Mbm Building Condominium Owners Association, Inc.

Key facts from Mbm Building Condominium Owners Association, Inc.'s documents

Reflects the 2000 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Page 1: 'CONDOMINIUM: MBM BUILDING CONDO)

Legal name

MBM BUILDING CONDOMINIUM

Developer / declarant

MBM Group, L.L.C.

Governing law

Oregon Condominium Act (ORS 100.005 through 100.625) (Page 1: 'COMMIT SAID LAND TO THE OPERATI)

Assessments & dues

Board of Directors establishes budget and sets assessments; each unit's share equals its percentage of ownership in common elements (25% each) (Declaration Paragraph 9.6 and Bylaws Par)

Special assessments

Not explicitly addressed, but Board may increase reserves as necessary (Bylaws Paragraph 6.1: 'assessment... may)

Collections & liens

Association may foreclose lien; lien subordinate to first mortgage; mortgage holder taking possession takes free of prior unpaid assessments except pro rata share (Declaration Paragraph 15.4 and Paragraph)

Reserves & fees

Reserve account for replacements of structural elements, mechanical equipment, and other common elements with remaining useful life >3 and <30 years; funded by assessments (Bylaws Paragraph 6.1.b)

Architectural approval

Right of first refusal: adjacent unit owner (on same floor) has 10 days to match asking price; then extended 10 days to all other members on first-come, first-served basis; buyer must be approved by 75% of unit owners (Declaration Paragraph 8.1 and 8.2)

Use restrictions

False; Units are to be used for general commercial/office purposes only (Declaration Paragraph 7.1: 'Each Unit is)

Voting & meetings

One vote per unit (Declaration Paragraph 6: 'The owner of e)

Amendments

Amendment requires approval of Unit owners holding 75% or more of voting rights; certain amendments require consent of Declarant until turnover; amendment to change unit size, percentage, etc. requires approval of owners and mortgage holder (Declaration Paragraph 12 and 12.1)

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