Timberstone

Key facts from Timberstone's documents

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

Community type

Homeowners Association (not condominium) (Article I, Sections 1.6, 1.16; definitio)

Units / lots

Not explicitly stated; determined by platted lots. There is reference to maximum number of lots allowed by zoning. (Section 4.2(b) references "maximum numbe)

Developer / declarant

Precedent Residential Development, LLC, an Indiana limited liability company (First paragraph of Declaration)

Governing law

Indiana Code relating to nonprofit corporations (declared applicable) (Section 7.2)

Assessments & dues

Board determines assessments for Common Expenses including reserves (Section 8.1, 8.2)

Special assessments

Permitted by Board when necessary (Article VIII, Section 8.4) (Section 8.4)

Collections & liens

Unpaid assessments are a charge on the land and a continuing lien. Lien not applicable to first priority institutional Mortgagee or Developer's mortgage holder who takes through foreclosure. Association may foreclose. (Section 8.2, Section 8.5)

Reserves & fees

Association may include reasonable reserves in Common Expenses (Section 1.14; Section 8.6 (Reserve Budge)

Pets

Yes, with restrictions (Section 10.5). No explicit count, breed, or weight limits in this Declaration. (Section 10.5)

Leasing & rentals

Not explicitly addressed in provided text; Section 10.30 (Occupants Bound) implies tenants bound by rules. (Section 10.30)

Parking & vehicles

Not explicitly addressed; likely subject to rules. (N/A)

Fences

Section 10.24 (Fences) - must be approved, within limits. (Section 10.24)

Architectural approval

Yes, for exterior changes, new construction, landscaping, etc. (Article IX) (Section 9.1, 9.9, 9.10)

Home business

Section 10.26 (Business Uses) contains restrictions; not expressly prohibited but subject to approval. (Section 10.26)

Signs & flags

Section 10.3 (Signs) contains restrictions; likely limited to approved signs only. (Section 10.3)

Maintenance

Association maintains Common Areas (Section 5.1); Owner maintains Lot and Dwelling (Section 5.2). (Article V)

Insurance

Casualty insurance on Common Properties, liability insurance ($1,000,000 minimum per occurrence), workers' comp, D&O, fidelity bond, flood if required. (Section 6.1)

Use restrictions

All Lots are restricted exclusively to single-family residential use (except as in Section 10.26) (Section 2.1; Section 10.1)

Voting & meetings

Class A: one vote per Lot; Class B (Developer): ten votes per Lot owned (or maximum potential lots) until Class B Control Period ends (Section 4.2(a) and (b))

Amendments

Not fully described in provided text; Section 2.7 requires Developer consent for amendments to Article II; Section 12.3 covers amendment generally (not provided in text). (Section 12.3 (partial); Section 2.7)

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