Michigan Laws 125.1498e – Document of basic organization; approval of terms
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Terms Used In Michigan Laws 125.1498e
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Mobile home: means a structure, transportable in 1 or more sections, that is built on a chassis and is designed to be used as a dwelling with or without permanent foundation, when connected to the required utilities, and includes the plumbing, heating, air conditioning, and electrical systems contained in the structure. See Michigan Laws 125.1411
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Before any mobile home park association can receive any benefits as a result of qualifying under this act, the authority must approve the terms of the partnership agreement, joint venture agreement, trust agreement, or other document of basic organization.