Herron Morton Hpr

Key facts from Herron Morton Hpr's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Horizontal Property Regime (Condominium) under Indiana Horizontal Property Law (Declaration Preamble and Section 1(a))

Governing law

Indiana Horizontal Property Law (Acts 1963, Chapter 349, as amended; Indiana Code 32-1-6 et seq.) (Declaration Section 1(a))

Assessments & dues

Set annually by budget adopted by Owners; based on Percentage Interest; paid in monthly installments; Owners may elect semi-annual or annual payment (By-Laws Article V Sections 5.02, 5.03)

Special assessments

Board may levy special assessments for extraordinary expenses without Owner approval (unless otherwise provided in By-Laws/Declaration/Act); becomes a lien per Percentage Interest (By-Laws Article V Section 5.04)

Collections & liens

Annual Regular Assessment becomes a lien on each unit as of first day of fiscal year; Board may foreclose lien on delinquent assessments; may also bring money judgment; right to appoint receiver; lien subordinate to first mortgage (By-Laws Article V Sections 5.03, 5.06)

Reserves & fees

Replacement reserve fund for capital expenditures and repair of Common Areas and Limited Areas; maintained in separate interest-bearing account (By-Laws Article V Section 5.02)

Pets

Yes: dogs, cats, or customary household pets may be kept, provided not for commercial purpose and not a nuisance (By-Laws Article VI Section 6.01(f))

Leasing & rentals

Not explicitly stated; 'for rent' signs require Board consent (Section 6.01(j)); Declaration may have provisions, but not in this excerpt (By-Laws Article VI Section 6.01(j))

Parking & vehicles

Not specifically mentioned; no repair work allowed (which implies inoperable vehicles not allowed) (By-Laws Article VI Section 6.01(l))

Architectural approval

Not explicitly; Board may adopt rules and regulations regarding use, occupancy, operation, and enjoyment of property; alterations affecting exterior appearance require adherence to rules (Section 6.01(g)); no prior committee named (By-Laws Article VI Section 6.01(g) and S)

Maintenance

Not explicitly; assumed Association if part of Common Areas? Owner responsible for maintenance within unit that if neglected would affect property value; no specific roof mention. (By-Laws Article V Section 5.08)

Insurance

Board shall procure and maintain insurance coverage required under Declaration and such other as deemed necessary (By-Laws Article III Section 3.06(i))

Use restrictions

Yes; all condominium units shall be used exclusively for residential purposes; no partitioning or subdivision (By-Laws Article VI Section 6.01(a))

Voting & meetings

Each Owner has votes proportional to number of units owned; multiple owners of a unit have one voting representative; corporations/trusts vote via authorized representative; proxy allowed (By-Laws Article II Section 2.06)

Amendments

By-Laws may be amended in same manner as Declaration amendments (Section 20 of Declaration); requires recording; prior to Applicable Date, no amendment without Declarant consent (By-Laws Article VII Section 7.01)

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