Iac Lofts Condos

Key facts from Iac Lofts Condos's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Throughout)

Units / lots

Not more than 90 (85 residential, 5 commercial) (Section 3 and Section 5(a))

Developer / declarant

Hearthview Athletic Club, LLC (Preamble)

Governing law

Indiana Horizontal Property Law, Ind. Code § 32-25-1-1 et seq. (Section 1(a) – Definitions)

Assessments & dues

Board of Directors determines Regular Assessments, Special Assessments, and Limited Areas Assessments (Section 13(b))

Special assessments

Special Assessments are permitted (Section 1(d) and Section 13(b))

Collections & liens

Assessments constitute liens on each Condominium Unit and Percentage Interest; enforceable by foreclosure; subordinate to first mortgages recorded before delinquency (Section 13(b) and Section 13(c))

Reserves & fees

Not explicitly mentioned in Declaration (may be in Bylaws)

Leasing & rentals

Not directly mentioned; Owner may lease (implied by definition of Owner and reference to leases)

Parking & vehicles

Parking spaces designated as Limited Areas (Section 7(b)); Corporation intends to lease Meridian Street and Vermont Street Parking Facilities (Section 27) (Section 7(b) and Section 27)

Architectural approval

Prior written approval of Board required for alterations affecting Common Areas or structural integrity; change of color of Common Areas requires Board approval (Section 14)

Maintenance

Exterior roof surfaces are Common Areas maintained by Corporation (Section 6(a)(ii))

Insurance

Fire and extended coverage on all portions of Building not part of a Condominium Unit (full replacement value); master comprehensive public liability insurance (Section 15 and Section 15(e))

Use restrictions

Residential Units shall be used solely as residential; Commercial Units for commercial, office, retail purposes unless otherwise consented by Board (Section 5(a))

Voting & meetings

Percentage Vote equal to Percentage Interest (Section 1(u) and Section 8)

Amendments

Requires approval of not less than 67% of Percentage Vote of Owners of Residential Units and 67% of Owners of Commercial Units; changes to Percentage Interest require 100% approval of Co-owners and all Mortgagees; Declarant may amend alone (Section 18)

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