Knockadoon Condominium

Key facts from Knockadoon Condominium's documents

Reflects the 2013 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential site condominium project (Master Deed Article I)

Legal name

Knockadoon Condominium

Governing law

Michigan Condominium Act (Act 59, Public Acts of 1978, as amended) (Master Deed Article III.A)

Assessments & dues

Board of Directors adopts annual budget; allocates common charges among all Co-owners on equal basis; payable semi-annually on January 1 and July 1 (Condominium Bylaws Article V Sections 2 )

Special assessments

Any increase other than the four listed reasons is a special assessment requiring approval by vote of 60% or more of Co-owners (Condominium Bylaws Article V Section 2(d)

Collections & liens

Unpaid assessments constitute a lien on the Unit prior to all other liens except tax liens and first mortgage of record; Association may enforce by suit for money judgment or foreclosure under Section 108 of Act; receiver may be appointed; (Condominium Bylaws Article V Section 4)

Reserves & fees

Association shall maintain a reserve fund for major repairs and replacement of common elements; minimum 10% of current annual budget on noncumulative basis; to be established on or before Transitional Control Date (Condominium Bylaws Article IV Section 5)

Voting & meetings

Each Co-owner: one vote per Unit when voting by number; one vote with value equal to percentage of value when by value; no accumulation of votes (Condominium Bylaws Article II Section 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.