All apartment houses or multiple dwellings shall be so constructed that spaces for automobile parking shall be provided on site, underground or on the street level, subject to the restrictions herein. Parking spaces shall be provided as follows:

Each parking space and each access driveway shall be in compliance with the requirements of § 265-96G of this chapter. All parking spaces shall be used only for parking of automobiles by the employees, residents, and visitors of the building. No parking spaces may be shared with, or licensed or leased to, anyone else. No parking spaces may be used for automobile storage, maintenance or repair purposes; nor for the sale or storage of gasoline, oil, grease or any other supplies or articles used in connection with the maintenance or repair of automobiles, nor for any other storage purposes whatsoever.

The Board of Trustees finds that the protection of the health, safety and welfare of persons within the Village who reside in residential buildings being converted from rental status to cooperative or condominium ownership requires that such persons be informed of the physical condition of such buildings and of any outstanding notices of code violations issued with respect to such buildings. The Board of Trustees further finds that for the health, safety and welfare of residents of the Village and for the preservation and improvement of this substantial and increasing form of housing accommodation it is essential that funds be set aside for the purpose of making capital repairs and improvements to such buildings.

The provisions of this section shall apply to conversions from rental to cooperative or condominium status of a building or a group of buildings or a development for which a plan must be filed with the State Department of Law pursuant to § 352-e of the General Business Law.

Within 30 days after the closing of a conversion pursuant to an offering plan, the offeror shall establish and transfer to the cooperative corporation or condominium board of managers a reserve fund to be used exclusively for making capital repairs, replacements and improvements necessary for the health and safety of the residents of such buildings. Such reserve fund shall be exclusive of any other funds required to be reserved under the plan or applicable law or regulation of the State Attorney General, except a fund for capital repairs, replacements and improvements substantially similar in purpose to and in an amount not less than the reserve fund mandated by this section. Such reserve fund also shall be exclusive of any working capital fund and shall not be subject to reduction for closing apportionments.

Such fund shall be established in an amount equal to either 3% of the total price or 3% of the actual sales price of all cooperative shares or condominium units sold by the offeror at the time the plan is declared effective; provided, however, that if such amount is less than 1% of the total price, then the fund shall be established as a minimum of 1% of the total price; plus supplemental contributions to be made by the offeror at a rate of 3% of the actual sales price of cooperative shares or condominium units for each unit or its allocable shares held by the offeror and sold to bona fide purchasers subsequent to the effective date of the plan and within five years of the closing of the conversion pursuant to such plan notwithstanding that, if five years from 30 days after the closing of the conversion pursuant to such plan the total contributions by the offeror to the fund are less than 3% of the total price, the offeror shall pay the difference between the amount contributed and 3% of the total price. Supplemental contributions shall be made within 30 days of each sale.

The contributions required pursuant to this section may be made earlier or in an amount greater than so provided. An offeror may claim and receive credit against the mandatory initial contribution to the reserve fund for the actual cost of capital replacements which he or she has begun after the plan is submitted for filing to the State Department of Law and before the plan is declared effective; provided, however, that any such replacements must be set forth in the plan together with their actual or estimated costs and further, provided that such credit shall not exceed the lesser of the actual cost of the capital replacements or one percent of the total price.

Any building, construction of which was completed within three years prior to the closing of a conversion pursuant to an offering plan shall be exempt from the requirements of this section.

Except as otherwise provided in Subsection H(2) of this subsection, any person who knowingly violates or assists in the violation of any subsection of this section shall be guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine of not less than $100 nor more than $1,000 or imprisonment for not more than one year, or both. Except as otherwise provided in Subsection H(2) of this section, any person who violates or assists in the violation of any subsection of this section shall be subject to a civil penalty of $100 per day per unit for each day that a building is not in compliance with the provisions of such sections; provided, however, that such civil penalty shall not exceed $1,000 per unit.

Any person who knowingly violates or assists in the violation of Subsection C shall be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine not more than two times the amount required to be reserved by Subsection C, which was not so reserved. Any person who violates or assists in the violation of Subsection C shall also be subject to a civil penalty of $1,000 per day for each day that the reserve fund required by Subsection C is not established; provided, however, that such civil penalty shall not exceed the amount required to be reserved pursuant to Subsection C.

In addition, any other action or proceeding in any court of competent jurisdiction that may be appropriate or necessary for the enforcement of the provisions of this section may be brought in the name of the Village, including actions to secure permanent injunctions enjoining any acts or practices which constitute a violation of any provision of this section mandating compliance with the provisions of this section or for such other relief as may be appropriate. In any such action or proceeding, the Village may apply to any court of competent jurisdiction or to a judge or justice thereof for a temporary restraining order or preliminary injunction enjoining and restraining all persons from violating any provisions of this section, mandating compliance with the provisions of this section or for such other relief as may be appropriate until the hearing and determination of such action or proceeding and the entry of final judgment or order therein. The court or judge or justice thereof to whom such application is made is hereby authorized forthwith to make any or all of the orders above specified, as may be required in such application, with or without notice, and to make such other or further orders or directions as may be necessary to render the same effectual. No undertaking shall be required as a condition of the granting or issuing of such order or by reason thereof.

Nothing contained in this section shall impair any rights, remedies or causes of action accrued or accruing to purchasers of cooperative shares or condominium units.

The Department of Housing is empowered to enforce the provisions of this section.