Bancroft Meadows

Key facts from Bancroft Meadows's documents

Reflects the 2022 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Bancroft Meadows

Developer / declarant

JCZ VENTURES, LLC

Governing law

Michigan Condominium Act, Act 59 of 1978, as amended (Preamble)

Assessments & dues

Board of Directors establishes annual budget and sets assessments based on Percentage of Value (equal per unit) (Bylaws Section 5.2a; Master Deed Article)

Special assessments

Yes; requires approval of 67% or more of all Owners (by number and value) (Bylaws Section 5.2c)

Collections & liens

Unpaid assessments (with interest, collection costs, attorney fees, fines) constitute a lien on the Unit prior to all other liens except tax liens and prior recorded mortgages; enforceable by suit or foreclosure as per MCL 559.208 (Bylaws Section 5.5a)

Reserves & fees

Association shall maintain a reserve fund for major repairs and replacement; minimum 10% of annual budget on noncumulative basis (Bylaws Section 4.4)

Maintenance

Limited Common Elements maintained by Unit owner; General Common Elements maintained by Association (except for neglect by owner); driveways maintained by Unit owner; Association may step in if owner fails (Master Deed Article IV.C.1, C.2, C.4, C.)

Insurance

Association shall obtain casualty insurance with extended coverage, vandalism, malicious mischief; liability insurance; workers' compensation insurance pertinent to Common Elements (Bylaws Section 6.2)

Use restrictions

Project is a residential site condominium; Units shall not be used in any manner inconsistent with the purposes of the Project (Article I and Article IV.E)

Voting & meetings

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

Amendments

If no co-owner other than Developer, Developer may unilaterally amend. Otherwise: (a) nonmaterial amendments may be made without consent; (b) material amendments require 2/3 of Co-owners and 2/3 of mortgagees; (c) Developer may unilaterally (Master Deed Article VII.A, B, D)

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