Ada Building Condominiums

Key facts from Ada Building Condominiums's documents

Reflects the 1999 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Ada Building Condominiums, Inc.

Developer / declarant

EMPIRE DEVELOPMENT, L. L. C. (Preamble)

Governing law

Horizontal Property Act of the State of Indiana (Article I, Section 1.01; Article II, Sec)

Assessments & dues

Board estimates cash requirement annually on or before November 1; budget furnished to Unit Owners at least 30 days prior to adoption; assessments based on each owner's percentage of ownership in Common Areas (Exhibit A). (Article VI, Section 6.01)

Special assessments

Board may approve supplemental budget for deficiencies or non-recurring expenses; separate assessment levied to Unit Owners for proportionate share. (Article VI, Section 6.02)

Collections & liens

Board may bid for and purchase Unit Ownership at sale pursuant to foreclosure of lien for Common Expenses under the Act, with consent of owners representing 66 2/3% of Common Areas. (Article V, Section 5.07(h))

Reserves & fees

Board shall build and maintain reasonable reserve for contingencies and replacements, segregated in interest-bearing account; extraordinary expenditures charged first against unallocated portion of reserve. (Article VI, Section 6.02)

Leasing & rentals

Yes, but no lease for transient or hotel purposes (lease less than 1 month deemed transient); lease must be in writing, of entire Unit, and subject to Declaration; lessee failure to comply is default under lease. (Article VII, Section 7.01(n))

Insurance

Each Unit Owner responsible for insurance on contents, furnishings, personal property in Unit and stored elsewhere, and personal liability not covered by master policy. (Article V, Section 5.08(g))

Use restrictions

Each Unit or adjoining Units used together shall be used for housing and related common purposes and for no other purpose. (Article VII, Section 7.01(a))

Voting & meetings

One vote per Unit Ownership; voting member may be Unit Owner or designated proxy (must be Unit Owner); designation in writing revocable. (Article V, Section 5.03)

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