Kraft Farms

Key facts from Kraft Farms's documents

Community type

Site Condominium (Page 1: 'A Site Condominium Project')

Governing law

Michigan Condominium Act, Act 59, Public Acts of 1978, as amended, MCL 559.101 et seq. (Preliminary Statement B; Master Deed Art)

Assessments & dues

Board establishes initial budget; annual assessment determined on basis of budget. (Exhibit A, Article V, Section 5.2(a))

Special assessments

Assessments in excess of those permitted by 5.2(b) require approval of 67% of all Co-owners. (Exhibit A, Article V, Section 5.2(c))

Collections & liens

A lien for nonpayment of assessments attaches to the Unit and may be enforced by all means including foreclosure. (Master Deed Article IV, Section 4.4(b); )

Reserves & fees

Association shall maintain reserve fund for major repairs and replacement; minimum amount equal to or greater than 10% of current annual budget on non-cumulative basis. (Exhibit A, Article IV, Section 4.5)

Architectural approval

Yes. Exterior appearance of structures, improvements, yard areas subject to approval of Association and its aesthetic standards. (Master Deed Article IV, Section 4.3(b))

Use restrictions

Yes. Described as 'residential site condominium project'. Withdrawn lands shall be residential in character. (Master Deed Article I, Section 1.1; Arti)

Voting & meetings

Each Co-owner one vote per Unit when voting by number; one vote equal to total percentages when voting by value. No cumulative voting. (Exhibit A, Article II, Section 2.2)

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