Promenade (IN)

Key facts from Promenade (IN)'s documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Mixed-use development including residential, retail, assisted living and office (WHEREAS paragraphs and Section 3)

Units / lots

110 multi-family units (Villas) + 122 lots (Creek) + 48 lots (Woods) = 280 residential units/lots; Commercial Tract not enumerated in units (WHEREAS: "approximately: (a) 110 multi-f)

Developer / declarant

Promenade Commercial, LLC, an Indiana limited liability company (Preamble)

Governing law

Laws of the State of Indiana (Section 22)

Assessments & dues

Woods: 2.4% of roadway maintenance costs; Villas: 14%; Creek: 18%; max $50/year per lot owner for residential. Commercial Tract: proportionate share based on gross square footage (Section 7(d)(ii) and (i))

Collections & liens

Declarant may file notice of intention to hold a lien for unpaid common area expenses and foreclose like mechanic's lien (Section 7(d)(i))

Reserves & fees

Capital reserve fund of not more than 10% of all maintenance expenses (Section 7(d): "a capital reserve fund of)

Signs & flags

Declarant installs monument sign; Owners may install exterior building signs subject to Declarant approval and being substantially similar to prototypical center (Section 9(a) and (b))

Use restrictions

Only residential, retail, assisted living, and/or office purposes, in accordance with PUD (Section 3)

Amendments

By Declarant while it owns any part of Development Tract; thereafter by Owners of at least 75% of gross square footage on Commercial Tract, with consent of Declarant and 51% of homeowners in each residential development for liability change (Section 28)

Amenities

Common Areas: non-public roadways, round-a-bout, storm drainage, landscaping, walking paths in Commercial Tract (Section 1(b))

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.