Fairway Woods (IN)

Key facts from Fairway Woods (IN)'s documents

Reflects the 1997 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Fairway Woods

Developer / declarant

Indiana Development Company, LLC

Assessments & dues

Maximum Regular Assessment of $200 per Residence Unit per calendar year until December 31, 1998 (Article VII 7.2(i))

Special assessments

Requires assent of two-thirds of members of each class casting votes in person or by proxy at a meeting called for that purpose (Article VII 7.3)

Collections & liens

Unpaid assessments plus interest, costs, attorneys fees constitute a continuing lien on the Residence Unit or Lot, prior except for tax liens and first mortgages; may be foreclosed as mortgage on real property; personal obligation of owner (Article VII 7.6, 7.7)

Reserves & fees

A portion of the Regular Assessment may be set aside in a reserve fund for repair/replacement of capital improvements the Association is required to maintain (Article VII 7.1)

Leasing & rentals

Yes, if owner-occupant desires to lease, must be written lease with minimum term of one year (Article IV 4.1)

Fences

Restrictions included in incorporated Plat Covenants; subject to ARC approval (Article IV 4.4; Article VI 6.2(i))

Architectural approval

Prior written approval required for any residence, building, structure, antenna, satellite dish, basketball goal, walkway, fence, deck, wall, patio, other improvement, and changes in exterior color (Article VI 6.2(i))

Home business

Not explicitly; commercial use prohibited via Plat Covenants (Article IV 4.4)

Signs & flags

Developer has sign rights during Development Period; other signs restricted by Plat Covenants (Article XIII 13.2; Article IV 4.4)

Maintenance

Owner (implied from maintenance of exterior of structures) (Article IX 9.1)

Insurance

Fire and extended coverage on Association-owned improvements; all-risk if obtainable; comprehensive public liability insurance with minimum $1,000,000 per occurrence (Article VIII 8.1, 8.2)

Use restrictions

Initial sales to owner-occupants; commercial use prohibited via incorporated Plat Covenants (Article IV 4.1; 4.4 incorporating Plat C)

Voting & meetings

Class A members (non-Developer) have one vote per Residence Unit; Class B member (Developer) has three votes per Lot or Residence Unit owned; multiple owners exercise single vote as they determine; no splitting of vote (Article V 5.2, 5.4)

Amendments

Amendments require (a) notice, (b) resolution by Board or Owners with majority of votes, (c) adoption by 67% of all Owners, with prior written approval of Developer during control period; for material amendments affecting mortgagees, also r (Article XI 11.1, 11.2)

Amenities

Not explicitly defined; Common Areas may include recreational facilities (as per 3.1(i) 'recreational facilities') (Article III 3.1(i); Article I 1.3)

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