New London Lake Condominium Association, Inc.

Key facts from New London Lake Condominium Association, Inc.'s documents

Reflects the 1972 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Horizontal Property Regime) (Paragraph 2: 'the Property shall be a Ho)

Units / lots

80 (as listed in Paragraph 4) (Sum of apartments/townhouses listed: Bui)

Governing law

Indiana Horizontal Property Act (referred to as 'the Act') (Paragraph 2; Paragraph 1(a) defines 'Act)

Assessments & dues

Not fixed; set by annual budget approved by Owners. (By-Laws Section 5.02 (Proposed Annual Bu)

Special assessments

Permitted; Section 5.04 of By-Laws (not fully excerpted but heading present). May require majority vote or as determined by Board. (By-Laws Article V headings include 'Spec)

Collections & liens

Association has lien on an owner's apartment for unpaid common expenses; can be foreclosed similarly to lien for common expenses (referenced in Paragraph 16 regarding casualty). (Paragraph 16(a): 'shall become a lien on)

Reserves & fees

Required: Association shall establish a reserve for replacement of Common and Limited Common Elements. (Paragraph 13: 'establishment of a reserv)

Leasing & rentals

Yes, but with restrictions: prior written consent of Board required; no lease longer than one year; no lease allowed without Board approval except as deemed approved after 10 days. Additionally, owner must occupy as single family residence (Paragraph 18(a) as amended by Fourth Ame)

Architectural approval

Yes, for alterations to apartment and changes to common/limited common areas. Prior written approval of Board required for alterations to Common/Limited Areas; for alterations within apartment, written approval from Association required. (Paragraph 14: 'No Owner shall make any a)

Signs & flags

Not explicitly; likely restricted via By-Laws or rules.

Setbacks / home size

All buildings are two stories. (Paragraph 3: 'All Buildings have two sto)

Maintenance

Common element (foundation, columns, girders, beams, etc. are common areas). Roof is likely common area. (Paragraph 6 includes 'foundation, column)

Insurance

Public liability, fire and casualty insurance on all buildings and improvements, including apartments as built, common area personal property. Coverage includes fire, extended coverage, vandalism, malicious mischief. Also workmen's compensa (Paragraph 15.1 and 15.2 (as amended by F)

Use restrictions

Yes, each apartment shall be occupied only as a single family residence. (Fourth Amendment to Paragraph 18(a): 'ea)

Voting & meetings

Percentage vote based on Percentage Interest (same as undivided interest in common areas). Each unit has a fixed percentage. (Paragraph 1(n): 'Percentage Vote means t)

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