HomeMy WebLinkAbout1380 (i) unit owners have a minimum ~
percentage
undivided interest in the common elements, and a
corresponding maximum interest subject to diminution
to no less than such minimum, each such percentage
interest being stated in this Declaration of
Condominium=
(ii) the conditions on which any change in
such percentage of undivided interest in common
elements may take place are fully described in this
Declaration of Condominium, together with a descrip-
tion of the real property which will become subject to 4
the condominium if such alternative percentage inter-
, est becomes effectivef and
(iii) no change in the percentage interest in
the common elements may be effected pursuant to such
provision more than seven (7) years after the date the
Master Deed became effective.
(5) Each-first mortgagee has the right to examine the
books and records of the Condominium Association and the condominium
project.
(6) No condominium unit owner, or any other party,
shall have priority over any rights of first mortgagees of condomin-
ium units pursuant to their mortgages in the case of a distribution
to condominium unit owners of insurance proceeds or condemnation
awards for losses to or a taking of condominium ,units and/or common
elements.
(7) Any agreement for professional management of the
condominium regime or any other contract providing for services by
the developer, sponsor or builder must provide for termination on
ninety (90) days' written notice and the term of any such contract
may not exceed three (3) years.
B. Provision is hereby made for the following items in the
condominium organization and operation and such provision may not be
subject to deletion or amendment without the prior written consent of
the holder of each first mortgage of a condominium unit of record:
i
(1) Condominium dues and charges shall include an
` adequate reserve fund for maintenance, repairs and replacement of
those common elements that must be replaced on a periodic basis, and
~ shall be payable in regular quarterly installments rather than by
~ special assessments.
(2) All taxes, assessments and charges which may
become liens prior to the first mortgage under local law shall relate
only to the individual condominium units and not to the condominium
project as a whole.
(3) All amenities (such as parking, recreation, and
service areas) are a part of the condominium and are covered by the
construction mortgage at least to the same extent as are general
common elements.
(4) The Condominium Association shall agree to give `
~ FHI~IC notice Mackinac Corporation, 511 Woodward Avenue, Detroit,
Michigan 48226) in writing of any loss to, or taking of, the common
~ elements of the condominium project if such loss or taking exceeds
$10,000. 3
r
! 18. TERMINATION.
~ - This condominium may be voluntarily terminated in the
manner provided in the Condominium Act, at any time, except as
provided otherwise in this Declaration. t
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