Fulton Street Flats Condominiums

Key facts from Fulton Street Flats Condominiums's documents

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

Community type

Residential Condominium Project (Fulton Street Flats Condominiums is a re)

Legal name

Fulton Street Flats Condominiums Association

Developer / declarant

Andover Investments, LLC

Governing law

Michigan Condominium Act, Act 59 of PA 1978, as amended (pursuant to the Michigan Condominium Act)

Assessments & dues

Board establishes annual budget; assessments apportioned per percentage of value (Bylaws Article II, Section 2(a) and 3 (p)

Special assessments

Allowed with approval of more than sixty percent (60%) of all Owners in number and value for additions exceeding $5,000 annually; Board may also increase general assessment or levy additional assessment without Owner consent for up to $5,00 (Bylaws Article II, Section 2(a) and 2(b))

Collections & liens

Association has statutory lien; may foreclose by judicial action or advertisement after 10-day notice; expenses include attorney fees (Bylaws Article II, Section 5 (pages 24-2)

Reserves & fees

Minimum 5% of current annual budget on noncumulative basis, to be established before Transitional Control Date (Bylaws Article II, Section 2(a) (page 22)

Leasing & rentals

Developer may lease any unsold Unit; leasing by Owners subject to restrictions (amendment requires consent of affected Owners and mortgagees if leasing restrictions are modified) (Master Deed Article IX (page 14): 'Devel)

Architectural approval

Exterior appearance of structures, improvements and yard areas subject to approval of Association (Master Deed Article IV, Section 3(b) (pa)

Signs & flags

Developer reserves right to install identification signs within common elements; Association shall maintain (Master Deed Article VIII, Section 6 (pag)

Maintenance

Owner: own Unit, Limited Common Elements (driveways, sidewalks, foundation, basement, conduits, mailboxes, parking, balcony decks). Association: General Common Elements (land, easements, electrical, gas, improvements, sewer, site lighting, (Master Deed Article IV, Section 3 (pages)

Use restrictions

All Units shall be used for residential purposes (Master Deed Article VI, Section 1 (page )

Voting & meetings

Based on percentage of value assigned to each Unit (Each Unit Owner vote and pay a share of )

Amendments

Pre-conveyance: Developer unilateral. Post-conveyance: nonmaterial changes without Owner/mortgagee consent; material changes require two-thirds of Owners/mortgagees; certain modifications require consent of affected Owner/Developer. Develop (Master Deed Article X, Sections 1-4 (pag)

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