Townhomes at Traders Pointe

Key facts from Townhomes at Traders Pointe's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Townhomes at Traders Pointe (Title)

Governing law

Indiana law (Indiana nonprofit corporation) (Recitals paragraph E, and Section 1.3 (d)

Assessments & dues

Board of Directors establishes Regular Assessment based on annual budget approved by majority vote of Members. If no budget, assessment may be up to 120% of last approved budget plus anticipated increases. (Sections 6.4, 6.5)

Collections & liens

Assessment lien on each lot; may foreclose; subordinate to first mortgages. Sale or foreclosure extinguishes prior assessment liens but not future ones; prior owner remains personally liable. (Sections 6.1, 6.12, 6.13)

Reserves & fees

Replacement Reserve Fund established and maintained by allocation from Regular Assessment; held in separate interest-bearing account; may be used for maintenance, repair, replacement per Section 10.2. (Section 6.15)

Pets

Dogs, cats, or other household pets may be kept provided not for commercial purpose. No dangerous or potentially dangerous pets (exotic animals) without unanimous consent of Committee and Board. (Section 7.9)

Leasing & rentals

Yes, but rental agreement must be for initial period of at least one year, in writing, and subject to all Restrictions. (Section 7.24)

Parking & vehicles

Prohibited for vehicles listed above; general parking rules not specified beyond that. (Section 7.16)

Architectural approval

Written approval required for any improvements, structures, landscaping, antennas, satellite dishes, fences, signs. (Sections 7.11, 7.19, 8.1, 1.24)

Use restrictions

Lots may be used only for single-family residential purposes and only one Dwelling Unit per lot. (Section 7.1)

Voting & meetings

Class A: one vote per lot; Class B (Declarant): five votes per lot. Multiple owners of a lot have one collective vote. No owner may cast more than one vote per lot. (Article IV, Sections 4.1, 4.2)

Amendments

Not fully detailed in provided text; document may be amended from time to time (see definition of Restrictions, Section 1.30). No specific amendment percentage or process visible in excerpts. (Section 1.30 (Restrictions may be amende)

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