The Proprietary Lease is the foundational legal agreement between each shareholder and 487-89 Amsterdam Avenue H.D.F.C., governing the rights and responsibilities of living in and co-owning the building. Unlike a standard rental lease, a proprietary lease conveys the right to occupy a specific apartment in exchange for holding shares in the corporation — making each resident simultaneously a tenant and an owner.

This document covers the full terms under which shareholders occupy their apartments, including:

Maintenance Charges — How monthly charges are calculated, assessed, and adjusted, and the corporation’s financial obligations to shareholders
Liens and Resale Restrictions — The building and all shares are subject to a lien held by the City of New York, and resale is governed by the income requirements of Section 576(1)(b) of the Private Housing Finance Law
Shareholder Rights and Duties — Rights of possession, repair responsibilities, restrictions on subletting, assignment, and alterations
Corporation Rights and Duties — The corporation’s right of entry, physical maintenance obligations, and remedies in the event of a shareholder default
Termination — The conditions under which the lease may be terminated and the impact on the shareholder
Destruction and Condemnation — Procedures in the event the building is damaged or taken by eminent domain

Proprietary Lease — Original Scan