Bagley Townhouses

Key facts from Bagley Townhouses's documents

Reflects the 2008 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Bagley Townhouses

Developer / declarant

VRE 3, LLC

Governing law

Michigan Condominium Act, Act 59 of Public Acts of 1978, as amended (Article 1)

Assessments & dues

Board establishes annual budget in advance and allocates common charges according to percentage of value assigned to each unit. Budget includes operating fund, reserve fund, etc. (Bylaws Article V, Section 4)

Special assessments

Special assessments exceeding $5,000 per year require approval of more than two-thirds of all members in value and number. Assessments for capital improvements, purchase of unit upon foreclosure, etc. (Bylaws Article V, Section 5)

Collections & liens

Unpaid assessments constitute a lien on the unit prior to all liens except tax liens and sums unpaid on a first mortgage. Association may foreclose by judicial action or advertisement (power of sale). Ten-day notice required before action. (Bylaws Article V, Section 6)

Reserves & fees

Association shall maintain a reserve fund for major repairs and replacement of common elements equal to at least 10% of current annual budget on a noncumulative basis (Bylaws Article V, Section 11)

Leasing & rentals

Provisions relating to ability to rent a unit may not be modified without consent of each affected co-owner and mortgagee (implying leasing is permitted subject to these restrictions) (Article 9.1(c))

Signs & flags

Developer or Association shall not prohibit co-owner from displaying a single United States flag of a size not greater than 3 feet by 5 feet anywhere on the exterior of the condominium unit (Article 12)

Insurance

Each member responsible for insurance on personal property, personal liability, and alternative living expenses (Bylaws Article VI, Section 1(a))

Use restrictions

Each unit has been designed and intended for residential purposes (Article 4)

Voting & meetings

Each unit collectively entitled to one vote by number and one vote by value equal to total percentage of value assigned to the unit (Bylaws Article II, Section 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.