Kingsley

Key facts from Kingsley's documents

Reflects the 1998 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Developer / declarant

CP. MORGAN COMMUNITIES, L.P.

Governing law

Indiana Nonprofit Corporation Act of 1991 (Article 1.B (page 1))

Assessments & dues

Board establishes annual budget for Common Expenses; annual Assessment is Pro-rata Share (1/total number of Lots) of budget; special Assessments may be levied by Board as needed (Section 5.A, 5.C, 5.D, 5.E (pages 7-8))

Special assessments

Board may levy special Assessments if annual Assessment insufficient to cover Common Expenses or for unanticipated expenses (Section 5.E (page 8))

Collections & liens

Delinquent Assessment (plus interest and costs) becomes a continuing lien on the Lot, enforceable via foreclosure; lien subordinate to first mortgage; personal liability of Owner at time due (Section 5.B, 5.H(i)-(ii) (pages 7-9))

Reserves & fees

Annual budget includes 'reasonable allowance for contingencies and reserves'; fidelity bond must cover at least one year's Assessment plus Association reserve funds (Section 5.D (page 8), Section 2.D (page )

Voting & meetings

One class of voting members, each Member (per Lot) has one vote; multiple owners of a Lot treated as one Member for voting (Section 2.A (page 3-4))

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