Forrest Commons All

Key facts from Forrest Commons All's documents

Community type

Homeowners Association (Preamble - creating corporation for comm)

Legal name

Forrest Commons Association, Inc.

Developer / declarant

Michael T. Kias and Fred J. Scott

Governing law

Indiana Not-For-Profit Corporation Act (‘incorporated under the laws of the Stat)

Assessments & dues

$120.00 per Lot owned by Class A members (‘One Hundred Twenty Dollars ($120.00) pe)

Special assessments

Allowed for capital improvements with 2/3 vote of each class, 30 days notice (Article IV, Section 4)

Collections & liens

Assessments are a continuing lien and personal obligation; can be foreclosed (Article IV, Section 1 and 10)

Reserves & fees

Required for capital expenditures, separate interest-bearing account, not subject to Indiana gross income tax (Article IV, Section 9)

Voting & meetings

Class A: one vote per Lot; Class B: one vote per Lot until Common Properties conveyed (Article III, Section 2)

Amendments

Term of 35 years, auto-renew for 10-year periods unless majority of owners record change; also via Supplemental Declaration with Corporation approval (Article VI, Section 1 and Article II, Se)

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