Cardinal Cove Marion

Key facts from Cardinal Cove Marion's documents

Reflects the 1985 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association (WHEREAS clauses; Article IV formation of)

Legal name

Cardinal Cove

Developer / declarant

Ryan Homes, Inc.

Governing law

Indiana Not-For-Profit Corporation Act of 1971 (Article I, Section 1(a) definition of "A)

Assessments & dues

Initial Regular Assessment $10.00 per month per Lot owned by non-declarant, pro-rated daily; Declarant pays 25% of that until 60 days after completion of a Dwelling Unit on a Lot, then 100%. (Article IX Section 6(a)(i) and (ii), Art)

Special assessments

Requires assent of 67% of votes of each class of members voting in person or by proxy at a meeting duly called for that purpose. (Article IX Section 4)

Collections & liens

Regular Assessment becomes a lien on each Lot as of first day of fiscal year. Board may foreclose the lien as a mortgage. Also may accelerate entire balance and recover money judgment without waiving lien. (Article IX Sections 3(c) and 5(a))

Reserves & fees

Replacement reserve fund for capital expenditures and replacement/repair of Common Properties, maintained in interest-bearing account insured by a Federal Depository agency. (Article IX Section 2(b))

Pets

Pet dogs, cats or customary household pets may be kept in a Dwelling Unit, provided not kept for commercial purpose and not a nuisance. (Article XIII Section 1(e))

Architectural approval

Architectural Review Board must approve, modify, or disapprove in writing within 30 days after complete application is submitted; otherwise approval deemed granted. Decisions may be appealed to Board of Directors which may reverse or modify (Article VIII Section 4)

Maintenance

Owner responsible for maintenance, repair, decoration and replacement of his Dwelling Unit (interior and exterior) and all portions of his Lot. Corporation responsible for Common Properties. (Article VII Sections 1 and 2(a))

Insurance

Corporation shall purchase casualty insurance with fire and extended coverage on all insurable Common Properties at full replacement value; also if available, "all risk" coverage. (Article XI Section 1(a))

Use restrictions

All Lots and Dwelling Units shall be used exclusively for residential purposes and for occupancy by a single family. (Article XIII Section 1(a))

Voting & meetings

Class A: one vote per Lot owned; Class B: three votes per Lot owned by Declarant until Applicable Date. Multiple owners of a single Lot have only one vote total. (Article IV, Section 2)

Amendments

Article XIV referenced (not fully reproduced); likely requires membership vote. Also restrictions of Article XIII run with the land. (Article XIV (referenced in Table of Cont)

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