Grand Ridge Community

Key facts from Grand Ridge Community's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential Condominium Project (Preamble)

Legal name

Grand Ridge Townhomes Association (Article III, Section 2)

Governing law

Michigan Condominium Act (Act 59 of 1978, as amended) (Preamble)

Assessments & dues

Association establishes an annual budget; assessments are apportioned according to each Co-owner's proportionate share of expenses of administration as per Article V, Section 2 of Master Deed (equal percentage). (Exhibit A, Article II, Section 2(a) and )

Special assessments

Special assessments for additions exceeding $7,500 per year, purchase of unit on foreclosure, purchase of manager's unit, or other purpose require approval of more than 65% of all Co-owners. (Exhibit A, Article II, Section 2(b))

Collections & liens

Assessments constitute a lien against all Units as of first day of fiscal year. Failure to pay may result in collection, including legal action and foreclosure of lien. (Exhibit A, Article II, Section 2(a) and )

Reserves & fees

At least 10% of current annual budget on a noncumulative basis for reserve fund. Association should analyze if greater amount needed. (Exhibit A, Article II, Section 2(a))

Use restrictions

The Condominium Project is residential; each Unit is for residential purposes. (Article I ("each Unit is capable of indi)

Voting & meetings

Each unit has equal percentage of value; percentage determines vote (Article V, Section 2)

Amendments

Master Deed, Bylaws, and Condominium Subdivision Plan may be amended with consent of 2/3 majority of votes of Co-owners and mortgagees, except as otherwise provided. Certain amendments require written consent of affected Co-owner and mortga (Article IX, Sections 1-7)

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