Heron Lake Condo

Key facts from Heron Lake Condo's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Heron Lake Horizontal Property Regime

Units / lots

138 condominium units (including clubhouse unit) (2004 By-Laws Recitals, page 25)

Developer / declarant

Merchants National Bank & Trust Company of Indianapolis, as trustee under Trust No. 800

Governing law

Indiana Horizontal Property Act (IC 32-1-6-1 et seq., as amended per IC 32-25-1-1 et seq.) (2004 By-Laws, Recitals, page 24)

Assessments & dues

Amount set annually by Board based on proposed budget; exact amount not specified in provided text. (2004 By-Laws Section 6.1(f) and Article )

Special assessments

Permitted by Board; levy against owners in proportion to their percentage of ownership. (Amendment dated October 19, 1981, Articl)

Collections & liens

Unpaid assessments become a lien enforceable in same manner as provided in Article X of Declaration; first mortgages have priority over common expense liens; acquirer of title through foreclosure not liable for prior common expenses. (Amendment dated August 18, 1982 (page 10)

Voting & meetings

Each Member entitled to votes equal to percentage of ownership in Common Areas as per Exhibit B; total votes 100 except clubhouse unit not counted. Voting for Directors: each member casts number of votes for each directorship (no cumulative (2004 By-Laws Section 3.5(a), pages 32-33)

Amendments

By-Laws may be amended by affirmative vote of 2/3 of voting members at annual or special meeting; proposed amendment must be set forth in meeting notice; effective upon recording. (Also earlier: majority vote of whole Board for certain chan (1987 Certificate of Amendment (page 18-1)

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