Michigan Laws 559.150 – Termination of condominium project or amendment of master deed by developer
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 559.150
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
If there is no co-owner other than the developer, the developer, with the consent of any interested mortgagee, may unilaterally terminate the condominium project or amend the master deed. A termination or amendment under this section shall become effective upon the recordation thereof if executed by the developer.