Signet

Key facts from Signet's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Signet Condominiums

Governing law

Unit Ownership Act of Montana found in Title 70, Chapter 23 of the Revised Codes of Montana (Article XIII)

Assessments & dues

Board determines amounts required for operation, maintenance, working capital, reserves, etc.; assessed according to common interest (Article II, Section 3(b); Article V, Sec)

Special assessments

Board may assess to make up any deficit in common expenses for any prior year (Article V, Section 1)

Collections & liens

Lien for unpaid common charges; foreclosure permitted under MCA 70-23-607; board may purchase unit at foreclosure (Article V, Section 7)

Reserves & fees

Reserve fund for replacements is a common expense (Article V, Section 1)

Leasing & rentals

Entire apartment unit may be rented; partial unit renting prohibited; no transient tenants (Article V, Section 12(e)-(f))

Parking & vehicles

Boats, trailers, motorboats, sailboats, personal watercraft, campers, RVs, and similar things prohibited except in designated northside parking areas (Amendment to Bylaws, Article II, Section)

Architectural approval

Unit owner must submit plans and specifications to board for any alteration or improvement; board approval required (Article V, Section 14)

Insurance

Fire insurance with extended coverage, vandalism, malicious mischief at full replacement value; workmen's comp; machinery; plate glass; water damage; other insurance as board determines; public liability coverage including cross-liability (Article V, Section 2)

Use restrictions

Apartment units shall be used for single family residences only (Article V, Section 12(a))

Voting & meetings

One vote per unit owner; total 18 votes (Article III, Section 7)

Amendments

75% vote in number and common interest of all unit owners; also requires approval of mortgagees with first liens on four or more units or contract sellers with four or more contracts; mortgagee protections require mortgagee approval (Article XI)

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