Category Archives: Property Managers

Amending Deed Restrictions: Giving Meaning to Successive Terms without Ignoring Declarant Intent

Introduction

Restrictive covenants in Michigan are valuable property rights and have been effectively used to assist in the orderly development of Michigan communities.  The rights contained in restrictive covenants are used by developers to implement their community visions and by property owners to protect and enhance the value of their homes.  Once adopted these provisions often require unanimous consent to change or modify by default, however, in many cases the original declarant includes an amendment provision to permit a stated percentage of lot owners (or other interested parties), less than all, to adopt an amendment.  The effective date of an amendment, even if validly adopted, may be subject to interpretation if the restrictive covenant creates successive terms.  Any party seeking to adopt an amendment to its declaration should be aware of these risks and the potential impact of the expiration of a period of time contained in their declaration. Read more

What is a Personal Guaranty and Why is It Important with a Commercial Lease?

 

Introduction

At some point in their lives, most adults have signed a lease agreement, whether it be the leasing of an automobile, an apartment on campus while attending college or renting a home. Since most of these leases are standard forms offered on a “take it or leave it” basis by the lessor or landlord, negotiating the base rent and term of the lease is typically the main and only focus for the lessee.

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