CODE OF BY-LAWS OF KNOLLTON PLACE OWNER’S ASSOCIATION, INC.
Rev. 20220802
TABLE OF CONTENTS
ARTICLE I
Identification and Applicability
Section 1.01. Identification and Adoption
Section 1.02. Name, Principal Office and Resident Agent
Section 1.03. Individual Application
ARTICLE II
Meetings of Corporation
Section 2.01. Purpose of Meetings
Section 2.02. Annual Meetings
Section 2.03. Special Meetings
Section 2.04. Notice and Place of Meetings
Section 2.05. Voting and Conduct of Meetings
ARTICLE III
Board of Directors
Section 3.01. Management
Section 3.02. Additional qualifications
Section 3.03. Term of Office and Vacancy
Section 3.04. Removal of Directors
Section 3.05. Duties of the Board of Directors
Section 3.06. Power of the Board of Directors
Section 3.07. Limitation on Board Actions
Section 3.08. Compensation
Section 3.09. Meetings
Section 3.10. Waiver of Notice
Section 3.11. Quorum
Section 3.12. Non-Liability of Directors
Section 3.13. Additional Indemnity of Directors
Section 3.14. Bond
ARTICLE IV
Officers
Section 4.01. Officers of the Association
Section 4.02. Election of Officers
Section 4.03. The President
Section 4.04. The Secretary
Section 4.05. The Treasurer
Section 4.06. Assistant Officers
ARTICLE V
Assessments
Section 5.01. Annual Accounting
Section 5.02. Proposed Annual Budget
Section 5.03. Regular Assessments
Section 5.04. Special Assessments
Section 5.05. Failure of Owner to Pay Assessments
Section 5.06. Maintenance, Repairs and Replacements
ARTICLE VI
Covenants and Restrictions
Section 6.01. Covenants and Restrictions
Section 6.02. Right of Board to Adopt Rules and Regulations
ARTICLE VII
Amendment to By-Laws
Section 7.01. Amendment to By-Laws
ARTICLE VIII
Miscellaneous
Section 8.01. Fiscal Year
Section 8.02. Personal Interests
Section 8.03. Contracts, Checks, Notes, Etc.
CODE OF BY-LAWS OF KNOLLTON PLACE OWNER’S ASSOCIATION, INC.
ARTICLE I
Identification and Applicability
Section 1.01. Identification and Adoption
These By-Laws are adopted simultaneously to execute a certain Declaration of Covenants, Conditions, and Restrictions for Knollton Place A Single Family Residential Development in Washington Township, Marion County, Indiana. (“Knollton Place”). The Declaration is incorporated herein by reference, and all of the covenants, rights, restrictions, and liabilities therein contained shall apply to and govern the interpretation of these By-Laws. The definition and terms as defined and used in the Declaration shall have the same meaning in these By-Laws. These By-Laws shall constitute the By-Laws of the Corporation.
Section 1.02. Name Principal Office and Resident Agent
The name of the Corporation is Knollton Place Owner’s Association, Inc. (hereinafter referred to as the “Corporation”). The location of the principal office of the Corporation, or the designation of its Resident Agent, or both, may be changed at any time or from time to time when authorized by the Board of Directors by filing with the Secretary of State on or before the day any such change is to take effect or as soon as possible.
Section 1.03. Individual Application
All of the owners, future owners, tenants, future tenants, or their guests and invitees, or any other person that might use or occupy a lot, shall be subject to the restrictions, terms, and conditions set forth in the Declaration and these By-Laws and to any rules and regulations adopted by the Board of Directors as herein provided.
ARTICLE II
Meetings of Corporation
Section 2.01. Purpose of Meetings
At least annually, and at such other times as may be necessary, a meeting of the owners shall be held for the purpose of electing the Board of Directors (subject to the provisions of Section 3.02 hereof), receiving the annual budget, and for such other purposes as may be necessary or required by the Declaration of these By-Laws.
Section 2.02. Annual Meetings
The annual meeting of the members of the Corporation shall be held in each calendar year. At the annual meeting, the owners (subject to the provisions of Section 3.02 hereof) shall elect the Board of Directors of the Corporation in accordance with the provisions of these By-Laws and transact such other business as may properly come before the meeting.
Section 2.03. Special Meetings
A special meeting of the members of the Corporation may be called by resolution of the Board of Directors or upon a written petition of owners who have in the aggregate at least a majority of the votes of all owners. The resolution or petition shall be presented to the President or Secretary of the Corporation and shall state the purpose for which the meeting is to be called. No business shall be transacted at a special meeting except as stated in the petition or resolution.
Section 2.04. Notice and Place of Meetings
All meetings of the members of the Corporation shall be held at any suitable place in Marion County, Indiana, as may be designated by the Board of Directors. Written notice stating the date, time, and place of any meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered or mailed by the Secretary of the Corporation to each member entitled to vote thereat not less than ten (10) days before the date of such meeting. The notice of the homeowners’ meetings shall be emailed, mailed, or delivered to the owners at the addresses of their respective lots and not otherwise. A copy of each such written notice shall also be delivered or mailed simultaneously by the Secretary of the Corporation to each mortgagee who requests in writing that such notices be delivered to it. Such mortgagees may designate a representative to attend the meeting. Attendance at any meeting in person, by agent, or by proxy shall constitute a waiver of notice of such meeting.
Section 2.05. Voting and Conduct of Meetings
a. Number of Votes. Each owner shall be entitled to cast one vote for each lot he/she owns on each matter coming before the meeting as to which he/she is entitled to vote.
b. Multiple owners. Where the owner of a lot constitutes or consists of more than one person or is a partnership, there shall be only one vote for such lot. At the time of acquisition of title to a lot by a multiple owner or partnership, those persons constituting such owner or the partners shall file with the Secretary of the Corporation an irrevocable proxy appointing one of such persons or partners as the voting representative for such lot, which shall remain in effect until all of such parties constituting such multiple owners or the partners in such partnership designate another voting representative in writing, or such appointed representative relinquishes such appointment in writing, becomes incompetent, dies, or such appointment is otherwise rescinded by order of a court of competent jurisdiction or the owner no longer owns such lot. Such appointed voting representative may grant a proxy to another to vote in his/her place at a particular meeting or meetings to paragraph (d) of this Section 2.05, which shall not constitute a permanent relinquishment of his/her right to act as a voting representative for the lot.
c. Voting by Corporation or Trust. Where a corporation or trust is an owner or is otherwise entitled to vote, the trustee may cast the vote on behalf of the trust, and the agent or other representative of the Corporation duly empowered by the Board of Directors of such Corporation may cast the vote to which the corporation is entitled. The secretary of the corporation or a trustee of the trust so entitled to vote shall deliver or cause to be delivered prior to the commencement of the meeting a certificate signed by such person to the Secretary of the Corporation stating who is authorized to vote on behalf of said corporation or trust.
d. Proxy. An owner may vote either in person or by his/her duly authorized and designated attorney-in-fact. Where voting is by proxy, the owner shall duly designate his/her attorney-in-fact in writing, delivered to the Secretary of the Corporation prior to the commencement of the meeting.
e. Quorum. Except where otherwise expressly provided in the Declaration, these By-Laws or the Indiana Nonprofit Corporation Act of 1991 (hereinafter referred to as the “Statue”), the owners representing fifty percent (50%) of the votes of all owners shall constitute a quorum at all meetings (i.e. 15 owners need to be present to hold the vote).
f. Conduct of Annual Meeting. The President of the Corporation shall act as the chairperson of all annual meetings of the Corporation if he/she is present. At all annual meetings, the chairperson shall call the meeting to order at the duly designated time and business will be conducted in the following order:
-
Reading of Minutes. The Secretary shall read the minutes of the last annual meeting and the minutes of any special meeting held subsequent thereto, unless such reading is waived by a majority of the votes of all owners.
-
Treasurer’s Report. The Treasurer shall report to the owners concerning the financial condition of the Corporation and answer relevant questions of the owners concerning the common expenses and financial report for the prior year and the proposed budget for the current year.
-
Budget. The budget for the current fiscal year shall be presented to the owners.
-
Election of Board of Directors. Nominations for the Board of Directors may be made by any owner from those persons eligible to serve. A notice requesting nominations should be made before the meeting begins. Each owner may cast the total number of votes to which he is entitled for as many nominees as are to be elected; however, he/she shall not be entitled to cumulate his/her votes. Those persons receiving the highest number of votes shall be elected. The foregoing provisions are subject to the provision of Section 3.02 hereof.
-
Other Business. Other business may be brought before the meeting only upon a written request submitted to the Secretary of the Corporation at least seven (7) days prior to the date of the meeting; provided, however, that such written request may be waived at the meeting if agreed by a majority of the Votes of all owners.
-
Adjournment.
g. Conduct of Special Meetings. The President of the Corporation shall act as Chairperson of any special meetings of the Corporation if he/she is present. The chairperson shall call the meeting to order at the duly designated time and the only business to be considered at such meeting shall be in consideration of the matters for which such meeting was called, as set forth in the notice of such special meeting.
ARTICLE III
Board of Directors
Section 3.01. Management
The Affairs of the Corporation and Knollton Place shall be governed and managed by the Board of Directors (herein collectively called “Board” or “Directors” and individually called “Director”). The Board of Directors shall be composed of three (3) persons. No person shall be eligible to serve as a Director unless he/she is, or is deemed in accordance with the Declaration to be, an owner.
Section 3.02. Additional Qualifications
Where an owner consists of more than one person or is a partnership, Corporation, Trust or other legal entity, then one of the persons constituting the multiple owners, or a partner or an officer or trustee shall be eligible to serve on the Board of Directors, except that no single lot may be represented on the Board of Directors by more than one person at a time.
Section 3.03. Term of Office and Vacancy
Subject to the provisions of Section 3.02 hereof, one (1) member of the Board of Directors shall be elected at each annual meeting of the Corporation. After the Date of the Incorporation and at every annual meeting thereafter, each member of the Board of Directors shall be elected for a term of three (3) years. Each Director shall hold office throughout the term of his/her election and until his/her successor is elected and qualified. Vacancy or vacancies occurring in the Board shall be filled by a vote of the remaining Directors or by the vote of the owners if a Director is removed in accordance with Section 3.04 of this Article III. The Director so filling a vacancy shall serve until the next annual meeting of the members and until his/her successor is elected and qualified. At the first annual meeting following any such vacancy, a Director shall be elected for the balance of the term of the Director so removed or in respect to whom there has otherwise been a vacancy.
Section 3.04. Removal of Directors
A Director or Directors, except the members of the Initial Board, may be removed with or without cause by vote of a majority of the votes (see Section 2.05) of all owners at a special meeting of the owners duly called and constituted for such purpose. In such a case, his/her successor shall be elected at the same meeting from eligible owners nominated at the meeting. A Director so elected shall serve until the next annual meeting of the owners and until his/her successor is duly elected and qualified.
Section 3.05. Duties of the Board of Directors
The Board of Directors shall provide for the administration of Knollton Place, the maintenance, upkeep, and replacement of the common area or any open space not contained within a numbered lot, the establishment of a budget, and the collection and disbursement of the common expenses. The Board may, on behalf of the Corporation, employ a reputable and recognized professional property management agent (herein called the “Managing Agent”) upon such customary. The Managing Agent shall assist the Board in carrying out its duties, which include, but are not limited to:
- Removal of snow from the common area or any open space not contained within a numbered lot;
- Landscaping, maintenance, and upkeep of the common area or any space not contained within a numbered lot;
- Assessment and collection from the owners of the owner’s share of the common expenses;
- Preparation of the annual budget;
- Full accounting of all receipts and expenses incurred in the prior year will be made available to residents at their request; such accounting will be available to each owner simultaneously with the proposed annual budget for the current year;
- Keeping a current, accurate and detailed record of receipts and expenses affecting the common area or any open space not contained within a numbered lot and the business and affairs of the Corporation, specifying and itemizing the common expenses; all records and vouchers shall be available for examination by an owner within 7 days;
- Procuring and maintaining for the benefit of the Corporation and the Board the insurance coverages required under the Declaration and such other insurance coverages as the Board, in its sole discretion, may deem necessary or advisable; and
- Paying taxes assessed against and payable with respect to the common area or any open space not contained within a numbered lot and paying any other necessary expenses and costs in connection with the common area or any open space not contained within a numbered lot.
3.06 Powers of the Board of Directors
The Board of Directors shall have such powers as are reasonable and necessary to accomplish the performance of their duties. These powers include, but are not limited to, the power:
- To employ a Managing Agent to assist the Board in performing its duties;
- To purchase, lease or otherwise obtain for the Corporation to enable it to perform its functions and duties, such equipment, materials, labor, and services as may be necessary for the judgment of the Board of Directors;
- To employ legal counsel, architects, contractors, accountants, and others as in the judgment of the Board of Directors may be necessary or desirable in connection with the business and affairs of the Corporation;
- To employ, designate, discharge, and remove such personnel as in judgment of the Board of Directors may be necessary for the Board of Directors to perform its duties;
- To include the costs of all the above and foregoing as common expenses and to pay all of such costs therefrom;
- To open and maintain a bank account or accounts in the name of the Corporation;
- To communicate, adopt, revise, amend, and alter from time to time such additional rules and regulations with respect to use, occupancy, operation and enjoyment of Knollton Place and the common area or any open space not contained within a numbered lot (in addition those set forth in the Declaration) as the Board, in its discretion, deems necessary or advisable; provided, however, that copies of any such additional rules and regulations so adopted by the Board shall be promptly delivered or mailed to all owners.
Section 3.07. Limitation on Board Action
After the Date of Incorporation, the authority of the Board of Directors to enter into contracts shall be limited to contracts involving a total expenditure of less than $2,500.00 without obtaining the prior approval of a majority of the owners, except that in the following cases such approval shall not be necessary:
Contracts for replacing or restoring portions of the common areas or any open space not contained within a numbered lot damaged or destroyed by fire or other casualties where the cost thereof is payable out of insurance proceeds actually received; Proposed contracts and proposed expenditures expressly set forth in the proposed annual budget and Expenditures necessary to deal with emergency conditions in which the Board of Directors reasonably believes there is insufficient time to call a meeting of the owners.
3.08. Compensation
No Director shall receive any compensation for his/her services as such except to such extent as may be expressly authorized by a majority vote of the owners. The Managing Agent, if any is employed, shall be entitled to reasonable compensation for its services, the cost of which shall be a common Expense.
Section 3.09. Meetings
Regular meetings of the Board of Directors may be held at such time and place as shall be determined from time to time by a majority of the Directors. The Secretary shall give notice of regular meetings of the Board to each Director by email or personally at least five (5) days prior to the date of such meeting.
Special meetings of the Board may be called by the President or any two (2) members of the Board. The person or persons calling such a meeting shall give written notice thereof to the Secretary who shall either personally or by email, and at least three (3) days prior to the date of such special meeting give notice to the Board members. The notice of the meeting shall contain a statement of the purpose for which the meeting is called. Such meeting shall be held at such place and at such time within Marion County, Indiana, or any of the contiguous counties, as shall be designated in the notice.
Section 3.10. Waiver of Notice
Before any meeting of the Board, any Director may, in writing, waive notice of such meeting and such waiver shall be deemed equivalent to the giving of such notice. The presence of any Director at a meeting or his/her subsequent consent to the actions taken thereat, shall, as to such Director, constitute a waiver of notice of the time, place and purpose thereof. If all Directors are present at any meeting of the Board, no notice shall be required and any business may be transacted at such a meeting.
Section 3.11. Quorum
At all meetings of the Board a majority of the Directors shall constitute a quorum for the transaction of business and the votes of the majority of the Directors present at a meeting at which a quorum is present shall be the decision of the Board.
Section 3.12. Non-Liability of Directors
The Directors shall not be liable to the owners or any other persons for any error or mistake of judgment exercised in carrying out their duties and responsibilities as Directors, except for their own individual willful misconduct, bad faith or gross negligence. The Corporation shall indemnify and hold harmless and defend each of the Directors against any and all liability to any person, firm, or corporation arising out of contracts made by the Board on behalf of Knollton Place or the Corporation unless any such contract shall have been made in bad faith. It is intended that the Directors shall have no personal liability with respect to any contract made by them on behalf of the Corporation.
Section 3.13. Additional Indemnity of Directors
The Corporation shall indemnify and hold harmless and defend any person, his/her heirs, assigns and legal representatives, made a party to any action, suit or proceeding by reason of the fact that he is or was a Director of the Corporation, against the reasonable expenses, including attorneys’ fees, actually and necessarily incurred by him/her in connection with the defense of such action, suit or proceeding, or in connection with any appeal therein, except as otherwise specifically provided herein in such action, suit or proceeding where such Director is adjudged liable for bad faith, gross negligence or willful misconduct in the performance of his/her duties. The Corporation shall also reimburse to any such Director the reasonable costs of settlement of or judgment rendered in any action suit proceeding if it shall be found by a majority of votes of the owners that such Director was not guilty of gross negligence or misconduct. In making such findings and notwithstanding the adjudication in any action, suit or proceeding against a Director, no Director shall be considered or deemed to be guilty of or liable for negligence or misconduct in the performance of his/her duties where, acting in good faith, such Director relied on the books and records of the Corporation or statements or advice made by or prepared by the Managing Agent (if any) or any officer or employee thereof, or any accountant, attorney or other person, firm or corporation employed by the Corporation to render advice or service unless such Director had actual knowledge of the falsity or incorrectness thereof; nor shall a Director be deemed guilty of or liable for negligence or misconduct by virtue of the fact that he failed or neglected to attend a meeting or meetings of the Board of Directors.
Section 3.14. Bond
The Board of Directors may provide surety bonds and may require the Managing Agent (if any), the Treasurer of the Corporation and such other officers as the Board deems necessary to provide surety bonds, indemnifying the Corporation against larceny, theft, embezzlement, forgery, misappropriation, willful misapplication, and other acts of fraud or dishonesty, in such sums and with such sureties as may be approved by the Board of Directors and any such bond shall specifically include protection for any insurance proceeds received by the Board. The expenses of any such bonds shall be a Common Expense.
ARTICLE IV
Officers
Section 4.01. Officers of the Association
The principal officers of the Corporation shall be the President, Secretary, and Treasurer, all of whom shall be elected by the members. The Directors may appoint an Assistant Treasurer and an Assistant Secretary and such other officers as in their judgment may be necessary. Any two or more offices may be held by the same person, except that the duties of the President and Secretary shall not be performed by the same person.
Section 4.02. Election of Officers
The officers of the Corporation shall be elected annually by the members at the annual meeting. Upon an affirmative vote of a majority of all members, any officer may be removed either with or without cause, and his/her successor elected at any regular meeting of the Board or at any special meeting of the members called for such purpose.
Section 4.03. The President
The President shall preside at all meetings of the Corporation and of the Board, shall have and discharge all the general powers and duties usually vested in the office of president or chief executive officer of an association or a stock corporation organized under the laws of Indiana, including but not limited to the power to appoint committees from among the owners as he may deem necessary to assist in the affairs of the Corporation and to perform such other duties as the Board may from time to time prescribe.
Section 4.04. The Secretary
The Secretary shall attend all meetings of the Corporation and of the Board and shall keep or cause to be kept a true and complete record of the proceedings of such meetings, shall perform all other duties as from time to time may be prescribed by the Board. The Secretary shall specifically see that all notices of the Corporation or the Board are duly given, mailed, or delivered, in accordance with the provisions of the By-Laws.
Section 4.05. The Treasurer
The Treasurer shall maintain a correct and complete record of account showing accurately at all times the financial condition of the Corporation and who shall perform such other duties incident to the officer of Treasurer. He/she shall be the legal custodian of all monies, notes, securities, and other valuables which may, from time to time, come into possession of the Corporation. He/She shall immediately deposit all funds of the Corporation coming into his/her hands in some reliable bank or other depository to be designated by the Board and shall keep such bank account or accounts in the name of the Corporation. The Treasurer may permit the Managing Agent to handle and account for monies and other assets of the Association to the extent appropriate as part of its duties.
Section 4.06. Assistant Officers
The Board of Directors may from time to time, designate and elect from among the owners an Assistant Secretary and an Assistant Treasurer who shall have such powers and duties as the officers whom they are elected to assist shall delegate to them and such other powers and duties as these By-Laws or the Board of Directors may prescribe.
ARTICLE V
Assessments
Section 5.01. Annual Accounting
Annually, after the close of each fiscal year of the Corporation, the Board shall prepare and furnish to each owner a financial statement which shall show all receipts and expenses received, incurred, and paid during the preceding fiscal year.
Section 5.02. Proposed Annual Budget
Annually, before the date of the annual meeting of the Corporation, the Board of Directors shall prepare an annual budget for the next fiscal year estimating the total amount of the common expenses for the next fiscal year and shall furnish a copy of such proposed budget to each owner 5 days prior to the annual meeting. The annual budget shall be submitted to the owners at the annual meeting of the Corporation for adoption, and, if so adopted, shall be the basis for the Regular Assessments (hereinafter defined) for the next fiscal year. The Budget may be approved in whole or in part by a majority vote of the owners present either in person or by proxy; provided, however, that in no event shall the annual meeting of the owners be adjourned until an annual budget is approved and adopted at such meeting, either the proposed annual budget or the proposed annual budget as amended. The annual budget, The Regular Assessments, and all sums assessed by the Corporation shall be established by using generally accepted accounting principles applied on a consistent basis. The annual budget and the Regular Assessments shall, in addition, be established to include the establishment and maintenance of a replacement reserve fund for capital expenditures and replacement and repair of the common area or any open space not contained within the numbered lot, which replacement reserve fund shall be used for those purposes and not for usual and ordinary repair expenses. Such replacement reserve fund for capital expenditures and replacement and repair of the common area or any open space not contained within a numbered lot shall be maintained by the Corporation in a separate interest-bearing account or accounts with one or more banks or savings and loan associations ‘authorized’ to conduct business in Marion County, Indiana, selected from time to time by the Board. The failure or delay of the Board of Directors to prepare a proposed annual budget and to furnish a copy thereof to the owners shall not constitute a waiver or release in any manner of the obligations of the owners to pay the common expenses as herein provided, whenever determined. Whenever, whether before or after the annual meeting of the Corporation, there is no annual budget approved by the owners as herein provided for such current fiscal year, the owners shall continue to pay Regular Assessments based upon the last approved budget or, at the option of the Board, based upon one hundred ten percent (110%) of such last approved budget.
Section 5.03. Regular Assessments
The annual budget, as adopted by the owners, shall be based on the estimated cash requirements for the common expenses divided by the total number of lots in the neighborhood. Immediately following the adoption of the annual budget each owner shall be given written notice of the assessment against his/her respective lot (herein called the “Regular Assessment”). In the event the Regular Assessment for a particular fiscal year is initially based upon a temporary budget, such Regular Assessment shall be revised, within fifteen (15) days following the adoption of the final annual budget by the owners, to reflect the assessment against each lot based upon such annual budget as finally adopted by the owners. The aggregate amount of the Regular Assessments shall be equal to the total amount of expenses provided and included in the final annual budget, including reserve funds as hereinabove provided. The Regular Assessment against each lot shall be paid in advance with the payment due on the first day of the month each fiscal year. Payment of the Regular Assessment shall be made to the Board of Directors or the Managing Agent, as directed by the Board of Directors. The Regular Assessment for the current fiscal year of the Corporation shall become a lien on each separate lot as of the first day of each fiscal year of the Corporation, even though the final determination of the amount of such Regular Assessment may not have been made by that date. The fact that an owner has paid his/her Regular Assessment for the current fiscal year in whole or in part based upon a temporary budget and thereafter, before the annual budget and Regular Assessment are finally determined approved and adjusted as provided herein, sells, conveys or transfers his/her lot or any interest therein, shall not relieve or release such owner or his/her successor as owner of such lot from payment of the Regular Assessment for such lot as finally determined, and such owner and his/her successor as owner of such lot shall be jointly and severally liable for the Regular Assessment as finally determined. Regular Assessments shall be due and payable automatically on their respective due dates without any notice from the Board or the Corporation, and neither the Board nor the Corporation shall be responsible for providing any notice or statement to the owners for the same.
Section 5.04. Special Assessments
From time to time, common expenses of an unusual or extraordinary nature or not otherwise anticipated may arise. At such time and without the approval of the owners, unless otherwise provided and these By-Laws or the Declaration, the Board of Directors shall have the full right, power and authority to make special assessments which, upon resolution of the Board, shall become a lien on each lot prorated and equal shares (herein called “Special Assessment”). Without limiting the generality of the foregoing Provisions, Special Assessments may be made by the Board of Directors from time to time to pay for capital expenditures, to pay for the cost of any repair or reconstruction of damage caused by fire or other casualty or disaster to the extent insurance proceeds are insufficient therefore under the circumstances described in the Declaration.
Section 5.05. Failure of Owner to Pay Assessments
No owner may exempt himself from paying regular Assessments in special assessments or from contributing toward the common expenses or towards any other expense lawfully agreed upon, by waiver of the use or enjoyment of the common area or any open space not contained within a numbered lot or by the abandonment of the lot belonging to him/her. Each owner shall be personally liable for the payment of all Regular and Special Assessments. Where the owner constitutes more than one person, the liability of such persons shall be joint and several. If any owner shall fail, refuse or neglect to make any payment of any regular assessment or special assessment when due after 60 days a late fee of $20 will be added to their Assessment. If the owner has not made payment after 90 days a certified letter will be sent to them informing the owner of their obligations and potential liability of a lien filed against their home. After 150 days, if dues and late fees have not been paid a certified letter will be sent to the owner stating that a lien will be filed against their home and what their obligation to clear the lien will be. After 180 days, or approximately 6 months, the lien for the such Assessment on the owner’s lot and dwelling unit may be filed and foreclosed by the Board for and on behalf of the Corporation as a mortgage on real property or as otherwise provided by law deemed to be a Common Expense, collectible from all owners (including the party acquiring the subject lot from which it arose).
Section 5.06. Maintenance and Replacements
Maintenance, repairs, replacements, and upkeep of the common area or any open space not contained within a numbered lot shall be furnished by the Corporation, as a part of its duties, and the cost thereof shall constitute a part of the common expenses.
Each owner shall be responsible for maintaining and keeping his/her lot, dwelling unit and all other structural improvements located on his/her lot in a good, clean, neat, sanitary and well-maintained condition and shall do such work thereon as is required to cause such lot and structural improvements to be so maintained. The obligation to maintain a lot shall exist, whether or not a dwelling unit exists on such lot, and the owner of such lot shall keep such lot maintained in the same manner as such lot would be maintained if a dwelling unit existed thereon.
Notwithstanding any obligation or duty of the Corporation to repair or maintain the common area or any open space not contained within a numbered lot, if, due to the willful, intentional or negligent acts or omissions of an owner or of a member of his/her family or of a guest, tenant, invitee or other occupant or visitor of such owner, damage shall be caused, or if maintenance, repairs or replacements shall be required thereby, which would otherwise be a Common Expense, then such owner shall pay for such damage and such maintenance, repairs and replacements, as may be determined by the Corporation unless such loss is covered by the Corporation’s insurance with such policy having a waiver of subrogation clause. If not paid by such owner upon demand by the Corporation, the cost of repairing such damage shall be added to and become a part of the assessment to which such owner’s lot is subject.
If any owner shall fail to maintain and keep his/her lot, dwelling unit, and other structural improvements located on his/her lot in a good, clean and sanitary condition as determined by the Board of Directors, the Corporation may perform any work necessary to do so and charge the owner thereof for such cost, which cost shall be added to and become a part of the owner’s assessment, and such cost shall be immediately due, and shall be secured by the Corporation’s lien on the owner’s lot.
So long as Knollton Place is subject to the Declaration each owner, by his/her acceptance of a deed to any lot, irrevocably grants to the Corporation, its agents and employees, the right to enter upon, across, and over the lot owned by such owner under such conditions as are reasonably necessary to effect the maintenance, cleaning, repair, landscaping or other work contemplated herein.
ARTICLE VI
Covenants and Restrictions
Section 6.01. Covenants and Restrictions
The Declaration establishes covenants and restrictions, specified in subarticles 1-3 Knollton Place Covenants, Conditions and Restrictions, on the use and enjoyment of the lot, dwelling units and common area or any open space not contained within a numbered lot which shall be in addition to any other covenants or restrictions contained herein and in the plat of Knollton Place and are incorporated herein. All such covenants and restrictions are for the mutual benefit and protection of the present and future owners and shall run with the land and inure to the benefit of and be enforceable by any owner or by the Corporation. Present or future owners or the Corporation shall be entitled to injunctive relief against any violation or attempted violation of any such covenants and restrictions, and shall, in addition, be entitled to damages for any injuries or losses resulting from any violations thereof, but there shall be no right of reversion or forfeiture resulting from such violation.
Section 6.02. RIght of Board to Adopt Rules and Regulations
The board may make known such additional rules and regulations regarding the operating of Knollton Place, including but not limited to the use of the common area or any open space not contained within a numbered lot, as it may deem necessary from time to time and such rules as are adopted may be amended by a vote of a majority of the Board, and the Board shall cause copies of such rules and regulations and all amendments thereto to be delivered or mailed promptly to all owners.
ARTICLE VII
Amendment to By-Laws
Section 7.01. Amendment to By-Laws
Subject to any contrary, overriding, or superseding provisions set forth herein or in the Declaration, these By-Laws may be amended by a majority vote of all members of the Corporation. Amendments to these By-Laws shall be considered, if applicable, as amendments of the Declaration and as such shall be recorded in the office of the recorder of Marion County, Indiana, as required by the Declaration.
ARTICLE VIII
Miscellaneous
Section 8.01. Fiscal Year
The fiscal year of the Corporation shall be the calendar year.
Section 8.02. Personal Interests
No member of the Corporation shall have or receive any earnings from the Corporation as a result of being an officer or director of the Corporation except a member may receive principal and interest on moneys and loaned or advanced to the Corporation as provided in the Statute.
Section 8.03. Contracts, Checks, Notes, Etc.
All contracts and agreements entered into by the Corporation and all checks, drafts, and bills of exchange and orders for the payment of money shall, in the conduct of the ordinary course of business of the Corporation, unless otherwise directed by the Board of Directors, or unless otherwise required by law, be signed by the President or in his/her absence the Treasure. Any one of the documents heretofore mentioned in the section for use outside the ordinary course of business at the Corporation or any notes or bonds of the Corporation shall be executed by and require the signature of the President and Secretary.
