Lafayette Villas

Key facts from Lafayette Villas's documents

Reflects the 1994 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Horizontal Property Regime (condominium) (PAGE 1, WHEREAS)

Legal name

Lafayette Villas Co-Owners Association, Inc.

Developer / declarant

Rottlund Homes of Indiana Limited Partnership, a Minnesota Limited Partnership, agent and subsidiary of The Rottlund Company Incorporated (PAGE 1, opening)

Governing law

Horizontal Property Law of the State of Indiana (Act), Acts 1963, Chapter 349, Sections 1-31 as amended (Section 1(a), PAGE 1-2)

Assessments & dues

Common Expenses divided among Owners according to Percentage Interest (Section 7, PAGE 7; Section 17(b), PAGE 1)

Special assessments

Yes, for reconstruction costs if insurance inadequate; assessed as Common Expenses (Section 17(b), PAGE 19-20)

Collections & liens

Assessments constitute a lien on the unit; may be foreclosed; lien subordinate to first mortgage (Section 27(b), PAGE 33-34; Section 17(b))

Reserves & fees

Surplus from insurance proceeds may be retained by Board as reserve (Section 17(i), PAGE 23-24)

Leasing & rentals

Yes, but with restrictions (Section 19(a), PAGE 25)

Insurance

Master casualty insurance for full replacement value (fire and extended coverage) on Property including individual Condominium Units; master comprehensive public liability insurance minimum $2,000,000 per occurrence; also other insurance as (Section 16(a), (c), (d), PAGE 13-17)

Use restrictions

Each Condominium Unit limited to residential use (Section 18, PAGE 24)

Voting & meetings

Each Owner entitled to cast vote equal to Percentage Interest; Percentage Interest based on square footage of unit divided by total square footage (Section 3, PAGE 4; Section 15, PAGE 13; )

Amendments

By vote of not less than two-thirds of Percentage Interest (Owners); Material Amendments require approval of Eligible Mortgagees; Declarant may unilaterally amend for certain purposes (conform to Act, comply with agency requirements, correc (Section 20, PAGE 26-30)

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