Prospect Lofts Condominium

Key facts from Prospect Lofts Condominium's documents

Reflects the 2021 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

residential conversion condominium (Recital A: "residential conversion condo)

Legal name

Prospect Lofts Condominium

Governing law

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

Assessments & dues

Board prepares annual budget, determines assessments; assessments levied proportionally based on each Unit's Percentage of Value assigned in Master Deed (Bylaws Article 5.2 and Master Deed Art. )

Special assessments

Not explicitly named; but Board may levy additional assessments as needed under general assessment power (Bylaws Article 5.2 (implied))

Collections & liens

Association has lien for unpaid assessments; may foreclose and recover costs, attorney fees (Master Deed Art. 5.5; Bylaws Art. 5.5)

Reserves & fees

Required; minimum 10% of current annual budget (noncumulative); established on or before Transitional Control Date (Bylaws Article 4.5)

Pets

Yes (Master Deed Art. 5.1.13 (pet station pro)

Leasing & rentals

Yes, with restrictions as set forth in Bylaws Article 10 (Bylaws Article 10.1)

Parking & vehicles

One designated parking space per Unit in on-site lot; space is limited common element appurtenant to Unit (Master Deed Art. 5.2.3)

Architectural approval

Not explicitly required in provided documents; Developer may modify unsold Units during Development Period; Association may adopt rules and regulations regarding alterations (Master Deed Art. 7.2; Bylaws Art. 4.2(d))

Home business

Prohibited (implied by residential only and zoning compliance) (Bylaws Article 7.3: No use violating Act)

Maintenance

Association (roof is General Common Element per 5.1.7) (Master Deed Art. 5.1.7)

Insurance

Association shall obtain insurance covering Common Elements (Bylaws Art. 4.2(f), Art. 6.2)

Use restrictions

Yes (Bylaws Article 7.1: "Each Unit will be u)

Voting & meetings

One vote per Unit when voting by number; one vote per Unit with value equal to its Percentage of Value when voting by value. Voting by number except where specifically required by number and value. (Bylaws Article 2.2)

Amendments

Non-material: by Developer during Development Period or Association thereafter without co-owner consent. Material: require 2/3 of Co-owners in number and value and 2/3 of first mortgagees. Certain changes (abandonment, pro rata interests, p (Master Deed Art. XI)

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