Tryon's 2nd. Add

Key facts from Tryon's 2nd. Add's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

540 Leonard Condominium Association (Master Deed 3.1(c); Bylaws 1.01)

Governing law

Michigan's Condominium Act, Act 59 of 1978, as amended (Preliminary Statement; Article III 3.1(a)

Assessments & dues

Board develops annual budget and determines assessments (Bylaws 4.04b, 5.01)

Special assessments

May be levied by Board (Bylaws 5.05)

Reserves & fees

Bylaws Section 4.07 establishes a Reserve Fund (Bylaws 4.07)

Maintenance

Roof is a Limited Common Element; Co-owner of unit to which appurtenant responsible (Master Deed 4.2a, 4.3)

Insurance

Article VI of Bylaws addresses insurance (details not fully extracted but referenced) (Bylaws 6.02)

Use restrictions

Prohibited (Bylaws 7.03)

Voting & meetings

Each unit collectively entitled to one vote when voting by number and one vote valued by Percentage of Value when voting by value. Voting generally by value. (Bylaws 2.02)

Amendments

Non-material amendments by Board; material amendments require consent of not less than two-thirds (66.67%) of votes of all Co-owners and, if affecting mortgages, approval of requisite percentage of first mortgagees (Master Deed 8.1)

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