Inglenook

Key facts from Inglenook's documents

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

Community type

condominium (Page 1: 'Master Deed establishing Inglen)

Legal name

Inglenook

Developer / declarant

GREENSTONE HOLDINGS, L.L.C.

Governing law

Michigan Condominium Act, Act 59 of 1978, as amended (Article III definitions: 'Act' or 'Michi)

Assessments & dues

Board of Directors establishes an annual budget and assessments are based on that budget. Assessments apportioned according to percentage of value (equal per unit). (Bylaws II.B(1): 'The Board of Directors )

Special assessments

Special assessments for additions exceeding $5,000 annually, purchase of a unit on foreclosure, or other appropriate purposes require approval of more than two-thirds of all Co-owners. (Bylaws II.B(2): 'Special assessments ...)

Collections & liens

Unpaid assessments together with interest, collection charges, advances, attorney fees, and fines constitute a lien on the unit. Association may foreclose by judicial action or advertisement. Redemption period is 6 months (1 month if abando (Bylaws II.E(1)-(2): 'Sums assessed ... c)

Reserves & fees

An adequate reserve fund must be funded by regular monthly payments and at a minimum equal to ten percent (10%) of the Association's current annual budget on a noncumulative basis. (Bylaws II.B(1): 'At a minimum, the reser)

Voting & meetings

Each unit has equal percentage of value, which determines vote weight. Co-owner in default loses vote until cured. (Article V.B: 'The percentage of value as)

Amendments

During Development Period, Developer may amend without Co-owner consent for non-material changes (modification of unsold units, correcting errors, boundary changes, facilitating financing). Material changes require two-thirds vote of Co-own (Article VII: entire amendment article (p)

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