Compass Trail

Key facts from Compass Trail's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential Site Condominium (Article I: 'The Project is a residential)

Governing law

Michigan Condominium Act, Act 59 of the Public Acts of 1978, as amended (Preamble and Article I (a) definition.)

Assessments & dues

Board establishes annual budget, allocates common charges per Percentage of Value (equal per unit); includes reserve fund. (Exhibit A, Article V, Section 4: 'The Bo)

Special assessments

Requires approval of more than 3/4 of all Members in value and number, for capital improvements over $2,000/year, purchase of a Unit, or other appropriate purposes. (Exhibit A, Article V, Section 5: 'Specia)

Collections & liens

Unpaid assessments constitute a lien on the Unit, prior to all liens except tax liens and sums unpaid on a first mortgage. Association may foreclose by judicial action or by advertisement (power of sale). Notice required: 10 days after cert (Exhibit A, Article V, Section 6.)

Reserves & fees

Association shall maintain a reserve fund for major repairs and replacement, financed by regular monthly payments. (Exhibit A, Article V, Section 11: 'The A)

Home business

Not explicitly prohibited but subject to Board rules; likely limited. (No specific provision; general rule-maki)

Use restrictions

Residential site condominium; uses must be consistent with purposes of Project and not interfere with other owners. (Article I: 'residential site condominium)

Voting & meetings

Each Unit collectively entitled to one vote; no cumulation. Developer votes for each Unit owned without proof. (Exhibit A, Article II, Sections 2 and 3:)

Amendments

If no other Co-owner, Developer may amend unilaterally. If other Co-owners exist: (1) Non-material amendments may be made without consent. (2) Material amendments require consent of not less than 2/3 of Co-owners and 2/3 of mortgagees; cann (Article VII.B.)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.