Michigan Street Parking Condominium

Key facts from Michigan Street Parking Condominium's documents

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

Community type

Business Condominium (Master Deed Article 1.3: 'The Project is)

Governing law

Michigan Condominium Act, Act 59, Public Acts of 1978, as amended (Master Deed page 1: 'Pursuant to Act 59,)

Assessments & dues

Determined annually by Board based on budget, not fixed (Bylaws Article 5.2: 'The Board shall est)

Special assessments

Board may levy additional assessments if initial assessments are insufficient (Bylaws Article 5.2(b): 'the Board is aut)

Collections & liens

Unpaid assessments constitute a lien on the Unit prior to all other liens except tax liens and recorded mortgages; collectible by suit or foreclosure per Section 108 of Act (Bylaws Article 5.5(a): 'Unpaid assessmen)

Reserves & fees

Reserve fund maintained for major repairs; minimum 10% of current annual budget (Bylaws Article 4.4: 'The Association sha)

Leasing & rentals

Yes, subject to right of first refusal and minimum lease term (Bylaws Article 9.1: 'Leasing of Units is)

Architectural approval

Written consent of Association required for structural modifications to Unit or Limited Common Elements (Bylaws Article 4.3(b): 'Any Co-owner who)

Signs & flags

Building sign areas are Limited Common Elements; each Co-owner may place signage within its Unit; no advertising for competitors of other Co-owner (Master Deed Article 4.2(b) and Bylaws Ar)

Insurance

Casualty insurance with extended coverage, vandalism and malicious mischief endorsements; liability insurance; worker's compensation insurance; for Common Elements (Bylaws Article 6.2: 'casualty insurance )

Voting & meetings

Each Co-owner entitled to one vote, value equal to total percentage assigned to Unit(s) owned (Bylaws Article 2.2: 'Each Co-owner will )

Amendments

Recordable Condominium Documents may be amended only with consent of not less than two-thirds of Co-owners and, when required by law, mortgagees (Master Deed Article 9.1: 'amended only w)

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