Klingman Lofts II Condominium

Key facts from Klingman Lofts II Condominium's documents

Reflects the 2014 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Klingman Lofts II Condominium

Developer / declarant

Klingman Lofts II Limited Dividend Housing Association LLC

Governing law

Michigan Condominium Act, Act 59 of the Public Acts of 1978, as amended (Article I(A))

Assessments & dues

The Board of Directors has the power and duty to levy and collect assessments against and from members of the Association and to use proceeds for Association purposes. (Article IV, Section 3(b) of Bylaws)

Collections & liens

Board may enforce assessments through liens and foreclosure proceedings. (Article IV, Section 3(b) of Bylaws: 'enf)

Reserves & fees

Board may impose late payment charges as part of enforcing Rules and Regulations. (Article IV, Section 3(f) of Bylaws: 'imp)

Leasing & rentals

Yes, Units are designed and intended for separate ownership and use as condominium units, and the Condominium Bylaws contemplate leasing (tenant may be designated to vote). (Recital A and Article IV; also Article I)

Signs & flags

Neither Developer nor Association shall prohibit a Co-owner from displaying a single United States flag of a size not greater than three feet by five feet anywhere on the exterior of the Co-owner’s Condominium Unit. (Article XIII of Master Deed)

Maintenance

Association shall insure, maintain, decorate, repair and replace all General Common Elements as a general expense of administration. Each Co-owner is responsible for payment of utilities attributable to Unit, for insurance/maintenance/repai (Article V(C) of Master Deed)

Voting & meetings

Each Unit collectively has one vote by number and one vote by value equal to the total Percentage of Value assigned to the Unit. Voting is by value except when specifically required both in value and in number. (Article II, Section 2 of Bylaws)

Amendments

Master Deed may be amended (a) without co-owner/mortgagee consent if no material change; (b) with 2/3 vote of co-owners and 2/3 of first mortgagees for material changes; (c) Developer may amend without consent for corrections, compliance, a (Article X of Master Deed)

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