Factory Yards Condominium

Key facts from Factory Yards Condominium's documents

Reflects the 2024 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Factory Yards Condominium

Developer / declarant

655 Godfrey, LLC

Governing law

Michigan Condominium Act (Act 59 of the Public Acts of 1978, as amended) (Master Deed Preamble)

Assessments & dues

The Association does not anticipate incurring any expenses (Bylaws Article IV Section 1)

Collections & liens

Unpaid assessments constitute a lien on the Unit prior to all others except taxes and first mortgage; Association may enforce by suit at law for money judgment or foreclosure of lien (Bylaws Article IV Section 4)

Reserves & fees

Reasonable late payment fees may be charged for failure to pay Easement Area maintenance costs (Master Deed); interest at maximum legal rate on unpaid assessments (Bylaws) (Master Deed Article VI Section 2(l); Byl)

Leasing & rentals

A Co-owner may lawfully sell, give, devise or otherwise transfer his Unit, or any interest therein, without restriction under the Bylaws (Bylaws Article VIII Section 1)

Insurance

Co-owners jointly carry all-risk property damage and liability insurance for Easements and any future Common Elements; insurance proceeds used for reconstruction or repair (Bylaws Article V Section 2)

Voting & meetings

Each Co-owner of a Unit collectively entitled to one vote; all decisions require unanimous written agreement of all Co-owners (Bylaws Article II)

Amendments

If no Co-owner other than Developer, Developer may unilaterally amend. If other Co-owner exists, unanimous consent required; during Development and Sales Period Developer may amend without materially altering rights of other Co-owners or mo (Master Deed Article VII Sections 1, 2)

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