Stone Bridge Condominium

Key facts from Stone Bridge Condominium's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title)

Units / lots

18 units on Tract 1; projected total 94 units on entire Real Estate (Para. 3)

Governing law

Indiana Condominium Property Law, I.C. 32-25 (Para. 1(a))

Assessments & dues

Board sets assessments as Common Expenses; each unit pays proportionate share based on Percentage Interest (Para. 8, Para. 13, Article V of By-Laws )

Special assessments

Permitted for costs exceeding insurance proceeds (Para. 16(b)) and for maintenance undertaken by Board (Para. 13) (Para. 13, Para. 16(b))

Collections & liens

Assessments constitute a continuing lien on the unit (Para. 13, Article V of By-Laws) (Para. 13)

Reserves & fees

Referred to in Para. 15(i)(ii) as 'reserve for replacements' established pursuant to By-Laws (Para. 15(i)(ii))

Leasing & rentals

Yes, subject to conditions (Para. 19)

Parking & vehicles

Streets not dedicated public are Common Areas (Para. 6(h)). Rules in By-Laws. (Para. 6(h))

Fences

Fences and gates enclosing patios/porches are Limited Areas and subject to Board approval (Para. 7(b)). (Para. 7(b))

Architectural approval

Prior written approval of Board required for alterations affecting Common Areas or Limited Areas, or affecting safety/structural integrity (Para. 14)

Signs & flags

Declarant may install directional and informational signage (Para. 18). Owner signs not addressed; likely subject to Board approval. (Para. 18)

Maintenance

Exterior roof surfaces are Common Areas (Para. 6(b)). Association maintains. (Para. 6(b), Para. 13)

Insurance

Casualty/physical damage insurance for full insurable replacement cost; comprehensive public liability insurance minimum $1,000,000 per occurrence; workers' compensation; other as determined by Board. (Para. 15(a), (b), (c))

Use restrictions

Each Condominium Unit limited to residential use (Para. 18)

Voting & meetings

Each unit has one vote; Percentage Vote = Percentage Interest (1 divided by total number of units) (Para. 1(p), Para. 8)

Amendments

Amendments require notice, resolution by Board or owners with majority vote, adoption by 67% of Percentage Vote (Para. 20(a)-(d)). Special amendments: 100% for changes to Percentage Interest or reconstruction provisions (Para. 20(e)(i)); ma (Para. 20)

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