Tapestry Square Townhomes

Key facts from Tapestry Square Townhomes's documents

Reflects the 2015 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title, Recitals)

Developer / declarant

100 Wealthly LLC (Pre-recorded page, Recitals)

Governing law

Michigan Condominium Act, Act 59 of the Public Acts of 1978, as amended (Recitals, Article IV(a))

Assessments & dues

Board determines and collects assessments based on annual budget. Expenses of administration are costs incurred by the Association. (Bylaws Article 5.1, 5.2, 5.3)

Special assessments

Association may levy special assessments for costs not included in budget (implied by Article V.E and Bylaws Article 5.5) (Article V.E; Bylaws Article 5.5)

Collections & liens

Association has lien for unpaid assessments, enforceable by foreclosure. Lien subject and subordinate to first mortgages. (Article V.E; Bylaws Article 5.5)

Reserves & fees

Maintain reserve fund for major repairs/replacement of common elements, minimum 10% of current annual budget on noncumulative basis. Established by Transitional Control Date. (Bylaws Article 4.5)

Leasing & rentals

Yes, subject to restrictions. During Retention Period, no leasing of Affordable Units. Otherwise allowed per Bylaws. (Article IX (Master Deed) and Article X ()

Home business

Not explicitly mentioned, but restricted by residential use provision. (Bylaws Article 7.1)

Maintenance

Not explicitly stated. Roof systems likely part of limited common elements per Building (Article V.B.7: Exterior Systems serving fewer than all units). (Article V.B.7)

Insurance

Association shall obtain insurance for the Common Elements (details not specified). (Bylaws Article 6.2)

Use restrictions

Yes, Units shall be used exclusively for residential purposes. (Bylaws Article 7.1)

Voting & meetings

One vote per Unit by number; one vote equal to percentage of value by value. Voting by number except where required by Master Deed or Bylaws to be by number and value. (Bylaws Article 2.2)

Amendments

Non-material: by Developer or Association. Material: requires 2/3 co-owners in number and value and 2/3 first mortgagees. Certain changes (value formula, leasing ability, unit dimensions) require consent of each affected co-owner and first (Article IX)

Amenities

Parking spaces (18), paved driveways, walkways, sidewalks, lighting, lawns, trees, shrubs, green spaces, entry signage. No pool, clubhouse, gym, trails, gates, lake. (Article V.A.7 and V.A.8)

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