Eagle Trace Ccrs

Key facts from Eagle Trace Ccrs's documents

Reflects the 1988 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

single-family residential subdivision (a residential community with public stre)

Developer / declarant

Eagle Trace Development Corp., an Indiana corporation (first paragraph of Declaration)

Governing law

Indiana Not-For-Profit Corporation Act of 1971, as amended (Article I(a) - 'Act' shall mean and refe)

Assessments & dues

Board proposes annual budget; adopted by majority vote of Owners at annual or special meeting; Regular Assessments equal for each Lot (Article IX, Sections 2 and 3)

Special assessments

Board may make special assessments without Owner approval for unusual expenses, capital expenditures, etc. (Article IX, Section 4 - Board of Directo)

Collections & liens

Regular and Special Assessments become a lien on each Lot as of first day of fiscal year; may be foreclosed as mortgage; Board may accelerate entire balance; receiver may be appointed (Article IX, Sections 3 and 5)

Reserves & fees

Replacement reserve fund for capital expenditures and replacement/repair of Common Areas; maintained in separate interest-bearing account (Article IX, Section 2 - replacement rese)

Architectural approval

Prior approval of Committee required for any dwelling, building, structure or improvement of any type or kind (Article VIII, Section 6.B - No dwelling,)

Setbacks / home size

As set forth on recorded plat; Committee may reduce side and rear yard requirements but not below applicable zoning laws (Article VIII, Section 3.B - Set-back and)

Maintenance

Owner responsible for exterior of Dwelling Unit includes roof (Article VII, Section 1 - each Owner shal)

Insurance

Corporation shall purchase fire and extended coverage insurance on Common Areas at full replacement value; if possible, 'all risk' coverage; also comprehensive public liability insurance with minimum combined limit $1,000,000 per occurrence (Article XI, Sections 1 and 2)

Use restrictions

Yes, every Lot is a residential lot used exclusively for single family residential purposes; no structure except single family dwelling and usual/ customary accessory uses approved by Committee (Article VIII, Section 2.A - Every Lot ..)

Voting & meetings

Class A: one vote per Lot; Class B: five votes per Lot owned (Declarant and assigns) until Applicable Date; Special members: no voting rights unless also Class A (Article IV, Section 2(a), (b), (c))

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