Balsam Waters Site Condominium

Key facts from Balsam Waters Site Condominium's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

residential site condominium (Section 1.3)

Legal name

Balsam Waters Site Condominium

Governing law

Michigan Condominium Act, Act 59 of Public Acts of 1978, as amended (Section 1.2, Section 3.1(a))

Assessments & dues

Assessments determined by Board to meet expenses of administration, apportioned according to Percentage of Value (all Units initially equal) (Bylaws Sections 5.2, 5.3; Master Deed Se)

Special assessments

Permitted; increased costs due to owner improvements may be specially assessed (Section 4.3(c) of Master Deed) (Master Deed Section 4.3(c))

Collections & liens

Association has lien for unpaid assessments and may foreclose; also for unpaid maintenance costs (Master Deed Section 4.3(h)) (Bylaws Section 5.5; Master Deed Section )

Reserves & fees

Association shall maintain a reserve fund for capital improvements and major repairs (Bylaws Section 4.5)

Leasing & rentals

Leases are permitted; notice required and lessee must comply with Condominium Documents (Bylaws Sections 10.1, 10.2)

Architectural approval

Architectural Review Committee appointed by Developer; approval required for construction or exterior alterations (Bylaws Section 7.3)

Use restrictions

Each Unit shall be used solely for residential purposes (Bylaws Section 8.1; Master Deed Section )

Voting & meetings

Each Owner entitled to one vote per Unit when voting by number; one vote equal to total percentage of value when voting by value (Bylaws Section 2.2)

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