Colonial Village Hpr

Key facts from Colonial Village Hpr's documents

Reflects the 1986 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Colonial Village Homeowners Association, Inc.

Governing law

Horizontal Property Law of the State of Indiana, Acts 1963, Chapter 349 (Section 1(a))

Assessments & dues

Regular assessments based on annual budget adopted by Owners; special assessments for unfunded expenses (By-Laws Sections 5.02, 5.03, 5.04)

Special assessments

Permitted for unfunded expenses as provided in By-Laws Section 5.04 (By-Laws Section 5.04)

Collections & liens

Failure to pay assessment results in lien on the unit which may be foreclosed; lien for assessments payable after first mortgage recordation is subordinate to that mortgage (Section 26(b); By-Laws Section 5.05)

Leasing & rentals

Yes, with conditions (Section 18)

Architectural approval

Alterations affecting Common Areas or Limited Areas require prior written approval of Board of Managers; alterations within unit affecting safety or structural integrity also require approval (Section 14)

Insurance

Master casualty insurance covering fire and extended coverage on Property improvements including individual Condominium Units, Common Areas, Limited Areas, fixtures, building service equipment, common personal property; master comprehensive (Section 15(a), (c), (d))

Use restrictions

Each Condominium Unit limited to residential use (Section 17; By-Laws Section 6.01)

Voting & meetings

Each Owner entitled to one vote per Condominium Unit; vote weight equal to Percentage Interest (Percentage Vote); multiple owners appoint one voting representative (Section 8; By-Laws Section 2.05(a), (b))

Amendments

Amendments proposed by Board or Owners with majority of Percentage Vote; Material Amendments require 67% of Percentage Vote and 51% of Eligible Mortgagees; non-material additions deemed approved if no negative response within 30 days; Decla (Section 19)

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