Charwood Terrace Hpr

Key facts from Charwood Terrace Hpr's documents

Reflects the 1984 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Horizontal Property Regime (condominium) (Paragraph 2, page 7: "the Property shall)

Legal name

Charmwood Terrace Horizontal Property Regime

Developer / declarant

Charmwood Terrace, Inc. (Preliminary Recitals, page 1; signature )

Governing law

Horizontal Property Law of the State of Indiana, Acts 1963, Chapter 349, Sections 1 through 31, as amended (Paragraph 1(a), page 5)

Assessments & dues

Proposed annual budget presented to Owners at annual meeting for approval or amendment; regular assessments set in budget; special assessments as per By-Laws. (By-Laws Section 5.01-5.04 (Table of Cont)

Special assessments

Allows special assessments to cover common expenses; not further detailed in Declaration (referenced in By-Laws Section 5.04) (By-Laws Table of Contents Section 5.04, )

Collections & liens

Association has lien on unit for unpaid assessments; may foreclose as provided in By-Laws Section 5.05 and applicable law; such lien subordinate to first mortgage recorded before assessment became payable. (Paragraph 26, page 22; By-Laws Section 5)

Reserves & fees

Surplus from insurance construction fund may be retained as reserve or used for maintenance (Paragraph 16(i)); no general reserve requirement mentioned. (Paragraph 16(i), page 19)

Leasing & rentals

Yes, but subject to conditions. (Paragraph 18, pages 20-21)

Architectural approval

Yes, for alterations affecting Common Areas or Limited Areas (Paragraph 14). Also any alteration affecting safety or structural integrity of Building requires approval. (Paragraph 14, page 12)

Maintenance

Exterior surfaces of roofs are Common Areas (Paragraph 6(2)), thus Association responsibility. (Paragraph 6(2), page 9)

Insurance

Master casualty policy covering fire and extended coverage, full replacement value of all improvements including units, common areas, limited areas, fixtures, building service equipment, common personal property. Must include inflation guar (Paragraph 15(a), (c), pages 13-14)

Use restrictions

Each Condominium Unit limited to residential use. (Paragraph 17, page 20: "each of the Cond)

Voting & meetings

Each Owner entitled to Percentage Vote equal to Percentage Interest (1/33 per unit); one vote per unit; multiple owners appoint one voting representative; proxy allowed; corporations/trusts vote through authorized representative. (Paragraph 8, page 10; By-Laws Section 2.)

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