Falcons Nest

Key facts from Falcons Nest's documents

Reflects the 1997 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

single family housing development (Recital A: 'single family housing develo)

Legal name

Falcons Nest

Developer / declarant

C.P. MORGAN COMMUNITIES, L.P.

Governing law

Indiana Nonprofit Corporation Act of 1991 (Section 1.B: 'organized under the Indian)

Assessments & dues

Not fixed; set annually by Board based on budget (Section 5.D: 'Board shall establish an a)

Special assessments

Board may levy special Assessments if annual Assessment insufficient or for unanticipated expenses (Section 5.E)

Collections & liens

Each Assessment constitutes a lien on the Lot, enforceable by foreclosure; lien subordinate to first mortgage recorded prior to due date; personal obligation of Owner (Section 5.B and Section 5.H(i)-(ii))

Reserves & fees

Budgets include reasonable allowance for contingencies and reserves; fidelity bond must cover at least one year's assessments plus reserve funds (Section 5.D and Section 2.D (fidelity bo)

Fences

Committee has authority to approve/disapprove all fences based on material, color, height and placement (Section 3.A: 'the Committee has the auth)

Architectural approval

Prior written approval of Development Control Committee required for any dwelling, building, fencing, exterior painting (except repainting same color), exterior improvements (excluding landscaping) (Section 3.A)

Voting & meetings

One vote per Lot; multiple owners of a Lot treated collectively as one Member (Section 2.A: 'each Member having equal v)

Amendments

By 75% vote of all Owners; requires Developer approval during Development Period; unanimous approval needed for changes in assessment share; special amendments by Developer alone for certain purposes until end of Development Period (Section 10.A (75% vote, special amendmen)

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