Homestead (IN)

Key facts from Homestead (IN)'s documents

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

Community type

Covenant / Planned Community

Legal name

Homestead Homeowners' Association, Inc. (Section 1.2 (page 7))

Assessments & dues

Not fixed; set annually by Board based on budget. (Section 5.4 (page 21))

Special assessments

Board may levy special assessments if annual assessments insufficient, or for unanticipated Common Expenses. (Section 5.5 (page 21))

Collections & liens

Each Assessment together with interest, costs and attorneys fees becomes a lien on the Lot. Association may foreclose the lien. Lien subordinate to first mortgage. Personal obligation also attaches. (Sections 5.2 and 5.8 (pages 20-22))

Reserves & fees

Annual budget includes a reasonable allowance for contingencies and reserves. Fidelity bond coverage minimum of one year's assessments plus reserves. (Sections 5.4 and 4.4 (pages 21, 18))

Voting & meetings

Class A Members (all Owners except Developer): one vote per Lot. Class B Members (Developer and designees): three votes per Lot. Class B terminates upon first to occur of written resignation or when total Class A votes equal Class B. During (Section 4.2 (page 16-17))

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