Auterson Farms

Key facts from Auterson Farms's documents

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

Community type

Condominium

Legal name

Auterson Farms

Developer / declarant

Perrin Properties, L.L.C.

Governing law

Michigan Condominium Act, Act 59 of Public Acts of 1978, as amended (Article I, Section 1.1 and Article III, )

Assessments & dues

Board of Directors establishes annual budget; assessments apportioned equally among Units (annual assessments paid in two semi-annual installments unless Board elects different basis) (Bylaws Section 2.2(a) and Section 2.3)

Special assessments

Requires approval of more than two-thirds (2/3) of all Co-owners for additions exceeding $5,000 annually or other purposes; Board may levy special assessments for emergencies under Section 2.2(a) without Co-owner consent (Bylaws Section 2.2(b))

Collections & liens

Unpaid assessments constitute a lien on the Unit; Association may foreclose by judicial action or advertisement; redemption period 6 months (or 1 month if abandoned); priority over first mortgage only if notice of lien recorded before mortg (Bylaws Section 2.5)

Reserves & fees

Minimum reserve fund equal to 10% of current annual budget on a noncumulative basis; funded by regular semi-annual payments (Bylaws Section 2.2(a) ("At a minimum, th)

Voting & meetings

Each Unit has equal Percentage of Value; voting by value or by number and value; each Co-owner has votes per Unit; Developer votes for unsold Units (Article V, Section 5.2 ("percentage of v)

Amendments

No amendment contrary to Sparta Township ordinances without Township consent. Developer may amend during Development Period without consent for non-material changes; material changes require 2/3 vote of Co-owners and mortgagee vote in certa (Article IX, Section 9.1(a)-(k))

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