Homecoming at University Park

Key facts from Homecoming at University Park's documents

Community type

Covenant / Planned Community

Legal name

Homecoming At University Park

Governing law

Indiana Nonprofit Corporation Act of 1991, as amended (Section 1.2)

Assessments & dues

Board establishes annual budget; each Owner pays Pro-rata Share (1 divided by total number of Lots shown on Plats) of annual and special assessments (Section 5.3, Section 5.4)

Special assessments

Board may levy special assessments if annual assessment insufficient for Common Expenses; also for unanticipated expenses. Additionally, there is an ongoing Capital Reserve Assessment of $50 per Lot due upon each sale or transfer. (Section 5.5)

Collections & liens

Each Assessment together with interest and costs of collection (including attorneys' fees) is a lien on the Lot from the due date, subordinate to any first mortgage. Association may bring action to foreclose lien. (Section 5.2, Section 5.8)

Reserves & fees

Capital Reserve Assessment funds held in reserve and used solely for capital improvements or repairs not included in annual budget and for which a Special Assessment is not appropriate (Section 5.5)

Architectural approval

No construction of improvements of any nature (except vegetative landscaping) affecting exterior appearance shall be commenced without prior written approval of the Development Control Committee. (Section 6.4)

Maintenance

Association maintains Common Areas and Private Lanes. Each Owner maintains interior and exterior of his Lot and Dwelling Unit, including parking areas, lawns, landscaping, grounds and other improvements. (Section 4.3(a) and (b))

Insurance

Association shall maintain public liability insurance; may maintain fire and extended coverage on Common Areas; may maintain fidelity bond for loss of funds from fraud. (Section 4.4)

Use restrictions

All Lots are restricted exclusively to single-family residential use (Section 2.1: "All Lots shall be and here)

Voting & meetings

Class A (Owners: 1 vote per Lot) and Class B (Developer: 3 votes per Lot until termination); Class B membership ceases when Class A votes equal Class B or upon written resignation (Section 4.2)

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