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)

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