Greystone Village Property Owners Association, Inc.

Key facts from Greystone Village Property Owners Association, Inc.'s documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Residential subdivision; expressly states it does not create a condominium (not subject to Indiana Horizontal Property Law) (Preamble (page 2: 'This Declaration does)

Developer / declarant

Coronado Development Corporation, an Arizona corporation (First paragraph of Declaration)

Governing law

Indiana code for not‑for‑profit corporations; expressly excludes Indiana Horizontal Property Law (condominium act) (Preamble (page 2) and Article VIII, Sect)

Assessments & dues

Not fixed; set each year by Board to meet budgeted Common Expenses; cannot increase more than 3% over previous year without 67% vote of Members (excluding Declarant) (Section 9.3)

Special assessments

Allowed; for entire membership requires majority of Class A votes and consent of Class B Member (if exists); for individual Lot requires Board vote after notice and hearing (Section 9.4(a) and (b))

Collections & liens

Unpaid assessments become a continuing lien on the Lot; may be enforced by suit, judgment, and foreclosure; lien is subordinate to first mortgages and tax levies (Section 9.2 third paragraph and Section )

Reserves & fees

Common Expenses include reasonable reserves; capital improvements account mentioned for insurance proceeds (Section 1.8 ('Common Expenses' includes )

Pets

Yes, dogs, cats, or other usual household pets not to exceed total of four (4) per Lot (Section 11.6)

Leasing & rentals

Not explicitly prohibited; tenants mentioned in several sections (e.g., Section 3.2, Section 5.2, Section 11.5) but no specific restrictions on leasing, minimum term, or short-term rentals (Sections 3.2, 5.2, 11.5)

Architectural approval

Yes, for all construction, exterior alterations, modifications, landscaping, etc.; except Declarant and Association activities and changes to exterior color(s) (which do not require approval but must maintain consistency) (Section 10.1, Section 10.7, Section 11.1)

Home business

Permitted with conditions: not apparent from outside, conforms to zoning, no visitor traffic, consistent with residential character (Section 11.19)

Maintenance

Association: maintain Common Areas and Landscape Easements (Section 5.1); Owner: maintain Lot, Dwelling interior/exterior, structures, lawns, etc. (Section 5.2); also Owner responsible for driveway aesthetics (asphalt/concrete, no gravel) (Section 5.1, Section 5.2, Section 11.22)

Insurance

Fire and extended coverage on Common Area improvements (full replacement cost); public liability ($500K single, $200K per occurrence, $100K property damage); workers comp, D&O, fidelity bond, flood if required (Section 6.1)

Use restrictions

Property shall be used only for residential, recreational, and related purposes (Article XI (first sentence))

Voting & meetings

Class A: one vote per Lot owned; Class B (Declarant): three votes per Lot owned and appoints majority of Board during control period (Section 4.2(a) & (b))

Amendments

Prior to first Lot sale, Declarant may unilaterally amend. After first sale, Declarant may unilaterally amend to comply with law. Otherwise, amendment requires 67% of Class A votes (including 67% of non-Declarant Class A votes) and consent (Section 13.3)

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