Heritage Square Hpr

Key facts from Heritage Square Hpr's documents

Community type

commercial condominium (WHEREAS Recitals (page 3): "commercial u)

Legal name

HERITAGE SQUARE HORIZONTAL PROPERTY REGIME

Developer / declarant

B & F REALTY CO.

Governing law

Horizontal Property Law of the State of Indiana, I.C. 32-1-6-1, et seq. (Article I(a))

Assessments & dues

By Board, proportionate to Percentage Interest; set as Common Expenses for maintenance, repair, administration, operation. (Article IV Section 5)

Collections & liens

Unpaid common expenses constitute a lien on the unit per the Act. (Article IV Section 5 (page 12) and Artic)

Reserves & fees

12% per annum on overdue amounts (Article VIII (remedies) - page 32)

Leasing & rentals

Yes; Declarant may lease units; no specific restrictions on owners leasing, but all grantees accept subject to declaration. (Article VI Section 10(a) (Declarant's ri)

Architectural approval

Yes; Board written approval required for any alteration to Common Areas or any alteration to unit affecting structural integrity or safety. (Article IV Section 13)

Signs & flags

No sign on outside walls/doors/windows without Board consent (unreasonably withheld). Declarant may affix identification sign on each unit; changes subject to Declarant approval until all units sold, then Board. Declarant may erect business (Article VI Sections 5 and 9)

Maintenance

Board responsible for exterior surfaces of roofs of Building. (Article III Section 1(2) (Common Areas i)

Insurance

Owner responsible for insurance on contents of unit, additions/improvements, decorating, furnishings, personal property stored elsewhere, and personal liability. Must include waiver of subrogation. (Article IV Section 9; Article VII Sectio)

Use restrictions

No unlawful, noxious or offensive activity; nothing that in Board's judgment becomes a nuisance to other owners. (Article VI Section 6)

Voting & meetings

Percentage Vote equal to Percentage Interest; each unit's vote is 1 divided by total units (initially 12.5% each) (Article I(q) and Article III Section 3; )

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