2] : Waiver of Right of First Refusal by Association4-23 [F][3] : Letter Regarding Common Charges from Association4-23 [F][4] : Payment of State Transfer Taxes4-24 [F][5] : Certificate of Occupancy4-25 [F][6] : Move-out by Closing Date4-25 [F][7] : Surrender of Keys at Closing4-26 [G] : Prepare FIRPTA Affidavit4-26 [H] : Prepare Form 1099B for IRS4-26 [I] : Put Purchaser and Purchaser’s Lender on Condominium’s Insurance Policy4-27 [J] : Arrange Final Inspection of the Unit4-27 [K] : Arrange for Transfer of Utility Accounts or New Utility Connections4-28 [L] : Arrange for Bill of Sale for Personal Property (Where Tax Advantages Accrue)4-28 [M] : Prepare Power of Attorney to the Board of Managers (N.Y.)4-28 [N] : Prepare Homestead Declaration (for Homestead States)4-29 § 4:3 : The Role of a Seller’s Attorney in a Condominium Sale4-29 § 4:3.1 : Checklist4-29 § 4:3.2 : Responsibilities in Detail4-30 [A] : Monitor Purchaser’s Financing Arrangements4-30 [B] : Take Necessary Steps Regarding Title4-34 [C] : Give Purchaser’s Attorney Last Survey of Premises4-37 [D] : Prepare Deed4-38 [E] : Compute Apportionments with Purchaser’s Attorney4-40 [F] : Obtain Pay-Off Letter from Seller’s Mortgagee4-41 [G] : Obtain Waiver of Right of First Refusal from the Association4-42 [H] : Obtain Letter Confirming Status of Common Charges from the Association4-42 [I] : Obtain Certificate of Occupancy4-42 [J] : Arrange for Payment of State and Local Transfer Taxes4-43 [K] : Make Certain Purchaser Has Arranged for Payments4-43 [L] : Oversee Seller’s Preparation of Checks for Closing4-45 [M] : Consult with Purchaser Regarding Seller’s Move-out Plans4-45 [N] : Arrange for Seller to Bring Keys to Closing4-46 [O] : Arrange for Approval of Corporation, Limited Partnership or Limited Liability Company4-46 [P] : Arrange for Bill of Sale for Personal Property4-47 [Q] : If the Seller’s Attorney Is the Escrowee for the Down Payment, Prepare a Check to Tender to Seller at Closing4-47 § 4:4 : Role of the Attorneys for the Purchaser and Seller in a Co-op Sale4-47 § 4:4.1 : Responsibilities of the Purchaser’s Attorney in a Co-op Sale4-48 § 4:4.2 : Responsibilities of the Seller’s Attorney in a Co-op Sale4-54 Form 4-1 : RESPA Settlement Statement4F1-1 Form 4-2 : Truth in Lending Statement4F2-1 Form 4-3 : FIRPTA Affidavits (Individual and Entity)4F3-1 Form 4-4 : New York Bargain and Sale Deed with Covenant Against Grantor’s Acts4F4-1 Form 4-5 : New York Bargain and Sale Deed with Covenant Against Grantor’s Acts (Completed Version)4F5-1 Form 4-6 : Power of Attorney (New York Statutory Short Form)4F6-1 Form 4-7 : Power of Attorney (Completed Version)4F7-1 Form 4-8 : Consent to Assignment of Proprietary Lease and Shares4F8-1 Form 4-9 : Assignment of Proprietary Lease4F9-1 Form 4-10 : Acceptance and Assumption of Proprietary Lease4F10-1
	Chapter 5:	The Closing
§ 5:1 : Introduction5-1 § 5:2 : The Condominium Closing5-3 § 5:2.1 : The Form of Closing5-3 § 5:2.2 : The Closing Date5-3 § 5:2.3 : The Place for the Closing5-5 § 5:2.4 : Checklist for the Closing5-5 § 5:2.5 : The Closing Events5-7 [A] : The Deed5-7 [B] : Title Matters5-9 [C] : The Mortgage Closing5-10 [D] : Payments5-12 [E] : Miscellaneous Closing Items5-15 § 5:3 : The Co-op Closing5-15 § 5:3.1 : The Date and Place of Closing; Parties Attending5-15 § 5:3.2 : Checklist for the Closing5-16 § 5:3.3 : The Closing Events5-17 Form 5-1 : Title Closing Statement5F1-1
	Chapter 6:	Postclosing Activities
§ 6:1 : Introduction6-1 § 6:2 : The Closing Memorandum6-2 § 6:3 : Miscellaneous Follow-Up6-2 § 6:4 : Tax Matters6-3 § 6:5 : Ability of Condominium Boards to Borrow for Capital Repairs, Replacement, and Improvements6-3 § 6:6 : Leases of Condominiums and Co-ops6-5 Form 6-1 : Standard Form of Condominium Apartment Lease6F1-1 Form 6-2 : Standard Form of Cooperative Apartment Sublease6F2-1
	Chapter 7:	Special Issues When Seller Is a Sponsor/Developer
§ 7:1 : Introduction7-1 § 7:2 : New Construction7-2 § 7:2.1 : Construction Defects7-2 § 7:2.2 : Certificates of Occupancy and Estimated Completion Dates7-3 § 7:2.3 : “Gross Up” of Transfer Taxes7-4 § 7:2.4 : Special Real Estate Tax Exemptions7-4 § 7:2.5 : Mortgage Tax Credit7-4 § 7:3 : Mortgage Contingency7-5 § 7:4 : Contribution to Working Capital7-5 § 7:5 : Resolution of Disputes Between Sponsor/Developer and Purchaser7-5 § 7:5.1 : Generally7-5 § 7:5.2 : New York State Attorney General’s Office Policy Regarding New Construction Condominiums and Co-ops7-6 § 7:5.3 : Interstate Land Sales Full Disclosure Act7-6 [A] : Generally7-6 [B] : Statement of Record7-7 [C] : Property Report7-8 [D] : Exemptions From ILSA7-8 [E] : Actions for ILSA Violations7-9 [F] : Disclosure Requirements7-10 [G] : ILSA and the Financial Crisis7-11
	Chapter 8:	Commercial Condominiums
§ 8:1 : Development of Commercial Condominium Form of Ownership8-4 § 8:2 : Advantages to Condominium Form of Ownership for Users8-5 § 8:2.1 : Generally8-5 § 8:2.2 : Avoiding Rent Increases and Reducing Carrying Costs8-5 [A] : Generally8-5 [B] : Common Charges As Compared to Rent8-6 [C] : Types of Common Charges8-7 [C][1] : Insurance8-8 [C][2] : Compensation of Building Employees8-8 [C][3] : Management Fee8-8 [C][4] : Cost of Repairs and Maintenance8-8 [C][5] : Cost of Capital Improvements8-9 [C][6] : Real Estate Taxes8-9 § 8:2.3 : Income Tax Benefits8-10 § 8:2.4 : Secure Beneficial Location8-11 § 8:2.5 : Multi-Lender Financing8-12 § 8:2.6 : Ability to Sell, Lease, and Mortgage Without Third-Party Consent8-13 § 8:2.7 : Preferred by Foreign Companies8-13 § 8:2.8 : Increased Flexibility8-14 [A] : Leasehold Condominiums8-14 [B] : Condops8-14 § 8:3 : Advantages to Condominium Form of Ownership for Investor8-16 § 8:4 : Statutory Requirements for Offering Plans, Declarations, and By-Laws8-16 § 8:4.1 : Statutory Requirements for Offering Plans8-16 [A] : Generally8-16 [B] : Requirements of General Business Law Article 23A: Response of Attorney General’s Office Required8-17 [C] : Special Requirements for Condominiums to Be Built8-18 [D] : Requirements for Conversions of Existing Buildings to Condominiums8-18 [E] : Other Contents of Offering Plans8-18 [F] : Documents Required to Be Included with Offering Plan8-19 [G] : Amendments to Offering Plan8-19 [H] : “No-Action” Letters8-20 § 8:4.2 : Standard Provisions in Declarations and By-Laws8-21 [A] : Generally8-21 [B] : Description of Land and Building8-21 [C] : Name of Condominium and List of Units8-21 [C][1] : Generally8-21 [C][2] : Tax Lot Numbers8-22 [D] : Method Used to Measure Units8-22 [E] : Equipment Included Within Unit8-23 [F] : Purposes for Which Unit May Be Used8-23 [G] : Statement Specifying Common Elements8-23 [H] : Method for Computing Undivided Interest in Common Elements8-24 [I] : Service of Process Designation8-24 [J] : Method by Which Declaration Can Be Amended8-24 [K] : Powers and Duties of Board of Managers8-24 [L] : Percentage of Unit Owners That May Elect Not to Rebuild in the Event of Casualty8-25 [M] : Effect of Condemnation8-25 [N] : Termination of the Condominium8-26 [O] : Bylaw Provisions: Board of Managers8-26 [O][1] : Generally8-26 [O][2] : Limited Liability for Board of Managers8-26 [O][3] : Annual Meeting8-26 [O][4] : Method of Voting8-27 [O][5] : Board Officers8-27 [O][6] : Operating Budget8-27 [P] : Other State Statutes8-27 § 8:5 : Provisions in Declarations and By-Laws to Be Negotiated by Unit Owners8-27 § 8:5.1 : Generally8-27 § 8:5.2 : Benefit of Separate Mechanical Systems for Each Unit8-28 § 8:5.3 : Identification of Limited Common Elements8-28 § 8:5.4 : Measurement of Units8-29 § 8:5.5 : Right to Subdivide or Combine Units8-29 § 8:5.6 : Use Restrictions8-30 [A] : Defining Appropriate Use by Example8-30 [B] : Commonly Excluded Uses8-30 § 8:5.7 : Ownership by a Foreign Government: Obtaining a Foreign Immunity Waiver8-30 § 8:5.8 : Right to Make Alterations8-31 § 8:5.9 : Liability for and Approval of Capital Replacements8-31 § 8:5.10 : Operating and Capital Budgets8-31 [A] : Generally8-31 [B] : Providing a Formula for Budget Increases8-32 [C] : Board’s Duty to Protect Health and Safety of Occupants8-32 [D] : Duty to Prepare Budget Annually8-32 [E] : Obtaining Approval to Exceed Annual Budgets8-32 § 8:5.11 : Cost Allocations for Limited Common Elements and Capital Costs8-33 § 8:5.12 : Authority of Board of Managers8-33 § 8:5.13 : Insurance: Determining Responsibility for Repairs in the Event of Casualty8-34 § 8:5.14 : Apportionment of Utility Costs8-35 § 8:5.15 : Right to Enter Units8-36 § 8:5.16 : Representation on Board of Managers8-36 [A] : Generally8-36 [B] : Methods of Resolving Board Disagreements8-37 [C] : Importance of Management8-37 § 8:5.17 : Right of First Refusal or First Offer8-37 § 8:5.18 : Restrictions on Right to Finance8-38 § 8:5.19 : Priority of Liens8-38 § 8:5.20 : Parking Rights8-38 § 8:5.21 : Eminent Domain8-39 § 8:5.22 : Right to Expand the Condominium8-39 § 8:6 : Drafting Commercial Condominium Documents8-39 § 8:6.1 : Anticipating Lender Issues8-39 [A] : Generally8-39 [B] : Insurance8-40 [C] : Responsibility for Restoration After Casualty or Condemnation8-41 [D] : Priority of the Mortgage Lien8-41 [E] : Termination of the Condominium8-41 [F] : Right to Notices of Default and Opportunity to Cure8-42 [G] : Responsibility for Repairs and Maintenance of the Common Elements8-42 [H] : Amendments to the Condominium Documents8-42 [I] : Future Expansion of the Condominium8-42 [J] : Right to Financial Statements8-43 [K] : Waiver of the Right to Partition8-43 [L] : Right to Estoppel Certificates8-43 [M] : Liability for Unpaid Common Charges After Foreclosure8-43 [N] : Unit Owners’ Right to Sell and Lease8-44 [O] : Unit Owners’ Right to Vote by Proxy8-44 § 8:6.2 : Anticipating Tenant Issues8-44 [A] : Generally8-44 [B] : Unit Owners’ Right to Lease8-45 [C] : Board’s Notice to Tenants of Unit Owners’ Defaults8-45 [D] : Non-Disturbance Agreement8-46 [E] : Right to Examine Condominium Books8-46 [F] : Building Services8-46 [G] : Business Competition8-47 [H] : Insurance and Duty to Restore8-47 [I] : Amendments to the Condominium Documents8-47 [J] : Tenant’s Right to Make Alterations8-47 [K] : Tenant’s Right to Assign and Sublet8-48 [L] : Use of Limited Common Elements8-48 [M] : Method of Allocation of Common Charges8-48 [N] : Financeability of Leasehold Interest8-49 [O] : Proxy Rights8-49 [P] : Rights of First Refusal and First Offer8-49 [Q] : Access to Units8-49 Form 8-1 : Declaration (Master Deed) and By-Laws8F1-1 Form 8-2 : Unit Deed8F2-1 Form 8-3 : Inter-Creditor Agreement Among Multiple Lenders8F3-1 Form 8-4 : States Requiring Filing or Offering Plan8F4-1 Form 8-5 : Regulation Regarding Application for No-Action Letters8F5-1 Form 8-6A : List of Offering Plan Contents (Title13 NYCRR Part 20)8F6A-1 Form 8-6B : Final Amendments to Title 13 NYCRR Part 208F6B-1 Form 8-7 : Uniform Condominium Act of Missouri (Rev. Stat. 448.1-101 et seq.)8F7-1 Form 8-8 : New York Condominium Act (N.Y. Real Property Law §§ 339-d to 339-kk)8F8-1 Form 8-9 : Sample Declaration and Unit Mortgage Provisions8F9-1 Form 8-10 : Architect/Engineer Certification8F10-1
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