Kramer Building

Key facts from Kramer Building's documents

Reflects the 2009 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (mixed use) (Preliminary Statements; Article I §1.1)

Legal name

Kramer Building

Developer / declarant

Wealthy Ventures, LLC

Governing law

Michigan Condominium Act, Act 59 of the Public Acts of 1978, as amended (Master Deed Article III §3.1(a))

Assessments & dues

Board of Directors establishes an annual budget in advance for each fiscal year; assessments are based on budget and apportioned by Percentage of Value (Bylaws Article II §2.2(a) and §2.3)

Special assessments

Special assessments exceeding $5,000 annually require approval of more than 60% of all Co-owners; certain other special assessments may be levied by Board without Co-owner vote (e.g., for additions under $5,000, emergencies, or pursuant to (Bylaws Article II §2.2(b))

Collections & liens

Association has a statutory lien for unpaid assessments, enforceable by judicial action or foreclosure by advertisement; redemption period is 6 months (1 month if abandoned); Association may also suspend utilities, voting rights, and seek a (Bylaws Article II §2.5(a)-(c))

Reserves & fees

Budget must include an adequate reserve fund for maintenance, repairs, and replacement of Common Elements that must be replaced periodically; should be funded as part of regular annual assessment rather than special assessments (Bylaws Article II §2.2(a))

Leasing & rentals

Yes, for purposes permitted under §3.1 (Bylaws Article VI §6.1)

Architectural approval

Yes: prior written approval of Developer (during Development Period) or Association for any change in exterior appearance, antenna/solar/satellite installations, and any construction or alteration (Bylaws Article III §3.3, §3.4; Article I)

Home business

Commercial uses are permitted as described in §3.1; no specific home business restriction beyond permitted uses (Bylaws Article III §3.1)

Maintenance

Implicitly Co-owner responsibility as part of 'building or other improvement within the Unit' (Master Deed Article IV §4.3 ('each Co-ow)

Insurance

Association carries fire and extended coverage, vandalism and malicious mischief, liability insurance, and workers' compensation insurance (if applicable) on General Common Elements (Bylaws Article VIII §8.1)

Voting & meetings

Each Co-owner has one vote per Unit owned, weighted by Percentage of Value; mortgagees may vote on certain amendments with one vote per mortgaged Unit (Master Deed Article IX §9.1(b); Article )

Amendments

Amendments require consent of Co-owners and mortgagees as specified; Developer may amend without consent during Development Period for non-material changes and legal compliance; material changes require 2/3 vote of Co-owners and mortgagees; (Master Deed Article IX §9.1(a)-(g))

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