Veranda at Thousand Oaks

Key facts from Veranda at Thousand Oaks's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Section 1.1)

Legal name

Veranda at Thousand Oaks

Governing law

Michigan Condominium Act, Act 59 of 1978, as amended (Section 1.2; Section 3.1(a))

Assessments & dues

Board develops annual budget and determines, levies and collects assessments; initial budget and assessment determined by Developer until first Owner election. (Sections 5.1, 5.2, 5.5 Bylaws; Section 4)

Collections & liens

Unpaid assessments constitute a lien on the Unit; Association may foreclose lien in manner provided by law. (Section 5.5(C) and (E) Bylaws)

Reserves & fees

Association shall maintain a reserve fund for major repairs and replacement of Common Elements; minimum amount required by Section 105 of Act; to be maintained at level equal to or greater than 10% of current annual budget on a noncumulativ (Section 4.5 Bylaws)

Pets

Yes, no more than 2 dogs and 2 cats (or combination); other animal kept for service or assistive purposes allowed. (Section 7.3(b) Bylaws)

Leasing & rentals

Yes, with notice to Association; lease terms must be for 6 months or longer unless Developer approves shorter term. (Sections 9.1, 9.2 Bylaws)

Parking & vehicles

Prohibited except temporarily for loading/unloading. (Section 7.3(g) Bylaws)

Architectural approval

Yes, for any structural modifications to a Unit or Limited Common Element; also for expansion or addition of decks, patios, etc. (Section 4.4(a) Bylaws; Section 5.3(b) Ma)

Maintenance

Roofs are part of General Common Elements (Structural Building Elements) and are maintained by Association. (Section 4.1(l) Master Deed)

Insurance

Association shall maintain property insurance on Common Elements, liability insurance, and fidelity bond for persons handling Association funds. (Section 6.2 Bylaws)

Use restrictions

Each Unit shall be used for residential purposes only. (Section 7.1 Bylaws)

Voting & meetings

Each Owner entitled to one vote per Unit when voting by number, and one vote equal to the total of the percentages assigned to the Unit(s) when voting by value; no cumulative voting; Developer votes only Units it owns and pays assessments o (Section 2.2 and 2.3 Bylaws)

Amendments

Pre-conveyance: Developer may unilaterally amend. Post-conveyance: Non-material changes may be made without Owner consent; material changes require two-thirds consent of Owners; certain changes require Developer and affected Owner consent; (Section 9.2 Master Deed)

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