Ladywood Garden Hpr Ccrs

Key facts from Ladywood Garden Hpr Ccrs's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Horizontal Property Regime) (Throughout document, e.g., 'creates a Ho)

Governing law

Horizontal Property Law of the State of Indiana, Acts 1963, Chapter 349, Sections 1 through 31, as amended, identified in Indiana Code Chapter 32-25-1 (Section 1(a))

Assessments & dues

Common Expenses assessed by the Association; annual budget approved at annual meeting of Co-Owners (By-Laws Section 3.1; Section 13(a))

Collections & liens

Upon failure to pay assessments, the Association may foreclose on the lien against the Owner's Condominium Unit; assessment liens are subordinate to first mortgages recorded before the assessment (Section 27(b); By-Laws Section 5.06 (ref)

Reserves & fees

Surplus insurance proceeds or assessment collections may be retained by Board as a reserve (Section 17(i))

Leasing & rentals

Yes, but subject to restrictions: minimum lease term of 180 days; lease must be on a form approved by Board; copy of lease must be provided to Board promptly after execution (Section 19(a))

Architectural approval

Yes, for alterations affecting Common Areas or Limited Areas or safety/structural integrity; prior written approval of Board required (Section 14)

Maintenance

Exterior surfaces of roofs are Common Areas, thus maintained by Association (Sections 5(b), 13(a))

Insurance

Master casualty insurance covering full replacement value of Property including individual Condominium Units, Common Areas, Limited Areas, fixtures, building service equipment, common personal property (Section 16(a))

Use restrictions

Each Condominium Unit shall be limited to residential use (Section 18)

Voting & meetings

Each Owner entitled to cast a vote commensurate with the number of Condominium Units owned (Section 11)

Amendments

Material Amendments require approval of not less than two-thirds of Owners and majority of Eligible Mortgagees; Declarant may unilaterally amend to conform to Act, comply with government/agency requirements, correct errors; all amendments m (Section 20)

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