Lockerbie Glove Company Condo

Key facts from Lockerbie Glove Company Condo's documents

Community type

condominium (Recitals)

Units / lots

62 (originally 60, amended to 62) (1983 Amendment Section 2)

Governing law

Indiana Horizontal Property Law (Recitals)

Age restriction

Not present (No citation)

Assessments & dues

Pro rata based on square footage of each Apartment Space as set in Exhibit B (Declaration Section 5)

Collections & liens

Unpaid assessments constitute a lien on the Apartment Space, foreclosable like a mortgage under Indiana Horizontal Property Law; receiver may be appointed (Declaration Section 8)

Reserves & fees

Association shall maintain a reserve fund equal to at least 5% of current annual budget on noncumulative basis for major repairs/replacement of common areas (Bylaws Section 6.07)

Pets

Yes, but only common domestic pets (Bylaws Section 7.02 (last paragraph))

Leasing & rentals

Yes, subject to minimum 30-day lease term (not for transient or hotel purposes) (Declaration Section 11)

Parking & vehicles

Unassigned parking spaces are common area; assigned parking spaces are limited common area; no specific rules on where to park or vehicle types (Declaration Section 1(b) and amendment S)

Architectural approval

Yes, for structural modifications; owner must notify Corporation (management agent or President) and obtain approval within 10 days; failure to respond means no objection. No modifications to building exterior. (Bylaws Section 7.02(e))

Maintenance

Common area (part of Common Areas and Facilities) (Declaration Section 1(b))

Insurance

Board shall obtain fire and extended coverage insurance for full replacement cost of Property, plus comprehensive public liability insurance, workers' compensation, and other liability insurance (Declaration Section 14; Bylaws Section 6)

Use restrictions

Apartment Spaces shall be occupied and used only as private dwelling for owner, family, tenants, and social guests (Declaration Section 7(b))

Voting & meetings

Voting on percentage basis as set in Exhibit B of Declaration (Bylaws Section 2.01)

Amendments

Declaration: unanimous consent of all owners and mortgagees, recorded. Bylaws: amendment by two-thirds (2/3) of owners present and voting at a duly constituted meeting. (Declaration Section 7(h); Bylaws Article)

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