Montreux Condominium

Key facts from Montreux Condominium's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

site condominium (Article I, Article II)

Legal name

Montreux Condominium

Developer / declarant

Pettis Investments, LLC

Governing law

Michigan Condominium Act (Act 59, Public Acts of 1978, as amended) (Page 2, Article I)

Assessments & dues

Board adopts annual budget and allocates common charges equally per unit (unless board relieves undeveloped units) (Bylaws Article V Section 2,3)

Special assessments

Any increase beyond allowed categories requires majority vote (Bylaws Article V Section 2)

Collections & liens

Unpaid assessments constitute lien on unit, prior except tax liens and first mortgage recorded before notice; enforced by suit or foreclosure per Act Section 108 (Bylaws Article V Section 4)

Reserves & fees

Required reserve fund by Transitional Control Date; minimum 10% of current annual budget non-cumulative (Bylaws Article V Section 2)

Maintenance

Owner (as part of residence within unit) (Master Deed Article V C(6) ('solely resp)

Insurance

Association obtains liability, worker's comp, possibly fire (initially not fire, but may later) on General Common Elements (Bylaws Article VI Section 2(a),(c))

Voting & meetings

One vote per unit; voting by number (Bylaws Article II, Section 3)

Amendments

Unilateral by Developer if only Developer owner; with Co-owners, material changes require 2/3 vote of Co-owners and mortgagees; certain matters require Developer and each affected Co-owner/mortgagee consent; non-material changes may be made (Master Deed Article VIII(2))

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