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FILED: NEW YORK COUNTY CLERK 04/10/2024 11:28 AM INDEX NO. 153312/2024
NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 04/10/2024
EXEBIT D
BY-LAWS
OF
THE VISIONAIRE
70 LITTLE WEST STREET
NEW YORK, NEW YORK 19280
87778.22
FILED: NEW YORK COUNTY CLERK 04/10/2024 11:28 AM INDEX NO. 153312/2024
NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 04/10/2024
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TABLE OF CONTENTS
Article Section Page
ARTICLE 1 GENERAL...............................................................................................................1
1.1 Purpose.....................................................................................................................1
1.2 Applicability of By-Laws ........................................................................................1
1.3 Principal Office of Condorninium...........................................................................1
ARTICLE 2 BOARDS OF MANAGERS....................................................................................1
2.1 Number, Term and Qualification.............................................................................1
2.2 Powers and Duties....................................................................................................2
2.3 Managing Agents and Managers...........................................................................13
2.4 First Board ...............................................................................................:.............14
S. .
2 .5 Re ignation and Removal......................................................................................14
2.6 Vacancies...............................................................................................................15
2.7 Organizational Meetings of the Boards .................................................................15
2.8 Regular Meetings of Boards ..................................................................................15
2.9 Special Meetings of Boards...................................................................................15
2.10 Meetings of Condominium Board .........................................................................16
2.11 Resolutions of Boards............................................................................................16
2.12 Waiver ofNotice....................................................................................................16
2.13 Determinations by Boards; Quorums.....................................................................16
2.14 Compensation........................................................................................................17
2.15 Li of Boards and Unit Owners.....................................................................17
2.17 Committees............................................................................................................18
2.18 Principal Offices of Boards....................................................................................18
2.19 Status of Boards.....................................................................................................18
2.20 Incorporation of Boards.........................................................................................18
2.21 Boards as Agents of Unit Owners..........................................................................19
3 UNIT OWNER SARTICLE
....................,...............................................................................19
.
.1 Annual M3eetmgs....................................................................................................19
3.2 Place of Meetings...................................................................................................20
3.3 Special Meetings....................................................................................................20
3.4 Notice of Meetings and Actions Taken .................................................................20
3.5 Adjournment of Meetings......................................................................................20
3.6 Order of Business...................................................................................................20
3.7 Title to Units ..........................................................................................................21
3.8 Voting ....................................................................................................................21
3.9 Election of Board Members; Rights of Declarant..................................................22
3.10 Majority of Unit Owners........................................................................................23
3.11 Quorum..................................................................................................................23
3.12 Majority Vote.............................................e..............:............................................24
3.13 Determination of Unit Owners...............................................................................24
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LE 4 OFFICERS.............................................................................................................24
4.1 Designation............................................................................................................24
4.2 Election of Officers................................................................................................25
4.3 Resignation and Removal of Officers....................................................................25
4.4 Presidents ...............................................................................................................25
4.5 Vice Presidents.......................................................................................................25
4.6 Secretaries..............................................................................................................26
4.7 Treasurers...............................................................................................................26
4.8 Execution of Documents........................................................................................26
4.9 Compensation of Officers......................................................................................26
ARTICLE 5 NOTICES...............................................................................................................26
5.1 Notices ...................................................................................................................26
5.2 Waiver of Service of Notice..................................................................................27
LE 6
CARTI OPERATION OF THE PROPERTY....................................................................27
6.1 Determination of Common Expenses and Fixing of Common Charges................27
6.2 Insurance................................................................................................................31
6.3 Repair or Reconstruction after Fire or Other Casualty..........................................34
6.4 Payment of Common Charges...............................................................................35
6.5 Collection of Common Charges.............................................................................38
6.6 Default in Payment of Common Charges and Other Obligations..........................38
6.7 Foreclosure of Liens for Unpaid Common Charges..............................................39
6.8 Statement of Common Charges .............................................................................40
6.9 Maintenance and Repairs.......................................................................................40
6.10 Violations of Obligations.......................................................................................44
6.11 Alterations, Additions, Improvements and Repairs of Units.................................45
6.12 Alterations, Additions, Improvements or Repairs to Common Elements .............47
6.13 Alterations of Certain Common Elements.............................................................48
6.14 Restrictions on Use of Units..................................................................................49
6.15 Use of Common Elements .....................................................................................51
6.16 Other Provisions as to Use.....................................................................................52
6.17 Right of Access......................................................................................................53
6.18 Rules and Regulations............................................................................................53
6.19 PILOT, Water Charges and Sewer Rents ..............................................................54
6.20 Gas .........................................................................................................................54
6.21 Electricity...............................................................................................................55
6.22 Utilities Serving the General Common Elements..................................................56
6.23 Abatement and Enjoinment of Violations by Unit Owners...................................57
M7T
ORTGAGES.......................................................................................................57
7.1 Notice to Boards ....................................................................................................57
7.2 Notice of Default and Unpaid Common Charges..................................................58
7.3 Performance by Permitted Unit Mortgagees..........................................................58
7.4 Examination of Books............................................................................................58
7.5 Representatives of Mortgagees..............................................................................58
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7.6 Consent of Mortgagees ..........................................................................................59
7.7 Compliance with Terms of Lease..........................................................................59
7.8 Commercial Unit Mortgagee .................................................................................59
ARTICLE 8 SELLING, LEASING AND MORTGAGING OF UNITS...................................59
8.1 Selling and Leasing................................................................................................59
8.2 Consent of Residential Unit Owners to Purchase or Lease of
Residential Units by Residential Board.................................................................62
8.3 Sovereign Immunity...............................................................................................62
8.4 No Severance of Ownership..................................................................................63
8.5 Release by Residential Board of Right of First Refusal ........................................63
8.6 Certificate of Termination of Right of First Refusal .............................................63
8.7 Financing of Purchase of Residential Units by Residential Board........................63
8.8 Exceptions..............................................................................................................63
8.9 Gifts and Devises, etc. ...........................................................................................64
8.10 Storage Bins...........................................................................................................64
8.11 Unauthorized Sales or Leases of Residential Units...............................................66
8.12 Charges Imposed on Sale or Lease of Residential Units.......................................66
8.13 Power of Attorney..................................................................................................66
8.14 Notices Concerning Residential Unit Occupancy..................................................66
8.15 Waiver of Right of Partition with Respect to Units Acquired
on Behalf of Unit Owners as Tenants-in-Common...............................................67
8.16 Payment of Assessments........................................................................................67
8.17 Mortgage of Units..................................................................................................67
8.18 Lease or Purchase of Residential Unit or Other Apartment for
Superintendent's/Resident Manager Residence.....................................................67
8.19 Compliance with Terms of Lease ..........................................................................67
T C LE 9 LEASE AN D SECIAR
URITY FUND.........................................................................67
9.1 Performance of Terms, Covenants and Conditions of the Lease...........................67
9.2 Lease and BPCA Requirements to Control ...........................................................68
9.3 Amendments to By-Laws ......................................................................................68
ARTICLE 10 CONDEMNATION...............................................................................................68
ARTICLE 11 RECORDS AND AUDITS....................................................................................69
11.1 Records ..................................................................................................................69
11.2 Audits.....................................................................................................................69
11.3 Availability of Documents.....................................................................................70
ARTICLE 12 ARBITRATION ....................................................................................................70
21.1 General Procedure..................................................................................................70
12.2 Costs and Expenses................................................................................................70
12.3 Agreement by Parties.............................................................................................70
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13 OUS..............................................................................................71
13.1 Waiver....................................................................................................................71
13.2 Captions.................................................................................................................71
13.3 Certain References.................................................................................................71
13.4 Severability............................................................................................................71
13.5 Depository..............................................................................................................71
13.6 Successors and Assigns..........................................................................................72
13.7 Covenant of Further Assurances............................................................................72
ARTICLE 14 AMENDMENT TO BY-LAWS............................................................................74
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4. hshms b #1 U1mt he................................................................................74
14.2 Amendments Affecting Declarant or its Designee or the
Commercial Unit Owner........................................................................................75
14.3 Amendments Affecting Permitted Unit Mortgagees.............................................75
ARTICLE 15 AMENDMENTS CONCERNING COMMERCIAL SECTION..........................76
ARTICLE 16 LEASE AND BPCA RE S..............................................................76
SCHEDULE A - RULES AND REGULATIONS OF THE RESIDENTIAL SECTION
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BY-LAWS
ARTICLE 1
GENERAL
1.1 Purpose. The purpose of these By-Laws is to set forth the rules and
procedures conceming the conduct of the affairs of The Visionaire (the "Condominium").
The Condominium covers the property (the "Property") consisting of approximately
35,352 square feet of land (the "Land") which forms a part of Block 16 of Section
the Tax Map of the Borough of Manhattan, City, County and State of New York, the
building and other improvements now or hereafter to be constructed thereon or therein, as
the case may be (hereinafter collectively called the "Building"), including, without
limitation, the Units and the Common Elements, all easements, rights and appurtenances
belonging thereto, and all other property, real, personal or mixed, intended for use in
connection therewith, all of which have been submitted to the provisions of Article 9-B
of the Real Property Law of the State of New York by the recording of a Declaration
(which, as the same may be amended from time to time, is herein called the
"Declaration") in the New York County Office of the Register of The City of New York
("City Register's Office"), together with these By-Laws. All terms used herein
designee"
including, but not limited to, "Declarant or its and "Declarant or a designee of
Declarant,"
which are not separately defined herein, shall have the meanings given to
those terms in the Declaration or in Exhibit C thereto.
1.2 Applicability of By-Laws. These By-Laws are applicable to the Property
and to the use and occupancy thereof. All present and future Unit Owners, mortgagees,
lessees, sublessees and other occupants of Units and employees and guests of Unit
Owners, as well as all other persons who may use the facilities of the Property, are and
shall be subject to the Declaration, these By-Laws and the Rules and Regulations (as
hereinalter defined). The acceptance of a deed or conveyance, or the succeeding to title
to, or the execution of a lease or sublease for, or the act of occupancy of, a Unit shall
constitute an agreement that the provisions of these By-Laws, the Rules and Regulations
and the Declaration are accepted, ratified, and will be complied with.
1.3 Principal Office of Condominium. The principal office of the
Condominium shall be located within the Property or at such other place within the
Borough of Manhattan reasonably convenient thereto, as may be designated from time to
time by the Condominium Board (as hereinafter defined).
.
ARTICLE 2
BOARDS OF MANAGERS
2.1 Number, Term and Qualification.
2.1.1 As more particularly set forth in Section 2.2, the affairs of the
Condominium shall be governed by a board of managers of the Condominium (the
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"Condominium Board"), the affairs of the Residential Section shall be governed by a
residential board of managers (the "Residential Board") and the affairs of the
Commercial Section shall be govemed by a commercial board of managers (the
"Commercial Board"). From and after the first annual meetings of Residential Unit
Owners and Commercial Unit Owners as provided in Section 3.1, the Residential Board
shall consist of five (5) persons elected by the Residential Unit Owners, subject to
Declarant's rights under Section 3.9.3 and the Commercial Board shall consist of three
(3) persons. Thereafter, the Condominium Board shall consist of five (5) persons: the
four (4) members of the Residential Board and one (1) member of the Commercial
Board subject to Section 2.4. The Condominium
the Commercial Board, and the
Board,
"Boards"
Residential Board, are herein sometimes referred to collectively as the and
"Board."
individually as a Notwithstanding anything to the contrary set forth above, no
Residential Unit Owner may be elected to serve on the Residential Board or
Condominium Board if any Board has perfected a lien against such Residential Unit
Owner's Unit which lien has not been satisfied at the time of the election.
2.1.2 Each member of the Residential Board and of the Commercial
Board except for the first Boards as provided in Section 2.4 and except as otherwise
provided herein, shall be elected at the separate annual meetings of Residential Unit
Owners and Commercial Unit Owners, respectively, and shall serve until the next
annual meeting thereof and until successors have been elected and qualified. There shall
be no limit on the number of successive terms a Board member may serve.
2.1.3 Except for Board members elected or designated by Declarant
or its designee (a) all members of the Residential Board shall be either Residential Unit
Owners or officers, directors, shareholders, partners, principals, members, trustees,
employees or beneficiaries of corporations, partnerships, limited liability companies
fiduciaries or any other entities which own Residential Units, Permitted Unit
Mortgagees, or family members of any of the foregoing, and (b) all members of the
Commercial Board shall be either a Commercial Unit Owner or officers, directors,
shareholders, members, managers, shareholders, partners, principals, employees or
beneficiaries of corporations, partnerships, fiduciaries or any other entities which may
own a Commercial Unit or a managing agent for such Commercial Unit Owner or an
employee thereof, Permitted Unit Mortgagees of the Commercial Units, lessees of the
Commercial Units or portions thereof, familyor any members of of the foregoing.
Other than Board members elected or designated by Declarant or its designee, no Board
member shall continue to serve after such member ceases to be qualified as set forth
above. Prior to becoming a Board member, the individual so designated or elected must
"G"
execute a collateral resignation, in the form annexed hereto as Exhibit or other form
satisfactory to BPCA to be delivered to BPCA and exercised by BPCA in accordance
with the terms of the Lease and Section 2.5.3 of these By-Laws.
2.2 Powers and Duties.
2.2.1 The Boards shall collectively have the powers and duties
necessary for or incidental to the administration of the affairs of the Condominium
(except such powers and duties which by Law, the Declaration or these By-Laws or the
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Lease, may not be delegated to the Boards by the Unit Owners). Any obligations of the
Tenant under the Lease shall be the obligation of the Condominium Board to perform
and the Condominium Board shall have all of the powers and authorities necessary to
act in accordance with the Lease. Except as otherwise provided in the Declaration, these
By-Laws or the Lease, all determinations, however, which (a) affect only the
Residential Section and do not adversely affect the Commercial Section or the use of the
Commercial Section for its permitted purposes, shall be made by the Residential Board
or (b) affect only the Commercial Section and do not adversely affect the Residential
Section or the use of Residential Units for their permitted purposes, shall be made by the
Commercial Board. All other determinations with respect to the administration of the
affairs of the Condominium including, without limitation, determinations which (i)
relate to the Residential Section and adversely affect the Commercial Section, or (ii)
relate to the Commercial Section and adversely affect the Residential Section, or (iii)
relate to or affect the General Common Elements, shall be made by the Condominium
Board. Any dispute between the Residential Board and the Commercial Board with
respect to whether the Residential Board or the Commercial Board shall be entitled to
make any determination which involve compliance under the Lease shall be resolved by
the Condominium Board; all other such disputes shall be settled by Arbitration (as
hereinafter defined); provided, however, that no such dispute with respect to whether the
determination of one adversely affects the other shall be deemed to exist unless the
objecting party specifies the grounds for its objection in writing to the other party within
ten (10) business days of receipt by it of notice of such determination. In addition,
except as to matters involving compliance under the Lease, any dispute between the
Residential Board and the Commercial Board with respect to whether any matter is
entitled to be determined by the Condominium Board shall be settled by Arbitration,
which Arbitration shall be determined on the basis of what is in the best interests of the
"Arbitration"
Condominium. As used herein the term means arbitration conducted in
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FILED: NEW YORK COUNTY CLERK 04/10/2024 11:28 AM INDEX NO. 153312/2024 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 04/10/2024 EXEBIT D BY-LAWS OF THE VISIONAIRE 70 LITTLE WEST STREET NEW YORK, NEW YORK 19280 87778.22 FILED: NEW YORK COUNTY CLERK 04/10/2024 11:28 AM INDEX NO. 153312/2024 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 04/10/2024 . TABLE OF CONTENTS Article Section Page ARTICLE 1 GENERAL...............................................................................................................1 1.1 Purpose.....................................................................................................................1 1.2 Applicability of By-Laws ........................................................................................1 1.3 Principal Office of Condorninium...........................................................................1 ARTICLE 2 BOARDS OF MANAGERS....................................................................................1 2.1 Number, Term and Qualification.............................................................................1 2.2 Powers and Duties....................................................................................................2 2.3 Managing Agents and Managers...........................................................................13 2.4 First Board ...............................................................................................:.............14 S. . 2 .5 Re ignation and Removal......................................................................................14 2.6 Vacancies...............................................................................................................15 2.7 Organizational Meetings of the Boards .................................................................15 2.8 Regular Meetings of Boards ..................................................................................15 2.9 Special Meetings of Boards...................................................................................15 2.10 Meetings of Condominium Board .........................................................................16 2.11 Resolutions of Boards............................................................................................16 2.12 Waiver ofNotice....................................................................................................16 2.13 Determinations by Boards; Quorums.....................................................................16 2.14 Compensation........................................................................................................17 2.15 Li of Boards and Unit Owners.....................................................................17 2.17 Committees............................................................................................................18 2.18 Principal Offices of Boards....................................................................................18 2.19 Status of Boards.....................................................................................................18 2.20 Incorporation of Boards.........................................................................................18 2.21 Boards as Agents of Unit Owners..........................................................................19 3 UNIT OWNER SARTICLE ....................,...............................................................................19 . .1 Annual M3eetmgs....................................................................................................19 3.2 Place of Meetings...................................................................................................20 3.3 Special Meetings....................................................................................................20 3.4 Notice of Meetings and Actions Taken .................................................................20 3.5 Adjournment of Meetings......................................................................................20 3.6 Order of Business...................................................................................................20 3.7 Title to Units ..........................................................................................................21 3.8 Voting ....................................................................................................................21 3.9 Election of Board Members; Rights of Declarant..................................................22 3.10 Majority of Unit Owners........................................................................................23 3.11 Quorum..................................................................................................................23 3.12 Majority Vote.............................................e..............:............................................24 3.13 Determination of Unit Owners...............................................................................24 87778.22 FILED: NEW YORK COUNTY CLERK 04/10/2024 11:28 AM INDEX NO. 153312/2024 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 04/10/2024 LE 4 OFFICERS.............................................................................................................24 4.1 Designation............................................................................................................24 4.2 Election of Officers................................................................................................25 4.3 Resignation and Removal of Officers....................................................................25 4.4 Presidents ...............................................................................................................25 4.5 Vice Presidents.......................................................................................................25 4.6 Secretaries..............................................................................................................26 4.7 Treasurers...............................................................................................................26 4.8 Execution of Documents........................................................................................26 4.9 Compensation of Officers......................................................................................26 ARTICLE 5 NOTICES...............................................................................................................26 5.1 Notices ...................................................................................................................26 5.2 Waiver of Service of Notice..................................................................................27 LE 6 CARTI OPERATION OF THE PROPERTY....................................................................27 6.1 Determination of Common Expenses and Fixing of Common Charges................27 6.2 Insurance................................................................................................................31 6.3 Repair or Reconstruction after Fire or Other Casualty..........................................34 6.4 Payment of Common Charges...............................................................................35 6.5 Collection of Common Charges.............................................................................38 6.6 Default in Payment of Common Charges and Other Obligations..........................38 6.7 Foreclosure of Liens for Unpaid Common Charges..............................................39 6.8 Statement of Common Charges .............................................................................40 6.9 Maintenance and Repairs.......................................................................................40 6.10 Violations of Obligations.......................................................................................44 6.11 Alterations, Additions, Improvements and Repairs of Units.................................45 6.12 Alterations, Additions, Improvements or Repairs to Common Elements .............47 6.13 Alterations of Certain Common Elements.............................................................48 6.14 Restrictions on Use of Units..................................................................................49 6.15 Use of Common Elements .....................................................................................51 6.16 Other Provisions as to Use.....................................................................................52 6.17 Right of Access......................................................................................................53 6.18 Rules and Regulations............................................................................................53 6.19 PILOT, Water Charges and Sewer Rents ..............................................................54 6.20 Gas .........................................................................................................................54 6.21 Electricity...............................................................................................................55 6.22 Utilities Serving the General Common Elements..................................................56 6.23 Abatement and Enjoinment of Violations by Unit Owners...................................57 M7T ORTGAGES.......................................................................................................57 7.1 Notice to Boards ....................................................................................................57 7.2 Notice of Default and Unpaid Common Charges..................................................58 7.3 Performance by Permitted Unit Mortgagees..........................................................58 7.4 Examination of Books............................................................................................58 7.5 Representatives of Mortgagees..............................................................................58 87778.22 .. 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NO. 3 RECEIVED NYSCEF: 04/10/2024 7.6 Consent of Mortgagees ..........................................................................................59 7.7 Compliance with Terms of Lease..........................................................................59 7.8 Commercial Unit Mortgagee .................................................................................59 ARTICLE 8 SELLING, LEASING AND MORTGAGING OF UNITS...................................59 8.1 Selling and Leasing................................................................................................59 8.2 Consent of Residential Unit Owners to Purchase or Lease of Residential Units by Residential Board.................................................................62 8.3 Sovereign Immunity...............................................................................................62 8.4 No Severance of Ownership..................................................................................63 8.5 Release by Residential Board of Right of First Refusal ........................................63 8.6 Certificate of Termination of Right of First Refusal .............................................63 8.7 Financing of Purchase of Residential Units by Residential Board........................63 8.8 Exceptions..............................................................................................................63 8.9 Gifts and Devises, etc. ...........................................................................................64 8.10 Storage Bins...........................................................................................................64 8.11 Unauthorized Sales or Leases of Residential Units...............................................66 8.12 Charges Imposed on Sale or Lease of Residential Units.......................................66 8.13 Power of Attorney..................................................................................................66 8.14 Notices Concerning Residential Unit Occupancy..................................................66 8.15 Waiver of Right of Partition with Respect to Units Acquired on Behalf of Unit Owners as Tenants-in-Common...............................................67 8.16 Payment of Assessments........................................................................................67 8.17 Mortgage of Units..................................................................................................67 8.18 Lease or Purchase of Residential Unit or Other Apartment for Superintendent's/Resident Manager Residence.....................................................67 8.19 Compliance with Terms of Lease ..........................................................................67 T C LE 9 LEASE AN D SECIAR URITY FUND.........................................................................67 9.1 Performance of Terms, Covenants and Conditions of the Lease...........................67 9.2 Lease and BPCA Requirements to Control ...........................................................68 9.3 Amendments to By-Laws ......................................................................................68 ARTICLE 10 CONDEMNATION...............................................................................................68 ARTICLE 11 RECORDS AND AUDITS....................................................................................69 11.1 Records ..................................................................................................................69 11.2 Audits.....................................................................................................................69 11.3 Availability of Documents.....................................................................................70 ARTICLE 12 ARBITRATION ....................................................................................................70 21.1 General Procedure..................................................................................................70 12.2 Costs and Expenses................................................................................................70 12.3 Agreement by Parties.............................................................................................70 87778.22 FILED: NEW YORK COUNTY CLERK 04/10/2024 11:28 AM INDEX NO. 153312/2024 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 04/10/2024 13 OUS..............................................................................................71 13.1 Waiver....................................................................................................................71 13.2 Captions.................................................................................................................71 13.3 Certain References.................................................................................................71 13.4 Severability............................................................................................................71 13.5 Depository..............................................................................................................71 13.6 Successors and Assigns..........................................................................................72 13.7 Covenant of Further Assurances............................................................................72 ARTICLE 14 AMENDMENT TO BY-LAWS............................................................................74 . 4. hshms b #1 U1mt he................................................................................74 14.2 Amendments Affecting Declarant or its Designee or the Commercial Unit Owner........................................................................................75 14.3 Amendments Affecting Permitted Unit Mortgagees.............................................75 ARTICLE 15 AMENDMENTS CONCERNING COMMERCIAL SECTION..........................76 ARTICLE 16 LEASE AND BPCA RE S..............................................................76 SCHEDULE A - RULES AND REGULATIONS OF THE RESIDENTIAL SECTION 87778.22 . IV FILED: NEW YORK COUNTY CLERK 04/10/2024 11:28 AM INDEX NO. 153312/2024 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 04/10/2024 BY-LAWS ARTICLE 1 GENERAL 1.1 Purpose. The purpose of these By-Laws is to set forth the rules and procedures conceming the conduct of the affairs of The Visionaire (the "Condominium"). The Condominium covers the property (the "Property") consisting of approximately 35,352 square feet of land (the "Land") which forms a part of Block 16 of Section the Tax Map of the Borough of Manhattan, City, County and State of New York, the building and other improvements now or hereafter to be constructed thereon or therein, as the case may be (hereinafter collectively called the "Building"), including, without limitation, the Units and the Common Elements, all easements, rights and appurtenances belonging thereto, and all other property, real, personal or mixed, intended for use in connection therewith, all of which have been submitted to the provisions of Article 9-B of the Real Property Law of the State of New York by the recording of a Declaration (which, as the same may be amended from time to time, is herein called the "Declaration") in the New York County Office of the Register of The City of New York ("City Register's Office"), together with these By-Laws. All terms used herein designee" including, but not limited to, "Declarant or its and "Declarant or a designee of Declarant," which are not separately defined herein, shall have the meanings given to those terms in the Declaration or in Exhibit C thereto. 1.2 Applicability of By-Laws. These By-Laws are applicable to the Property and to the use and occupancy thereof. All present and future Unit Owners, mortgagees, lessees, sublessees and other occupants of Units and employees and guests of Unit Owners, as well as all other persons who may use the facilities of the Property, are and shall be subject to the Declaration, these By-Laws and the Rules and Regulations (as hereinalter defined). The acceptance of a deed or conveyance, or the succeeding to title to, or the execution of a lease or sublease for, or the act of occupancy of, a Unit shall constitute an agreement that the provisions of these By-Laws, the Rules and Regulations and the Declaration are accepted, ratified, and will be complied with. 1.3 Principal Office of Condominium. The principal office of the Condominium shall be located within the Property or at such other place within the Borough of Manhattan reasonably convenient thereto, as may be designated from time to time by the Condominium Board (as hereinafter defined). . ARTICLE 2 BOARDS OF MANAGERS 2.1 Number, Term and Qualification. 2.1.1 As more particularly set forth in Section 2.2, the affairs of the Condominium shall be governed by a board of managers of the Condominium (the 87778.22 FILED: NEW YORK COUNTY CLERK 04/10/2024 11:28 AM INDEX NO. 153312/2024 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 04/10/2024 "Condominium Board"), the affairs of the Residential Section shall be governed by a residential board of managers (the "Residential Board") and the affairs of the Commercial Section shall be govemed by a commercial board of managers (the "Commercial Board"). From and after the first annual meetings of Residential Unit Owners and Commercial Unit Owners as provided in Section 3.1, the Residential Board shall consist of five (5) persons elected by the Residential Unit Owners, subject to Declarant's rights under Section 3.9.3 and the Commercial Board shall consist of three (3) persons. Thereafter, the Condominium Board shall consist of five (5) persons: the four (4) members of the Residential Board and one (1) member of the Commercial Board subject to Section 2.4. The Condominium the Commercial Board, and the Board, "Boards" Residential Board, are herein sometimes referred to collectively as the and "Board." individually as a Notwithstanding anything to the contrary set forth above, no Residential Unit Owner may be elected to serve on the Residential Board or Condominium Board if any Board has perfected a lien against such Residential Unit Owner's Unit which lien has not been satisfied at the time of the election. 2.1.2 Each member of the Residential Board and of the Commercial Board except for the first Boards as provided in Section 2.4 and except as otherwise provided herein, shall be elected at the separate annual meetings of Residential Unit Owners and Commercial Unit Owners, respectively, and shall serve until the next annual meeting thereof and until successors have been elected and qualified. There shall be no limit on the number of successive terms a Board member may serve. 2.1.3 Except for Board members elected or designated by Declarant or its designee (a) all members of the Residential Board shall be either Residential Unit Owners or officers, directors, shareholders, partners, principals, members, trustees, employees or beneficiaries of corporations, partnerships, limited liability companies fiduciaries or any other entities which own Residential Units, Permitted Unit Mortgagees, or family members of any of the foregoing, and (b) all members of the Commercial Board shall be either a Commercial Unit Owner or officers, directors, shareholders, members, managers, shareholders, partners, principals, employees or beneficiaries of corporations, partnerships, fiduciaries or any other entities which may own a Commercial Unit or a managing agent for such Commercial Unit Owner or an employee thereof, Permitted Unit Mortgagees of the Commercial Units, lessees of the Commercial Units or portions thereof, familyor any members of of the foregoing. Other than Board members elected or designated by Declarant or its designee, no Board member shall continue to serve after such member ceases to be qualified as set forth above. Prior to becoming a Board member, the individual so designated or elected must "G" execute a collateral resignation, in the form annexed hereto as Exhibit or other form satisfactory to BPCA to be delivered to BPCA and exercised by BPCA in accordance with the terms of the Lease and Section 2.5.3 of these By-Laws. 2.2 Powers and Duties. 2.2.1 The Boards shall collectively have the powers and duties necessary for or incidental to the administration of the affairs of the Condominium (except such powers and duties which by Law, the Declaration or these By-Laws or the 87778.22 2 FILED: NEW YORK COUNTY CLERK 04/10/2024 11:28 AM INDEX NO. 153312/2024 NYSCEF DOC. NO. 3 RECEIVED NYSCEF: 04/10/2024 Lease, may not be delegated to the Boards by the Unit Owners). Any obligations of the Tenant under the Lease shall be the obligation of the Condominium Board to perform and the Condominium Board shall have all of the powers and authorities necessary to act in accordance with the Lease. Except as otherwise provided in the Declaration, these By-Laws or the Lease, all determinations, however, which (a) affect only the Residential Section and do not adversely affect the Commercial Section or the use of the Commercial Section for its permitted purposes, shall be made by the Residential Board or (b) affect only the Commercial Section and do not adversely affect the Residential Section or the use of Residential Units for their permitted purposes, shall be made by the Commercial Board. All other determinations with respect to the administration of the affairs of the Condominium including, without limitation, determinations which (i) relate to the Residential Section and adversely affect the Commercial Section, or (ii) relate to the Commercial Section and adversely affect the Residential Section, or (iii) relate to or affect the General Common Elements, shall be made by the Condominium Board. Any dispute between the Residential Board and the Commercial Board with respect to whether the Residential Board or the Commercial Board shall be entitled to make any determination which involve compliance under the Lease shall be resolved by the Condominium Board; all other such disputes shall be settled by Arbitration (as hereinafter defined); provided, however, that no such dispute with respect to whether the determination of one adversely affects the other shall be deemed to exist unless the objecting party specifies the grounds for its objection in writing to the other party within ten (10) business days of receipt by it of notice of such determination. In addition, except as to matters involving compliance under the Lease, any dispute between the Residential Board and the Commercial Board with respect to whether any matter is entitled to be determined by the Condominium Board shall be settled by Arbitration, which Arbitration shall be determined on the basis of what is in the best interests of the "Arbitration" Condominium. As used herein the term means arbitration conducted in