Flat Iron Condominiums

Key facts from Flat Iron Condominiums's documents

Reflects the 2009 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Conversion condominium project under Michigan Condominium Act (Master Deed, Recital A, p.2)

Legal name

Flat Iron Condominiums

Units / lots

5 initial Units (Article IV, p.5: 'five (5) initial Units)

Developer / declarant

Flat Iron Holdings, LLC

Governing law

Michigan Condominium Act, Act 59 of Public Acts of 1978, as amended (Master Deed, p.1 and Article III(a), p.3)

Assessments & dues

Board establishes annual budget; general common expenses allocated to Units according to Percentage of Value; special common expenses allocated to Units benefiting from Limited Common Element (Bylaws Article V, Section 4, p.26-27)

Special assessments

Levied by Board with approval of more than two-thirds of all members in value and number for capital improvements exceeding $10,000 per year, purchase of Unit on foreclosure, or other appropriate purpose (Bylaws Article V, Section 5, p.27)

Collections & liens

Association has lien for nonpayment of assessments; may be enforced by legal action and foreclosure (Master Deed Article V.C.(2), p.8; Bylaws)

Reserves & fees

Budget shall establish adequate reserve fund for maintenance, repair, and replacement of General and Limited Common Elements, financed by regular monthly payments (Bylaws Article V, Section 4, p.26)

Use restrictions

No Co-owner shall use Unit or Common Elements in manner inconsistent with purposes of Project or which will interfere with or impair rights of other Co-owners (Article V.D, p.9)

Voting & meetings

Each Unit entitled to one vote by number and one vote by value equal to its Percentage of Value (Bylaws Article II, Section 2, p.21)

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