Heron Lakes (IN)

Key facts from Heron Lakes (IN)'s documents

Community type

Condominium (Title and Article I (Condominium Unit de)

Legal name

HERON LAKE HORIZONTAL PROPERTY REGIME

Units / lots

138 (WHEREAS clause: 'apartment project conta)

Developer / declarant

Merchants National Bank & Trust Company of Indianapolis, as Trustee under Trust No. 800, dated July 20, 1979 (Paragraph immediately before WITNESSETH )

Governing law

Horizontal Property Law of the State of Indiana, IC 32-16-1 through IC 32-1-6-31 (WHEREAS clause and Article IV 1)

Assessments & dues

Initial monthly amounts (until 103 units conveyed): $70.20 (1BR), $88.74 (2BR), $115.97 (3BR), $129.90 (3+BR). Afterward, Board sets proportionate share of Common Expenses. (Article IV 5)

Special assessments

Yes, for additional maintenance fund needs (Article VII 8) and for damage not covered by insurance (Article VIII 3). Also for shortfalls in acquisition under option. (Article VII 8 and Article VIII 3)

Collections & liens

Lien on Owner's interest for unpaid Common Expenses and other charges. Foreclosure by judicial sale possible after continued violation. (Article IV 5 and Article X 2)

Pets

Yes, dogs, cats, and other usual household pets may be kept in units subject to rules and limitations. No breeding or commercial purpose. Must be removed upon 3 days' notice if nuisance. (Article VI 8)

Leasing & rentals

Yes, but subject to Board's right of first refusal. Owner must give 30 days' notice with details; Board has 30 days to exercise option. Leases of 1 year or less are exempt from this right. (Article VII 1 and VII 10)

Architectural approval

Yes, prior written approval of Board required for any alteration of Common Areas and Facilities, and for any alterations affecting structural integrity of building. (Article IV 13 and Article IV 10(b)(1))

Maintenance

Board responsible for structural support, outside walls, common utility lines beyond unit outlets, window glass if Owner fails. Owner responsible for: interior, windows, frames, doors, appliances, fixtures, decorating, and interior utility (Article IV 10(a) and (b))

Insurance

Fire and extended coverage insurance on Property in amount equal to full replacement cost. Comprehensive public liability insurance in limits Board deems appropriate. (Article IV 9 and Article VIII 1)

Use restrictions

Each Condominium Unit shall be used for housing and related common purposes only. (Article VI 1)

Voting & meetings

Each Owner's vote equals percentage of ownership in Common Areas and Facilities as set forth in Exhibit B (Article III 2)

Amendments

Requires 2/3 vote of all Owners, written instrument signed and acknowledged by Board, affidavit of notice to mortgagees, recording. For first 2 years or until all units sold, Declarant's written consent required. (Article XII 8)

Amenities

Lodge, lake, beaches, carports, parking areas, storage areas, laundry rooms, management office. (Article III 1 and Article IV 6)

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