Sagebrook Subdivision

Key facts from Sagebrook Subdivision's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Legal name

Sagebrook Homeowners Association, Inc. (Article I, Section 1(e))

Units / lots

56 in Initial Tract (Section One); up to 169 in entire subdivision including Additional Tract (Article I, Section 1(n) (56 Lots); Artic)

Developer / declarant

Bevo, LLC, an Indiana limited liability company; Arbor Homes, LLC designated as declarant for certain matters (Preamble; Article I, Section 1(l))

Governing law

Indiana Nonprofit Corporation Act of 1991 (Indiana Code § 23-17-1 et seq.) (Article I, Section 1(a))

Special assessments

Allowed by Board for unusual or extraordinary expenses; becomes lien on lots (except Declarant/Arbor Homes lots) (Article XI, Section 4)

Collections & liens

Regular and Special Assessments constitute a lien on each Lot (except lots owned by Declarant or Arbor Homes, LLC); personal liability of Owner (Article XI, Section 5)

Reserves & fees

Required after Applicable Date for capital expenditures and replacement of Common Areas; held in separate interest-bearing account (Article XI, Section 2)

Leasing & rentals

Yes; leasing a lot is not considered a trade or business (Article X, Section 13)

Use restrictions

Yes; lots shall be used only for single-family residential purposes (Article X, Section 12)

Voting & meetings

Class A: Owners of lots have 1 vote per lot; Class B: Declarant has 4 votes per lot until Applicable Date (Article IV, Section 2)

Amendments

Declarant may amend unilaterally until it owns no lots; thereafter by vote of owners as per Article XV (specific percentage not quoted) (Article XV, Sections 1 and 2)

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