THIRD AMENDMENT TO MASTER DEED OF THE VILLAS AT STRATFORD PLACE. (Act 59, Public Acts of 1978) as amended

Transcription

1 THIRD AMENDMENT TO MASTER DEED OF THE VILLAS AT STRATFORD PLACE (Act 59, Public Acts of 1978) as amended Third Amendment to Clinton County Condominium Subdivision Plan No. 51, including; (1) Third Amendment to the Master Deed of The Villas at Stratford Place. (2) Exhibit A to Amended Master Deed: Replat No. 3 to Subdivision Plan of The Villas at Stratford Place. No interest in real estate being conveyed hereby, no revenue stamps are required. This Document Drafted By and Return To: Nyal D. Deems Varnum LLP Bridgewater Place - P.O. Box 352 Grand Rapids, MI

2 THIRD AMENDMENT TO MASTER DEED OF THE VILLAS AT STRATFORD PLACE (Act 59, Public Acts of 1978, as amended) Stratford Place Holding, LLC, a Michigan limited liability company, of Suite 200, 1650 Kendale Blvd., East Lansing, Michigan 48823, as Successor Developer (the "Successor Developer") and the Villas at Stratford Place Condominium Association, a Michigan nonprofit corporation of 3400 Hamlet Circle, East Lansing, Michigan (the "Association") as the Unit owners Association of The Villas at Stratford Place (the "Project"), a condominium project established by Master Deed dated July 25, 2005, and recorded on July 28, 2005 as Document No , Clinton County Records, as amended by a First Amendment to Master Deed recorded on November 22, 2011 as Document No , and by a Second Amendment to Master Deed recorded on April 25, 2012, as Document No , Clinton County Records (collectively, the "Master Deed"), amend the Master Deed by right of the authority reserved to the Developer in Articles XI and VIII of the Master Deed and to the Association in Article VI of the Condominium Bylaws, for the purpose of (i) amending the bylaws for the Project, and (ii) converting part of the Expansion Property into new Units, and thereby increasing the number of Units in the Project from 16 to 20. The defined terms in this Amendment not otherwise defined in this Amendment shall have the meanings set forth in the Master Deed, as amended. The Master Deed is amended as provided below. 1. Amended Sections of Bylaws. (a) Article II, Section 3 of the Bylaws is amended to provide that that an automatic late charge not exceeding $25.00 per installment per month will be added to each installment in default for 10 or more days until each installment together with all applicable late charges is paid in full. (b) Article II of the Bylaws is amended to add a Section 12 to read as follows: Section 12. At the time of the real estate closing, when the initial purchaser becomes an Co-owner, such Co-owner shall contribute to the Association a sum equal to one-fourth (1/4) of the then annual assessment of the Association for such Unit for capital expenses and working capital of the Association. (c) Article VI, Section 2 of the Bylaws is amended by restating subsection (a) Right to Lease in its entirety, to read as follows: (a) Right to Lease. With the exception of a lender in possession of a Unit following a default of a first mortgage, foreclosure or deed or other arrangement in lieu of foreclosure, no Co-owner shall lease less than an entire Unit in the Condominium and no tenant shall be permitted to occupy except under a lease the initial term of which is at least 12 months, unless specifically approved in writing by the Board of Directors. No Co-owner may lease any unit within the Condominium without the prior written approval of the Association and no more than 20% of the total number of units in the Association may be leased at any one time except with the written consent of the Board of Directors in a case of specific

3 individual hardship. The Developer, or its assigns, may lease any number of Units in the Condominium in its discretion and shall not be subject to the foregoing restriction when leasing to individuals that hold a binding purchase agreement for a Unit in the Condominium and are waiting to close and move into the Unit. The terms of all leases, occupancy agreements and occupancy arrangements shall incorporate, or be deemed to incorporate, all of the provisions of the Condominium Documents. (d) Article VI Section 8 of the Bylaws is amended by restating it in its entirety, to read as follows: Section 8. Advertising. No signs (other than political signs and Developer's signs and advertisements) or other advertising devices of any kind shall be displayed which are visible from the exterior of a Unit or on the Common Elements, including "For Sale" signs, without written permission from the Board of Directors. (e) Article VII, Section 3 of the Bylaws is restated in its entirety, to read as follows: ARTICLE VII MORTGAGES Notification of Meetings. Upon written or electronic request received by the Association, any institutional holder of a first mortgage lien on any Unit in the Condominium shall be entitled to receive written notification of every meeting of the Co-owners of the Association and to designate a representative to attend such meeting. The Association shall also notify all such mortgagees of any proposed action that requires the consent of a specified percentage of mortgage holders. Additionally, all references to mortgagees in this Article VII shall be deemed to include insurers and guarantors of mortgages as well as the mortgagees thereof. (f) Article IX of the Bylaws is restated in its entirety, to read as follows: ARTICLE IX MEETINGS OF THE MEMBERS Section 1. Annual Meetings. The Board of Directors shall call an annual meeting of the Association. The Board of Directors shall have power to set the date and place of the annual meeting and shall give all members at least 15 days written notice thereof. Section 2. Special Meetings. Special meetings of the members may be called at any time by the President or by the Board of Directors, or upon written request of one fourth (1/4) of all of the votes of the membership.

4 Section 3. Notice of Meetings. Written notice of each meeting of the members shall be given by, or at the direction of, the Secretary or person authorized to call the meeting, by mailing a copy of such notice at least 15 days before such meeting to each member entitled to vote thereat, addressed to the member's address last appearing on the books of the Association, or supplied by such member to the Association for the purpose of notice, or, if the member has given consent to receiving such notice by , to the address supplied by the member. Such notice shall specify the place, day and hour of the meeting, and in the case of a special meeting the purpose of the meeting. Copies of the proposed annual budget of expenses shall be included with such notice in respect of any meeting at which the budget will be considered. Section 4. Quorum. The presence at the meeting of Members entitled to cast, or of proxies entitled to cast, 35% of the votes of the membership shall constitute a quorum for any action except as otherwise provided in the Articles of Incorporation, the Master Deed or these Bylaws. Section 5. Proxies. At all meetings, each member may vote in person or by proxy executed in favor of another member. All proxies shall be in writing and delivered to the Secretary or to the person authorized by the Secretary prior to the commencement of the meeting. Each proxy shall be revocable and valid only for the designated meeting. Section 6. Voting. Members of the Association who are in good standing shall have the following voting rights: Each member is entitled to one vote on each matter submitted to a vote for each Unit owned by such Member. When more than one person or entity holds an interest in any Unit or other portion of the Property (multiple ownership), all such persons shall constitute one member, but in no event shall there be more than one vote cast with respect to any such Unit. When more than one person or entity holds an interest in such Unit, the vote for the Unit shall be exercised as the multiple Unit Co-owners may, among them, agree, and they shall notify the Association in writing of the person entitled to exercise such vote. In the event any multiple Unit Co-owners fail to provide such notice to the Association within 15 days prior to the date set for a meeting, the Unit Co-owner whose name first appears on record title shall be deemed to be the member authorized to vote on behalf of all the multiple Unit Co-owners and any vote cast in person or by proxy by said Co-owner, or the failure of said Co-owner to vote, shall be binding upon all such multiple Co-owners of that Unit. Section 7. Evidence of Ownership. No Co-owner may vote, in person or by proxy, at any meeting of the Association until Co-owner has presented evidence of ownership to the Association and is in good standing. To be in good standing, a member must be current with the member's annual and special assessment obligations.

5 (g) Article XI, Section 2 of the Bylaws is restated in its entirety, to read as follows: Section 2. Election of Directors. (a) Nomination. Nominations for election shall be made by submission of nominee names by any member to the Secretary or to the person authorized by the Secretary prior to a regular meeting or shall be made from the floor during the regular meeting with the consent of the nominee. (b) Election. Election to the Board of Directors shall be by secret written ballot in respect of each vacancy to be filled. The persons receiving the most votes shall be elected. 2. Revisions to the Condominium Subdivision Plan. The Condominium Subdivision Plan attached as Exhibit B to the Master Deed of The Villas at Stratford Place, as amended by the First and Second Amendments, is further amended by replacing Sheets of Replat No. 2 with Sheets of Replat No. 3 attached as Exhibit B to this Amendment. 3. Ratification. In all other respects, the provisions of the Master Deed of The Villas at Stratford Place dated July 25, 2005 and recorded in the office of the Register of Deeds for Clinton County, Michigan as Clinton County Condominium Subdivision Plan No. 51 as amended by the First Amendment to Master Deed of The Villas at Stratford Place dated July 18, 2011, and by the Second Amendment to Master Deed of The Villas at Stratford Place dated April 17, 2012, are ratified and confirmed. 4. Inconsistencies. The provisions of this Third Amendment shall supersede all other provisions of the Master Deed, Condominium Bylaws, and other condominium documents for the Condominium Project that may be contrary to it and shall govern in the event of any inconsistency. 5. Effective Date. The Successor Developer has signed this Third Amendment to Master Deed as of the day of April, 2013 and it shall be effective upon its recordation at the office of the Clinton County Records. STRATFORD PLACE HOLDING, LLC, a Michigan limited liability company by: its: Robert K. Schroeder manager

6 STATE OF MICHIGAN ) ) COUNTY OF CLINTON ) This document was acknowledged before me the of April, 2013, by Robert K. Schroeder, the manager of Stratford Place Holding, LLC, a Michigan limited liability company, on behalf of the limited liability company. Notary Public, County, State of Michigan My commission expires: (Consent of Association on following page) The Villas at Stratford Place Condominium Association, a Michigan non-profit corporation, hereby consents to the recordation of this Third Amendment to Master Deed and certifies that the same was submitted to all Co-owners entitled to vote and was approved by more than 66-2/3% of all Unit owners entitled to vote. VILLAS AT STRATFORD PLACE CONDOMINIUM ASSOCIATION, a Michigan non-profit corporation By: Its: STATE OF MICHIGAN ) ) COUNTY OF ) This instrument was acknowledged before me the of April, 2013, by Richard Graham-Yooll, the President of the Villas at Stratford Place Condominium Association, a Michigan non-profit corporation, on behalf of the corporation. Notary Public, County, State of Michigan My commission expires: _1.doc