Kensington Estates Condominiums Co-Owners Association, Inc

Key facts from Kensington Estates Condominiums Co-Owners Association, Inc's documents

Reflects the 1996 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

KENSINGTON ESTATES CONDOMINIUMS CO-OWNERS ASSOCIATION, INC.

Governing law

Indiana Horizontal Property Act, Act 1963 Chapter 349, Sections 1 through 31 (Article I, Section 1.02)

Assessments & dues

Annual budget adopted by majority vote of co-owners; assessment equal per unit (Article V, Sections 5.02, 5.03)

Special assessments

Requires assent of majority of votes at meeting; for capital improvements or contingencies (Article V, Section 5.04)

Collections & liens

Assessment becomes lien on unit; due within 30 days; association may enforce lien according to Indiana law; subordinate to first mortgage (Article V, Section 5.04)

Reserves & fees

Regular assessments include reserve fund for replacements (Article V, Section 5.04)

Use restrictions

All building units used exclusively for residential purposes and occupancy for a single family (Article VI, Section 6.01(A))

Voting & meetings

Each dwelling unit one vote; multiple owners appoint irrevocable proxy; multiple unit owners get one vote per unit (Article II, Section 2.05(A), (B), (D))

Amendments

By vote of not less than 51% of co-owners at duly called meeting; board may amend during initial board period (Article VII, Section 7.01)

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