Shannon Lakes at Murphys Landing All

Key facts from Shannon Lakes at Murphys Landing All's documents

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

Community type

Homeowners Association (HOA) - Murphy's Landing Homeowners Association, Inc. (Section 1(h))

Units / lots

88 (40 in Killarney Hill Section 1, 48 in Shannon Lakes Section 1) (Section 3: Killarney Hill Section 1 cons)

Developer / declarant

Yeager Realty LLC (an Indiana Limited Liability Company) (Preamble)

Assessments & dues

Initially guaranteed not to exceed $100 per year (Guaranteed Charge) for 1 year after management agreement execution, then may increase up to 20% annually during guarantee period, thereafter set by annual budget. (Section 15(e))

Special assessments

Requires assent of 2/3 of votes of each class (A and B) voting in person or by proxy at a meeting duly called; Declarant is not Owner's proxy for this vote. Also requires 2/3 of first mortgagees (Section 4(c)). (Section 15(d) and Section 4(c))

Collections & liens

Regular and Special Assessments become a lien on each Lot as of first day of fiscal year. May be foreclosed as a mortgage on real property. Corporation may also obtain money judgment. Lien subordinate to first mortgage. (Section 15(c) and 15(g) and 15(h))

Reserves & fees

Replacement reserve fund for capital expenditures and replacement of Common Areas/Common Expense Areas; held in separate interest-bearing account. (Section 15(b) second paragraph)

Architectural approval

Yes, prior written approval of Architectural Review Board required for any exterior improvements, alterations, repairs, excavation, changes in grade, fences, walls, dwellings, changes to Common Areas or Common Expense Areas. (Section 14(c))

Voting & meetings

Class A (owners): 1 vote per lot. Class B (Declarant): 4 votes per lot until Applicable Date. Class B ceases at Applicable Date. (Section 8(b))

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