Stocking Avenue Condominium

Key facts from Stocking Avenue Condominium's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Stocking Avenue Condominium

Units / lots

2 (Unit 1 commercial, Unit 2 residential containing 64 rental units) (Recital C; Article I)

Governing law

Michigan Condominium Act, Act 59 of 1978, as amended (Article I, Recitals; Article IV, definit)

Assessments & dues

Board establishes annual budget, allocates common charges based on percentage of value; may also allocate limited common element charges proportionally (Bylaws Article V, Section 4)

Special assessments

Board may levy special assessments for capital improvements >$5,000/year, purchases of foreclosed Unit, or other appropriate purposes; requires majority approval of Co-owners based on percentage of value (Bylaws Article V, Section 5)

Collections & liens

Unpaid assessments constitute a lien prior to all others except tax liens, first mortgage, and Regulatory Agreements; Association may foreclose by judicial action or advertisement (power of sale); 30-day notice required; can appoint receive (Bylaws Article V, Section 6)

Reserves & fees

Board shall establish adequate reserve fund for maintenance, repair, replacement of common elements, financed by regular assessments; Unit 2 Owner exempt from contributing to regular assessments for reserve while maintaining HUD mortgage re (Bylaws Article V, Section 4; also note a)

Leasing & rentals

Yes; Article VIII of Bylaws addresses leasing; Commercial Space Leasing section noted (Bylaws Article VIII)

Parking & vehicles

Shared parking and access agreement with 614 First Street Partners for Unit 2 residents; parking area initially located north of project between First and Second Streets (Master Deed Article VII D)

Maintenance

General Common Elements: Association maintains (unless caused by Co-owner). Limited Common Elements: Co-owner(s) to which appurtenant bear cost (unless caused by another Co-owner). Units: Owner maintains (unless caused by another Co-owner). (Master Deed Article V C)

Voting & meetings

One vote per Unit when voting by number; one vote with value equal to percentage of value when voting by value; Developer controls until conveyance of Unit 2 (Bylaws Article II, Section 2; Master Dee)

Amendments

Non-material: may be amended without consent of Co-owners or mortgagees by Developer and Association. Material: requires consent of not less than two-thirds of Co-owners and two-thirds of first mortgagees. Certain provisions (percentage of (Master Deed Article VIII)

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