Leisure East Condominiums of Kentwood

Key facts from Leisure East Condominiums of Kentwood's documents

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

Community type

condominium (Leisure East Condominiums of Kentwood — )

Legal name

Leisure East Condominiums of Kentwood

Units / lots

174 (consisting of 174 Apartments (now referr)

Governing law

Act 59, Public Acts of 1978 as amended (Pursuant to Act 59, Public Acts of 1978 )

Assessments & dues

Board establishes annual budget and allocates all Expenses of Administration equally among all co-owners, except natural gas and insurance allocated based on square footage. All assessments levied equally and not by Percentage of Value. (Article V, Section 4)

Special assessments

Requires prior approval of more than two-thirds (2/3) of all members in value and number, for capital improvements exceeding $3,000 per year, purchase of unit upon foreclosure, furnace repair/replacement programs, or any other appropriate p (Article V, Section 5)

Reserves & fees

Board may establish a reasonable late payment fee. (Article V, Section 6(a)(ii) - 'the Board)

Voting & meetings

Each unit collectively entitled to 1 vote when voting by number, and 1 vote equal to total Percentage of Value when voting by value; voting by value except where required by number or both; majority is 51% in value of members voting with qu (Article II, Sections 2, 5)

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