Foster Estates Ccrs

Key facts from Foster Estates Ccrs's documents

Reflects the 1995 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Developer / declarant

Quadrant Development Company, Inc.

Governing law

Indiana Code 23-17-1-1 et seq. (Articles of Incorporation (preamble) - P)

Assessments & dues

Initial maximum $350 per lot per year (exclusive of processing fees); thereafter determined by approved budget (By-Laws Section 9.11 - PAGE 28)

Special assessments

Two types: (1) for operating deficits: Board may call special meeting and impose with approval of 2/3 of all Members; (2) for capital improvements: requires assent of 2/3 of all Members (By-Laws Section 9.5 (deficits) and Secti)

Collections & liens

Annual and special assessments, with interest, costs, and reasonable attorneys' fees, are a continuing lien on the lot; enforceable by foreclosure action; personal obligation of owner at time due (does not pass to successors unless assumed) (By-Laws Section 9.1 and 9.9 - PAGE 25-27)

Reserves & fees

Budget includes reasonable allowance for reserves for periodic repair and replacement of Association Property (By-Laws Section 9.4 - PAGE 26)

Parking & vehicles

Passenger vehicles allowed up to 48 hours; otherwise restricted (Section Four Deed of Dedication - "VEHIC)

Architectural approval

Yes - for any building, fence, wall, structure including pools (above-ground prohibited), ponds, spas, etc.; plans must be approved by Architectural Control Committee (Section Four Deed of Dedication - "LAND )

Use restrictions

Yes - all lots designated residential; only detached single-family dwellings permitted; no commercial, hotel, boarding house, mercantile, or factory buildings (Section Four Deed of Dedication - "LAND )

Voting & meetings

Two classes: Class A (Lot Owners, 1 vote per lot) and Class B (Developer, 303 votes until Turnover Date) (By-Laws Section 2.3 - PAGE 16)

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