Cardinal Village

Key facts from Cardinal Village's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Subdivision (Article I: 'The subdivision of the Prope)

Governing law

Indiana Code: I.C. 32-25.5-3-3, I.C. 32-25.5-3-10, I.C. 32-21-13 (Section 4.6: 'I.C. 32-25.5-3-3'; Section)

Assessments & dues

Maximum Regular Yearly Assessment initially $400.00 per Lot per year. May be increased up to 20% per year without vote. Above 20% requires 2/3 vote of members present or proxy. (Section 5.3(a): 'the maximum Regular Yea)

Special assessments

For capital improvements or operating deficits, requires approval of two-thirds (2/3) of votes cast at meeting called for that purpose. (Section 5.4: 'the Association may levy a)

Collections & liens

Assessments are a continuing lien on the lot. Personal obligation of owner at time due. Lien subordinate to first mortgage. Foreclosure of first mortgage extinguishes prior assessment liens. Sale/transfer does not relieve lot from future as (Section 5.1: 'shall be a continuing lien)

Reserves & fees

Working capital contribution of $300.00 upon sale or transfer of any Lot. (Section 5.1(c): 'A working capital contr)

Voting & meetings

Two classes: Class A (all Owners except Declarant) - one vote per Lot; Class B (Declarant) - three votes per Lot until Declarant owns no Lots or surrenders control. (Section 4.2: 'Class A members shall be e)

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