Ferguson Condominium

Key facts from Ferguson Condominium's documents

Community type

Condominium (Title and Recitals)

Units / lots

Not to exceed 200 (Definition 19: "The total number of Unit)

Developer / declarant

Ferguson Commons LLC, an Indiana limited liability company (Recital A)

Governing law

Indiana Condominium Law (I.C. 32-25-1-1, the "Act" or "Condominium Act") (Opening paragraph)

Assessments & dues

Board estimates next fiscal year's Common Expenses and prorates among Units based on undivided interest in Common Areas (Article XV Section 3(a))

Special assessments

Yes, special assessments for capital improvements and special individual Unit assessments are authorized (Article XV Section 1(2) and (3))

Reserves & fees

Separate interest-bearing account for capital expenditures and replacement of Common Areas; assessments for this fund not subject to Indiana gross income tax (Article XV Section 3(a)(e))

Pets

Household domestic pets allowed, not bred or maintained for commercial purposes, subject to Board rules (Article III Section 2(k))

Leasing & rentals

Units may be rented in their entirety only; no fractional renting; no transient tenants; subleasing only with prior written Board approval (Article III Section 2(g))

Parking & vehicles

Commercial vehicles, vehicles with commercial writing, vehicles primarily used for commercial purposes must be parked in enclosed garages (Article III Section 2(f))

Architectural approval

No fence, wall, sign, or other structure erected, nor exterior addition or change made, until plans and specifications submitted to and approved in writing by Board or Developer as to lawfulness, appropriateness, and harmony of external des (Article III Section 2(n))

Home business

Permitted if: not detectable by sight/sound/smell from outside, conforms to zoning, no person coming onto property, no solicitation, consistent with residential character, not a nuisance; leasing not considered business (Article III Section 2(a))

Signs & flags

No signs displayed except: (a) Common Area signs approved by Declarant/Board; (b) one professional sign on interior window advertising Unit for sale/rent approved by Board; (c) Declarant's sales signs during initial sales period (Article III Section 2(h))

Maintenance

Association maintains roof structure and roof of all buildings (Article IX Section 1: "the exterior and )

Insurance

Deductible not greater than the lesser of $10,000 or 1% of face amount (Article XI Section 1)

Use restrictions

No trade or business conducted in or from any Unit except limited home business satisfying conditions (not visible, conforms to zoning, no solicitation, consistent with residential character) (Article III Section 2(a))

Voting & meetings

Each Unit owner entitled to vote undivided interest in Common Areas for each Unit owned; proportionate vote for undivided fee interest (Article VII Section 3)

Amendments

Not detailed in this excerpt; definition of Declaration says "may be lawfully amended from time to time." (Definition 13)

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