Legends at Thousand Oaks Condominium

Key facts from Legends at Thousand Oaks Condominium's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential site condominium (Section 1.1, 1.3)

Units / lots

10 (Master Deed); 9 (Bylaws - inconsistency) (Master Deed Section 1.3: 'residential si)

Governing law

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

Assessments & dues

Board establishes initial budget in advance for each fiscal year, then determines annual assessment based on budget. Board may adjust if insufficient for operation, maintenance, or emergencies. (Bylaws Section 5.2(a), (b))

Special assessments

Special assessments exceeding $5,000 in any year or for purchase of a foreclosed unit require 67% Owner approval. Other special assessments may be made by Board with Owner approval as provided. (Bylaws Section 5.2(c))

Collections & liens

Unpaid assessments, plus interest, collection charges, attorney fees, etc., constitute a lien on the Unit, prior to all others except tax liens and prior recorded mortgages. Association may foreclose under Section 108 of the Act. (Bylaws Section 5.5(a), (b))

Reserves & fees

Association must maintain a reserve fund for major repairs and replacement of Common Elements, minimum 10% of current annual budget on noncumulative basis, established on or before Transitional Control Date. (Bylaws Section 4.5)

Architectural approval

An Architectural Review Committee (ARC) is established; approval required for construction, alterations, landscaping changes, etc. (Bylaws Sections 7.3, 7.4)

Use restrictions

Units are for residential purposes only. (Bylaws Section 8.1)

Voting & meetings

Each Unit Owner is entitled to one vote per Unit when voting by number; voting by value uses the Percentage of Value. Developer votes only for Units it still holds. No cumulation of votes. (Bylaws Section 2.2, 2.3)

Amendments

Pre-conveyance: Developer may unilaterally amend. Post-conveyance: Non-material amendments without consent; material amendments require 2/3 Owner consent (unless affecting individual unit dimensions, then that Owner's consent needed). Devel (Master Deed Section 9.2; 9.2(e))

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