Watercolors Hpr

Key facts from Watercolors Hpr's documents

Community type

Condominium (Recital B)

Developer / declarant

Group-One, Ltd, an Indiana corporation (Recital A)

Governing law

Indiana Horizontal Property Law, IC 32-25-1-1 et seq. (Recital B)

Assessments & dues

As determined by Association per budget; each unit pays in proportion to Percentage Interest (Sections 4.2, 4.5)

Special assessments

Board may levy by supplemental budget; if total per unit >4x monthly assessment, requires approval as Special Assessment per By-Laws (Section 4.7)

Collections & liens

Association has lien on unit for unpaid assessments, fines, and costs (Sections 2.5, 4.6, 10.6)

Reserves & fees

Board shall build and maintain reasonable segregated reserves for contingencies and replacements (Section 4.7)

Leasing & rentals

Entire units may be rented; term not less than 30 days; leases must be in writing (Section 3.3)

Architectural approval

Prior written approval required for alterations affecting Common Areas, Limited Common Areas, safety/structural integrity, or any exterior changes (Section 7.3(a),(b))

Home business

Permitted if allowed by zoning code and does not involve customers or employees coming to unit (Section 3.1)

Maintenance

Owner responsible for maintenance, repair, and replacement within own unit and Limited Common Areas; Association responsible for Common Areas including structural elements, roofs, utility systems (Sections 4.6, 6.3, 7.1)

Insurance

Master casualty insurance for full replacement value of Common Areas, Limited Common Areas, exterior walls, doors, windows, roofs; comprehensive public liability insurance at least $1,000,000 per occurrence (Section 8.1(a),(c))

Use restrictions

All units restricted exclusively to residential use (Section 3.1)

Voting & meetings

Class A: one vote per unit for owners; Class B: three votes per unit for Declarant until conversion (Section 2.2)

Amendments

67% vote of Unit Owners required; certain amendments affecting mortgagee interests require 51% of eligible mortgagees; Declarant may amend without consent for specified purposes until 7 years or no longer holds any part (Sections 10.4, 5.3)

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