Grassy Creek Village

Key facts from Grassy Creek Village's documents

Reflects the 1989 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Grassy Creek Property Owners Association

Developer / declarant

Land Innovators Company, an Indiana Limited Partnership (Page 1, Definitions (j) and Page 3 pream)

Assessments & dues

Not fixed; determined annually based on approved budget. Prior to Applicable Date, Declarant guarantees quarterly Regular Assessment shall not exceed $50.00 (Guaranteed Charge) for first year, thereafter max 20% increase per year. (Paragraph 13(e) and (c))

Special assessments

May be imposed by Board with assent of 2/3 votes of each class of members (in person or by proxy) at a meeting called for that purpose. Declarant shall not act as any Owner's agent/proxy for this vote. Also allowed for capital expenditures (Paragraph 13(d))

Collections & liens

Regular and Special Assessments become a lien on each Lot as of first day of fiscal year. Unpaid assessments may be foreclosed as a mortgage on real property. Board may also obtain money judgment and appoint receiver to collect rents. (Paragraph 13(c) (lien), 13(f) (foreclosu)

Reserves & fees

Replacement reserve fund may be established from annual budget for capital expenditures and replacement of HOA Easements and Common Lake, held in separate interest-bearing account. (Paragraph 13(b), second paragraph)

Pets

Yes, dogs, cats or customary household pets may be kept in a Dwelling Unit, provided not kept for commercial purpose and do not create nuisance. Must be leashed outdoors. Board may adopt additional rules and order removal of nuisance pets w (Paragraph 17(e))

Leasing & rentals

Yes, but only with written lease subject to Declaration. Entire Dwelling Unit must be leased (no partial). No transient or hotel purposes. (Paragraph 17(m), (n))

Parking & vehicles

Trucks larger than 3/4 ton are prohibited unless permitted by Board. (Paragraph 17(j))

Architectural approval

Yes, prior written approval of Architectural Review Board required for any improvements, alterations, repairs, excavation, changes in grade or exterior changes, including buildings, fences, walls, Dwelling Units, changes in HOA Landscaping (Paragraph 12(c))

Maintenance

Owner responsibility (as part of exterior of Dwelling Unit). (Implied from Paragraph 11: 'Each Owner s)

Insurance

Corporation shall purchase master casualty insurance for improvements within HOA Easements and Common Lake (fire and extended coverage, all risk if obtainable). Also master comprehensive public liability insurance with minimum $1,000,000 pe (Paragraph 15(a), (b), (c) and Paragraph )

Use restrictions

All Lots and Dwelling Units shall be used exclusively for residential purposes and for occupancy by a single family. (Paragraph 17(a))

Voting & meetings

Class A (each Owner): one vote per Lot. Class B (Declarant): three votes per Lot until Applicable Date. Class B membership terminates upon earlier of: written resignation, 30 days after Class A votes equal/exceed Class B votes, or August 31 (Paragraph 6(b))

Amendments

Generally: 75% vote of all Owners. Special amendments (changing shares of common expenses, insurance provisions, reconstruction/repair, ARB provisions, assessment commencement) require unanimous approval of all Owners and all Mortgagees who (Paragraph 18(a)(iv), (v), (vi))

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