Leisure Acres Condominiums of Kentwood

Key facts from Leisure Acres Condominiums of Kentwood's documents

Reflects the 2010 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential Condominium (Section 1.1: 'Leisure Acres Condominiums)

Legal name

Leisure Acres Condominiums of Kentwood

Units / lots

168 (Section 1.2: 'consisting of 168 Apartmen)

Governing law

Act 59, Public Acts of 1978 as amended (Michigan Condominium Act) (First page: 'Pursuant to Act 59, Public )

Age restriction

Yes, units intended for occupancy by persons 55 years of age or older; Association will publish policies demonstrating intent that each unit occupied by at least one person 55 or older (Article VII, Section 1(a): 'Units are in)

Assessments & dues

Board establishes annual budget and allocates expenses equally among all co-owners except natural gas and insurance allocated by square footage; assessments payable in 12 equal monthly installments (Article V, Section 4: 'The Board of Dire)

Special assessments

For capital improvements exceeding $3,000 per year, purchase of unit upon foreclosure, or other appropriate purpose; requires approval of more than two-thirds (2/3) of all members in value and in number (Article V, Section 5: 'Special assessmen)

Collections & liens

Unpaid assessments constitute a lien prior to all liens except tax liens and first mortgage; Association may foreclose by judicial action or by advertisement (power of sale); must give 10 days notice by certified mail before foreclosure; ex (Article V, Section 6(a)(iii): 'Unpaid as)

Reserves & fees

Reserve fund for major repairs and replacement at least 10% of current annual budget on noncumulative basis; monies used only for major repairs and replacement of Common Elements (Article V, Section 10: 'maintain a reser)

Maintenance

Association maintains General Common Elements and Limited Common Elements; costs charged as common expense unless caused by negligence of a member. Each member maintains their unit and any Limited Common Elements for which they have mainten (Article V, Section 7: 'The Association s)

Insurance

Property insurance covering Common Elements to full replacement value exclusive of foundation, including interior walls, pipes, wires, conduits, ducts; liability insurance (comprehensive public liability, minimum $1,000,000 single limit); D (Article VI, Section 1(a)-(e): 'property )

Voting & meetings

Each unit collectively entitled to one vote by number and one vote equal to its Percentage of Value by value; voting generally by value unless specified; no cumulation (Article II, Section 2: 'the members owni)

Amendments

For this amendment: consent of more than two-thirds of votes of co-owners and more than two-thirds of votes of mortgagees; for other amendments not specified in this document except for termination of condominium requires unanimous vote of (Exhibit B: 'received the consent of more)

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