Holbrook's Add

Key facts from Holbrook's Add's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (The James Avenue Condominium Project)

Legal name

The James Avenue Condominium

Developer / declarant

VG Development, LLC

Governing law

Michigan Condominium Act, Act 59 of 1978, as amended (Article I, Section 3.1(a))

Assessments & dues

Board of Directors establishes annual budget; assessments apportioned according to percentage of value (equal). (Bylaws Article II, Section 2.2(a) and 2.)

Special assessments

Board may levy special assessments without owner consent for certain items (e.g., additions under $5,000, emergencies). Other special assessments require >60% Co-owner approval. (Bylaws Article II, Section 2.2(a)(b))

Collections & liens

Association has lien for unpaid assessments; may foreclose by judicial action or advertisement; redemption period 6 months (1 month if abandoned). (Bylaws Article II, Section 2.5(b))

Reserves & fees

On Transitional Control Date, reserve fund must be at least 10% of current annual budget on non-cumulative basis. (Bylaws Article II, Section 2.2(a))

Leasing & rentals

Not explicitly prohibited; amendments may impose leasing restrictions with mortgagee consent. (Article IX, Section 9.1(e)(vi) (mortgage)

Architectural approval

Approval required for improvements or alterations visible from exterior or impairing appearance, view, privacy of other Units. During Development Period by Developer; thereafter by Association or architectural control committee. (Article VII, Section 7.1; Article IV, Se)

Use restrictions

Condominium Project is residential in nature. (Bylaws Article I: 'residential Condomini)

Voting & meetings

Each Co-owner has one vote per Unit owned; percentage of value equal (50% each). Mortgagees vote on certain amendments. (Article V, Section 5.2; Article IX, Sect)

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