Viaduct Avenue Condominiums

Key facts from Viaduct Avenue Condominiums's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

commercial and industrial condominium project (Preamble, Article I)

Legal name

Viaduct Avenue Condominiums

Developer / declarant

L & V DEVELOPMENT COMPANY, LLC

Governing law

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

Assessments & dues

Not fixed; established annually by Board based on budget (Bylaws Article II, Section 2.3(a))

Special assessments

Allowed for capital improvements over $1,000/year, purchase of foreclosed Unit, or other purposes; requires approval of more than 60% of all Co-owners in value and number (Bylaws Article II, Section 2.3(b))

Collections & liens

Association has lien for unpaid assessments; may foreclose by judicial action or advertisement; redemption period 6 months (1 month if abandoned); Co-owner waives notice for foreclosure by advertisement (Bylaws Article II, Section 2.6)

Reserves & fees

Required; minimum 10% of current annual budget on a non-cumulative basis; funded monthly (Bylaws Article II, Section 2.3(a))

Leasing & rentals

Yes, subject to restrictions that may be amended; leasing restrictions can be modified with consent of affected Co-owners and Mortgagees (Article X.B.4, Article XI.F)

Signs & flags

Exterior signs are Limited Common Elements; installation and maintenance cost borne by Co-owner of Unit; placement subject to approval of Developer and Association (Article IV.B.4)

Maintenance

Association (part of General Common Elements Structural) (Article IV.A.9)

Insurance

Association shall carry insurance (Bylaws Article I, Section 1.4(a)(iii))

Voting & meetings

Each Co-owner entitled to one vote per Unit by number and one vote by value equal to Percentage of Value of Unit. Voting is by value except as otherwise provided. (Bylaws Article I, Section 1.2(c))

Amendments

Developer alone if no other Co-owner; if other Co-owners, 2/3 of Co-owners and sometimes 2/3 of Mortgagees for material changes; certain changes require unanimous consent of affected Co-owners (Article X)

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