ARCHIVE SEARCH RESULTS

Co-op boards must carefully consider the lifestyle and financial implications of potential commercial tenants, negotiate rent concessions and broker fees, and spread costs over time to ensure a successful tenancy. (Print: SPREAD COSTS OVER TIME WITH STRATEGIC NEGOTIATIONS)

Condominium boards can enforce their bylaws by issuing fines, and if the wrongful conduct continues, they can seek an injunction to remedy the problem through legal proceedings. (Print: INJUNCTIONS ARE A POWERFUL TOOL)

Co-ops allow a five-to ten-day grace period for late payments, and legal action can be taken if two months go by without payment, which can take six to eight months before any eviction might occur. (Print: COSTLY, LENGTHY AND HIGHLY CONSEQUENTIAL TO SHAREHOLDERS)

Boards must make reasonable accommodations for assistance animals, and must be aware of federal, state, and city discrimination laws to avoid lawsuits, while understanding the difference between service and support animals and the requirements for each. (Print: WALKING A FINE LINE)

Co-op boards must be aware of their obligations to repair damage to both common elements and apartments, and must act quickly to mitigate the damage, even if a third party may be at fault, in order to avoid delays and costly repairs. (Print: REPAIR PROMPTLY AND FIGHT COVERAGE DENIALS)

Boards can take action against objectionable behavior by shareholders or their guests, providing proper notices and holding special meetings to discuss the issue before voting on eviction. (Print: PROVIDE OPPORTUNITIES FOR RESOLUTION)

Boards should be aware of the potential liabilities associated with holders of unsold shares, and consider implementing proactive measures to ensure compliance with safety and insurance regulations. (Print: APPLY PRESSURE AND TAKE PROACTIVE STEPS)

Co-op and condo boards should ensure they have adequate indemnification clauses and D&O insurance to protect themselves from personal liability in the event of lawsuits, as the Business Corporation Law only offers mandatory indemnification in certain circumstances. (Print: Make Sure You Are Protected)

The responsibility for maintaining and repairing various things in a condominium depends on whether the elements are defined as common or limited common, and if there is a contradiction between the floor plans and the governing documents, the floor plans win. (Print: REPAIRS CAN BECOME A PROBLEM)

The business judgment rule protects boards from second-guessing and legal challenges, but it does not apply to decisions outside their authority or made in bad faith, and it does not cover claims of discrimination. (Print: KNOW WHEN YOU’RE PROTECTED — AND WHEN YOU’RE NOT)