551/557 Michigan Condominium Association, Inc.

Key facts from 551/557 Michigan Condominium Association, Inc.'s documents

Reflects the 2015 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Para 1: 'submitted to condominium owners)

Legal name

551/557 Michigan Condominium Association, Inc.

Governing law

Chapter 718 of the Florida Statutes (Condominium Act) (Para 3: 'Chapter718 of the Florida Statu)

Assessments & dues

Each unit's assessment share equals its undivided share of common elements, which is 1/20 per unit as per Exhibit D (Para 11(a): 'Each owner is liable for a )

Collections & liens

Unpaid assessment lien on unit recorded after at least 20 days past due; lien secures attorney's fees; association may appoint receiver to collect rent; association may acquire title incident to collection (Para 11(c)-(e): 'The unpaid part of an a)

Reserves & fees

$5.00 if not paid within 10 days of due date; plus $15.00 service charge for each monthly notice of non-receipt; or late penalty not to exceed 5% of principal balance in lieu of interest, late charges, and service charges (Para 11(b): 'A late charge of $5.00 will)

Use restrictions

Each unit shall be occupied by only a Single Family as a residence and for no other purpose (Para 15(a): 'Each unit shall be occupied)

Voting & meetings

One vote per unit regardless of number of owners (Para 12(f): 'Each unit confers one vote )

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