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Home My WebLink AboutRecorded CCRs 12-29-212021092930 DECL $25.00 12/29/2021 03:01:22P 45 PGS Jennifer Hayden HAMILTON County Recorder IN Recorded as Presented 11111111111111111111111111111111IIII11111111111111111111111111IN Declarant, Asherwood Carmel, LLC, an Indiana limited liability company, is the owner of certain real estate in Hamilton County, Indiana, described in Exhibit "A", attached hereto and incorporated herein (hereinafter referred to as the "Property"), Declarant hereby declares that the Property shall be held, sold and conveyed subject to the covenants, conditions, restrictions and reservation of easements herein, which are for the purpose of protecting the value and desirability of and which shall run with the Property submitted hereunder or Additional Land which may subsequently be added, and shall be binding on all parties having any right, title or interest in the Property, their heirs, successors and assigns, and shall inure to the benefit of each Owner. ARTICLE I Definitions 1.1 Additional Land. "Additional Land" means property that may adjoin Asherwood Subdivision that the Declarant may develop and add to the subdivision in the future, which may be made subject to this Declaration pursuant to Article XII. 1.2 Allocated Interests. "Allocated Interests" means the Conunon Expense Liability and votes in the Association as set forth in Article III. 1.3 Assessments. "Assessments" means those charges upon the Lots established by Article VI of this Declaration. 1.4 Association. "Association" means Asherwood Homeowners' Association, an Indiana nonprofit corporation, its successors and assigns. Except as the context otherwise requires, "Association" shall mean the Board of Directors acting on behalf of the Association. 1.5 Board. "Board" shall mean the Board of Directors of the Association. 1.6 Builder. "Builder" shall mean any Lot Owner who purchases a Lot directly from the Declarant for purposes of constructing a single family residence on the Lot. 1.7 Common Area. "Common Area" shall mean any real estate owned or leased by the Association, including easements in favor of the Association. 1.8 Common Expense Liability. "Common Expense Liability" means the liability for Common Expenses allocated to each Lot pursuant to Article III of this Declaration. 1.9 Common Expenses. "Common Expenses" means expenditures made by, or financial liabilities of, the Association, together with any allocations to reserves. 1.10 Declarant. "Declarant" means Asherwoo d Carmel, LLC, its successors and assigns. 1.11 Declaration. "Declaration" means this Declaration of Covenants, Conditions, Restrictions and Reservation of Easements for Asherwood Homeowners' Association, including any amendments thereto. 1.12 Dwelling Unit. "Dwelling Unit" means a building situated on the Properties designed and intended for use and occupancy as a single-family residence. 1.13 Lot. "Lot" means the physical portion of the Property designated for separate ownership or occupancy, the boundaries of which are described pursuant to Article I1, Section 2.1. 1.14 Member. "Member" means any person or entity entitled to membership in the Association as provided herein. 1.15 ®ccupant. "Occupant" means any person in possession of a Lot or Dwelling Unit whether or not such possession is lawful and shall include, but not be limited to, an Owner's family members, guests, invitees, tenants and lessees. 1.16 ®caner. "Owner" means the Declarant or other person or entity who owns a Lot, but does not include a person or entity having an interest in a Lot solely as security for an obligation. 1.17 Property. "Property" or "Properties" means the real estate described in Exhibit "A" attached hereto and any other Additional Land which may be made subject to the terms of this Declaration, together with any improvements made thereon. 1.18 Survey Plat. "Survey Plat" means the plat of Asherwood Subdivision, to be recorded in the Office of the Recorder of Hamilton County, Indiana and the plat for any Additional Land made subject to the terms and conditions of this Declaration. 1.19 Turnover Date. "Turnover Date" shall be the date that ninety five percent (95%) of the Lots in all sections of Asherwood Subdivision have been sold by the Declarant to either Builders or Owners. 1.20 Lot Al Lot 41 as indicated on the Survey Plat shall not be subject to any of the covenants, conditions, restrictions and reservation of easements contained herein. � NUM Lots 2.1 Description of Lot Boundaries. The boundaries of the Lots shall be those as set forth on the Survey Plats, All Lots shall be a minimum of 1 acre in size ("Minimum Lot Size Restriction"), and notwithstanding any other provision in this Declaration to the contrary, the Minimum Lot Size Restriction may not be released or modified in any way to reduce the minimum 1 acre Lot size except with the written approval of all Owners and all owners of real property within the 240-acre tract encumbered by that certain Agreement Establishing Restrictive Covenants recorded in Book 54, Pages 248-251, in the Office of the Recorder of Hamilton County, Indiana, as amended by that certain Agreement Amending Restrictive Covenants recorded in Book 60, Pages 137441, in the Office of the Recorder of Hamilton County, Indiana (the "Restrictive Covenants"); for purposes of clarification, neither the Declarant nor the Owners alone can release of modify the Minimum Lot Size Restriction set forth in this Declaration. 2.2 Existing I-Iomes. Declarant, for itself and its successors and assigns, accepts all existing dwelling locations outside of the Property located within the 240-acre parcel encumbered by the Restrictive Covenants, whether or not any dwelling setbacks met or did not meet the requirements in such Restrictive Covenants. Allocation of Allocated Interests 3.1 Common Expense Liability. The allocation of Allocated Interests for Common Expense Liability shall be determined in accordance with the allocation of the various assessments as set forth in Article VI, Section 6.8. 3.2 Votes in the Association. The allocation of Allocated Interests for voting purposes shall be one vote per Lot. However, the Declarant shall have ten (10) votes per Lot owned. In the event of unplatted land, ten (10) votes per the maximum number of Lots allowed for such a parcel of land by the applicable zoning ordinance. 4.1 Description. The Common Areas shall be any portion of the Property intended to be owned or owned by the Association in fee or by easement or leased to the Association. 4.2 Easements. The Lots and Common Area shall be subject to certain easements. These easements shall be appurtenant to and pass with the title to the Lots. 4.2.1 Enjoyment, The Common Areas shall be subject to an easement of enjoyment in favor of the Lots and Owners. Such easement shall be limited to the purposes for which the easements are created. Nothing herein shall be construed to provide any right of access to the Lots by any persons who are not Owners thereof. 4.2.2 Drainage, All Lots are subject to private drainage easements as identified on the Survey Plat. No Owner shall do anything within a Lot or Dwelling Unit which shall unreasonably increase or divert the flow of surface water. The Association shall maintain the retention basins, pipes, and inlets/outlets structures located within these basins and all other structures related to the storm drainage system. 4.3 ®vvner's Delegation bights. Any Owner may delegate his or her easement rights and rights of enjoyment to the Common Areas to any Occupants, and any guests, invitees, tenants or lessees thereof. Any Owner who has leased his or her Lot shall be deemed to have delegated such rights. Any such delegation, however, shall be in accordance with and subject to reasonable rules, regulations and limitations as may be adopted by the Association in accordance with its Code A Regulations. 4.4 Limitation on Easements. All easements and rights granted herein are subject to: 4.4.1 Restrictions set forth in this Declaration; 4.4.2 Any rules and regulations adopted by the Association and the right to enforce such rules and regulations; 4.4.3 The right of the Association to levy assessments for the Conunon Expenses and other assessments as set forth herein; 4.4.4 All rights granted to the Association in this Declaration. 4.5 Construction and Conveyance of Streets. Declarant will construct the Streets at the approximate locations shown on the Plat, and Declarant covenants that it will cause the Streets or necessary portions(s) thereof to be improved from the dedicated public street known as Ditch Road, and it will convey such portions of the Street to the Association by a special warranty deed free and clear of all liens and encumbrances except the lien of current real estate taxes and assessments, legal highways and rights -of --way, all easements, covenants, conditions, restrictions and other matters of record, and any rights, interests and easements therein referred to herein or in any subdivision plat of the Property. Declarant shall, in any and all events, so construct all of the Streets, and convey all of the Streets to the Association, not later than the Applicable Date. The Association shall be responsible for the maintenance of the Streets. 5.1 Formation. The Declarant has caused or will cause to be chartered in accordance with Indiana Code, a nonprofit corporation named Asherwood Homeowners' Association. The purposes of the Association are to provide for the administrative governance, maintenance and upkeep of the Property and to promote the general health and welfare of the Owners and Occupants of the Property. 5.2 Membership. Membership in the Association shall at all times consist exclusively of Owners. All Owners shall be Members. Membership shall be appurtenant to and may not be separated from ownership of a Lot. However, the Owner of Lot 41 as identified on the Survey Plat shall not be a Member. 5.3 Powers of the Association. Subject to the Special Declarant Rights hereinafter set forth, the Association may: 5.3.1 adopt and amend a Code of Regulations for the government of the Association, the conduct of its affairs, and the management of the Property; 5.3.2 adopt rules and regulations for the use and enj oyment of the Common Areas and to enforce violations of the rules and regulations and the provisions and restrictions of the Declaration against the Owners and Occupants; 5.3.3 adopt and amend budgets for revenues, expenditures and reserves and levy and collect Assessments from Owners; 5.3.4 hire and discharge managing agents and other employees, agents and independent contractors; 5.3.5 institute, defend or intervene in litigation or administrative proceedings in its own name on behalf of itself or two or more Owners on matters affecting the Property; 5.3.6 make contracts and incur liabilities; 5.3.7 regulate the use, maintenance, repair, replacement and modification of the Common Areas for which the Association has maintenance responsibilities and other rights as set forth herein; 5.3 . R cause additional improvements to be made as part of the Common Areas except that this power shall be limited to improvements required solely for surface water management, landscaping, street lighting, signage and/or recreational purposes$ 5.3.9 acquire, hold, encumber and convey in its own name any right, title or interest in real estate or personal property; 5.3.10 grant easements, liens, licenses and concessions through or over the Common Areas; 5.3.11 impose and receive any payments, fees or charges for the use, rental or operation of the Common Areas and for services provided to Owners; 5.3.12 impose charges for late payments of Assessments and, after notice and an opportunity to be heard, levy reasonable fines for violations of the Declaration, Code of Regulations, and rules and regulations of the Association; 5.3.13 impose reasonable charges for the preparation and recordation of amendments to the Declaration or for statements of unpaid Assessments; 5.3.14 provide for indemnification of its officers and Board of Directors and maintain directors' and officers' liability insurance; 5.3.15 assign its right to future income, including the right to receive Common Expense Assessments, except that this power shall be limited to the purposes of repair of existing structures or improvements; 5.3.16 exercise any other powers conferred by the Declaration, Code of Regulations or Articles of Incorporation; 5.3.17 exercise all other powers that may be exercised in this state by nonprofit corporations; 5.3.18 exercise any other powers necessary and proper for the governance and operation of the Association; 5.3.19 enforce the terms of the Restrictions found in Article VIII herein and as may be contained on the Survey Plat. 5.4 Voting Rights. Members shall be entitled to vote on matters properly before them in accordance with this Section and the laws of the State of Indiana. 5.4.1 1\Tumber of Votes. The Declarant shall have ten (10) votes per Lot owned and in the event of unplatted land, ten (10) votes per the maximum number of Lots allowed for such a parcel of land by the applicable zoning ordinance. All other Lots shall have one vote per Lot. If only one of several Owners for a Lot is present at a meeting of the Association, that Owner is entitled to cast the vote allocated to that Lot. If more than one of the Owners is present, the vote allocated to that Lot may be cast only in accordance with the agreement of a majority in interest of the Owners. There is majority agreement if any one of the Owners casts the vote allocated to that Lot without protest being made promptly to the person presiding over the meeting by any of the other Owners of the Lot. The Association may adopt rules regarding deadlocks. No votes allocated to any Lots owned by the Association may be cast. 5.4.2 Proxies. A vote allocated to a Lot may be cast pursuant to a proxy duly executed by an Owner. If a Lot is owned by more than one person, each Owner of the Lot may vote or register protest to the casting of votes by the Owners of a Lot through a duly executed proxy. An Owner may revoke a proxy given pursuant to this section only by actual notice of revocation to the person presiding over a meeting of the Association. A proxy is void if it is not dated or purports to be revocable without notice. Except as hereinafter provided, a proxy shall terminate one year after its date, unless it specifies a shorter time. If a first mortgage has been designated a proxy under the terms of a first mortgage covering the Lot, its presentation to the Board of a copy of the mortgage shall be notice of the proxy designation, and if the mortgage so states, of the irrevocability of that designation. Written notice to the Board or notice in a meeting A a revocation of a proxy designation shall not affect any vote or act previously taken. Each proxy shall automatically cease upon conveyance of the Lot. Unless expressly reserved and the Association is notified of such reservation, a land contract vendee as defined in Chapter 5313 of the Revised Code shall be deemed the proxy of a land contract vendor for purposes of this section. 5.5 Annual Meeting. A meeting of the Members of the Association must be held at least once a year. The Declarant may not hold any meetings of the Association until the Turnover Date, 5.6 Management Agent, The Board may employ for the Association a professional management agent or agents at a compensation established by the Board to perform such duties and services as the Board shall authorize. The Board may delegate to the managing agent or manager, subject to the Board's supervision, certain powers granted to the Board by this Declaration. The Declarant, or an affiliate of the Declarant, may be employed as a managing agent or manager. No management contract may have a term in excess of three (3) years and must permit termination by either party without cause and without termination fee on ninety (90) days or less written notice. Assessments 6.1 Establishment of Assessments. There are hereby established for the benefit of the Association, its successors and assigns, as a charge on each Lot except Lot 41, certain Assessments for Common Expenses and other expenses. Each Owner, by acceptance of a deed, covenants and agrees to pay such Assessments, except the Declarant shall have no obligation to pay assessments unless the Dwelling Unit located upon any Lot owned by the Declarant is occupied. In addition, any Lot owned by a Builder shall not be subject to an assessment. The annual general assessment is estimated to be $3,000.00 per Lot for the first year in which assessments are charged. In addition to the annual general assessment a one-time Capital Assessment of $2,500.00 shall be assessed to each Lot Owner payable to the Declarant as compensation for installation of Common Areas. This Capital Assessment shall be collected from the Lot Owner at the closing with the Declarant. Lot 41 shall not be subject to any Assessments. 6.2 Purpose of the Assessments. The Assessments are established for the benefit and use of the Association and shall be used in covering the costs of its Common Expenses and for other such purposes as hereinafter set forth. 6.3 Annual General Assessment. There is hereby established an Annual General Assessment for the purpose of paying the Common Expenses of the Association. The Common Expenses shall be, but are not limited to. (1) operation, maintenance, repair and replacement of the Common Areas as required by this Declaration; (2) the cost of any insurance required by this Declaration; (3) reasonable reserves for contingencies and replacements; (4) administrative, accounting, legal and management fees; and (5) all other costs and liabilities incurred by the Association in the exercise of its powers and duties pursuant to this Declaration. Notwithstanding the above, the Association shall not be required to establish any reasonable reserves for contingencies and replacements prior to the Turnover Date. 6.4 Individual Assessment. The Association, after approval by atwo-thirds (2/3) vote of all members of the Board, shall have the right to assess an individual Lot, except Lot 41, for any of the following. 6.4.1 any costs incurred by the Association in the performance of any maintenance in accordance with Article VII, Section 7.4. 6.4.2 any costs incurred for maintenance or repair caused through the willful or negligent act of an Owner or Occupant or their family, tenants, guests or invitees, including attorney fees, court costs and other expenses incurred. 6.4.3 any costs associated with the enforcement of this Declaration or the rules and regulations of the Association, including, but not limited to, attorneys" fees, witness fees and costs, and court costs. 6.5 Special Assessments. In addition to the other Assessments authorized herein, the Association may levy Special Assessments in any fiscal year. So long as the total amount of Special Assessments allocable to each Lot does not exceed One Hundred Twenty Percent (120%) of the Annual General Assessment for that fiscal year, the Board may impose the Special Assessment. Any Special Assessments which would cause the amount of Special Assessments allocable to any Lot except Lot 41 to exceed this limitation shall be effective only if approved by a majority vote Athe Members present and voting at a meeting duly called for such purpose. Special Assessments shall be paid as determined by the Board, and the Board may permit Special Assessments to be paid in installments extending beyond the fiscal year in which the Special Assessment is imposed. 6.6 Computation and Payment of Annual General Assessment. The Annual General Assessment shall be computed and levied in accordance with the budget adopted by the Board pursuant to the Code of Regulations. This Assessment shall be effective as to each Lot except Lot 41 on the first day of the Association's 2022 fiscal year subject to the limitations set forth in Section 5.1 above. With respect to Lots added during the 2022 fiscal year and beyond, this Assessment shall be effective on the first day of the month following the filing of the Supplemental Declaration adding the Additional Land encompassing the Lot prorated to the end of the Association's fiscal year. So long as there has been no default in payment of the Assessment, it shall be payable in annual installments due on the first day of each fiscal year. The Board shall have the power from time to time to adopt such billing, collection and payment procedures, charges and other payment time schedules as it deems appropriate. 6.7 Lien for Assessments. The Association shall have a lien for any Assessment levied against a Lot, for fines imposed against an Owner or Occupant, and for interest, costs and reasonable attorney fees. 6.7.1 Creation. The lien for Assessments is created by this Declaration and shall be a charge and a continuing lien on each Lot, which shall run with the land. All persons or entities acquiring an interest in a Lot after the filing of this Declaration take such interest subject to the l0 en. 6.7.2 Effective Dates. The lien for the Common Expense Liability for each Lot as set forth in the Annual General Assessment shall be effective on the first day of the fiscal year of the Association. The lien for other Assessments shall be effective on the first day of the month following the notice of its levy on the Owners affected. of the lien. 6.7.3 Perfection. Recording of this Declaration constitutes notice and perfection 6.7.4 Notice of Lien. The Association may file a notice of lien with the Recorder of Hamilton County, Indiana. Such notice shall not be required for the Association to enforce its lien. 6.7.5 Priority of the Lien. The lien created by this Section shall be prior to all liens and encumbrances recorded subsequent to this Declaration except the lien for real estate taxes and assessments and the lien of any first mortgage filed of record. 6.7.6 Subordination and Mortgagee Protection. Notwithstanding any of the provisions hereof to the contrary, the lien of any Assessment levied pursuant to this Declaration (and any late charges, interest, costs and attorney fees) shall be subordinate to, and shall in no way affect the rights of the holder of a first mortgage made in good faith for value received; provided, however, that such subordination shall apply only to Assessments, or installments thereof, which have become due and payable prior to the date of Sheriffs sale of such Lot pursuant to a foreclosure or the date of a deed in lieu of foreclosure. Such sale or transfer shall not relieve the mortgagee or the purchaser of a Lot at such sale from liability for any Assessments thereafter becoming due, nor from the lien of any such subsequent Assessment. 6.7.7 Estoppel Certificate. Upon request of any mortgagee or Owner and upon payment in full of all Assessments and other charges permitted by this Declaration that are due to the Association, the Association shall execute and deliver to such mortgagee or Owner an estoppel certificate. Such certificate shall be in recordable form and shall note the payment of the outstanding Assessments and charges and that the Association is estopped from the enforcement A its lien with respect to Assessments and charges becoming due and payable prior to the date of the certificate. The Association may charge a reasonable fee for the preparation of such certificate. 6.8 Allocation of Assessments. The Common Expense Liability of each Lot shall be the portion of the Common Expense. The Common Expense Liability and the Annual General Assessment shall be allocated so as the share of the Lots shall be shared equally for each Lot. 6.9 Delinquency and Acceleration. Any installment of an Assessment provided for by this Declaration shall become delinquent if not paid on the due date as established by this Declaration or by the Board. With respect to each installment of an Assessment not paid within five (5) days of its due date, the Board may, at its election, require the Owner to pay a reasonable late charge, costs of collection, reasonable attorney fees and interest at the rate provided in Section 1343.03 of the Indiana Revised Code (and as amended from time to time). Interest shall be calculated from the date of delinquency to the date full payment is received by the Association. If any installment of an Assessment is not paid within thirty (30) days of its due date, the Board may, at its election, declare all of the unpaid balance of the Assessment due without further notice or demand to the Owner. The Association may enforce the collection of the full Assessment and all other charges in any manner authorized by law or this Declaration. The filing of any petition for relief pursuant to the United States Bankruptcy Code by an Owner whose Assessment has been accelerated shall operate as a restoration of the Assessment to its prior status as if it had not been accelerated. 6.10 Remedies Cumulative. A suit to recover money judgment for unpaid Assessments and charges may be maintained without foreclosing or waiving the right to enforce the lien. A foreclosure may be maintained notwithstanding the pendency of any suit to recover a money judgment. 6.11 Personal bligation. The Assessments, including fines, if any, payable by each Owner, together with any penalty, interest, costs and reasonable attorney fees shall be the personal obligation of the Owner of the Lot at the time the debt is incurred. The personal obligation shall not pass to any successors in title unless expressly assumed by them; however, the lien created by Section 6.7.1 shall run with the land and shall not be extinguished or discharged without payment in full of all assessments due. 6.12 Statement of fJnpaid Assessments. The Association shall, upon written request of the Owner, contract purchaser, or first mortgagee, furnish a statement setting forth the amount of unpaid Assessments against the Lot. This statement must be furnished within ten (10) business days after receipt of the request and is binding on the Association, the Board and every Owner. The Association may charge a reasonable amount for this statement. 6.13 XTo Waiver of Liability for Common Expenses. No Owner may exempt himself or herself from liability for payment of the Common Expenses by waiver of the use or enjoyment of the Common Areas or by abandonment of the Lot against which the Assessments are made. 7.1 Lots. Each and every Lot, its Dwelling Unit, and any improvement erected thereon shall be maintained in a reasonable manner in accordance with the standard generally prevailing throughout the Properties. 7.2 Common Areas. The Association shall maintain the Conrrnon Areas, specifically to include the maintenance and upkeep of the retention basins, landscaping and entrance features, Streets and storm drainage system, and any other Common Areas. For any Additional Property added to the terms and conditions of this Declaration, the Association shall maintain Common Areas identified on such Additional Property after the recording of any amendment subjecting such Additional Property to the terms of this Declaration. The Common Areas will be conveyed to the Association. 7.3 Drainage Easements. Each Owner will be responsible for the maintenance, management and upkeep of all private drainage easement areas shown on their recorded Survey Plat. 7.4 Association's Right to 1Vlaintain. In the event that an Owner shall fail to provide maintenance as required by this Declaration in a manner satisfactory to the Association, and such Owner has failed to comply for ten (10) days after being so notified of such failure and upon being provided an opportunity to be heard concerning such failure, then the Association shall have the right, through its agents and employees, to enter upon said Lot and repair, maintain and restore the Lot, in the event that such failure poses a health, safety or security risk, then no notice or opportunity for hearing need be given. The cost of such maintenance and repair shall be assessed against the subject Lot in accordance with Article VI, Section 6.4. Nothing in this section shall be construed as giving the Association any right to repair, maintain or restore any Dwelling Unit. 7.5 Access to Lots. For the purpose solely of performing the maintenance required or authorized herein, the Association, through its duly authorized agents, employees, or subcontractors, shall have the right, after reasonable notice to the Owner, to enter upon any Lot at reasonable hours on any day. 7.6 Entry feature and Gated Access. Declarant shall install the entry features) as indicated on the Secondary Plat, including a entry gate to the Property, which shall be maintained as Common Area by the Association. 1Zestrictions 8.1 Easements for installations and maintenance of utilities and drainage facilities will, where necessary, be reserved for such purpose in the conveyance of the individual Lots. 8.2 No noxious or offensive activity shall be carried on upon any Lot, nor shall anything be done thereon which may be or may become an annoyance or nuisance to the Property. 8.3 No structure of a temporary character, trailer, basement, tent, shack, garage, barn or other outbuildings shall be used on any Lot at any time as a residence, either temporary or permanently. Construction or storage trailers or sheds are permitted while homes are under construction. 8.4 No Lot shall be used or maintained as a dumping ground for rubbish, except during the period of construction of the house on the particular, Lot or house in the vicinity. Trash, garbage, or other waste shall not be kept upon the Property except in sanitary containers. All incinerations or other equipment for the storage or disposal of such materials shall be kept in a clean and sanitary condition. 8.5 A11 dwellings shall be constructed in such a manner as to conform with the zoning laws, building codes and the plumbing codes of Hamilton County, Indiana, and any state health regulation, which might apply to the Property. All lots should be used exclusively for residential purposes and occupied by a single family. No commercial, religious, educational, or other non- residential purposes may be conducted on premises. 8.6 Only one single-family residence with necessary garage for not less than three automobiles may be built on any of the Lots. Garages larger than a three car shall require approval by the Declarant. No house trailer shall be parked on any of the Lots at any time. Campers, boats, trailers or recreational vehicles may not be stored in front, rear or side yards, except for a 48-hour period of time for loading and unloading. No detached garages will be permitted unless designed as a carriage style that complements the architecture of the home. This type of garage shall require the approval of the Declarant. No underground or log homes will be permitted. 8.7 A satellite dish with a maximum of 1 meter (or as established by Federal or State Law) in diameter is allowed. The dish can only be mounted in front of the house if an acceptable signal cannot be achieved elsewhere on the Lot. Radio and television antennas of any kind may not exceed the highest point of the roof. All telephone, electric and other wires of all kinds must be underground except during the construction process. 8.8 No animals, livestock, or poultry of any kind shall be raised, bred, or kept on any Lot, Dwelling Unit, or garage erected thereon, except that dogs, cats, or other household pets may be kept, provided they are inside the Dwelling Unit of each Lot at night, and further, provided they are not bred or maintained for any commercial purpose, nor in such numbers as to become a nuisance or offensive to other Owners. 8.9 No signs of any kind shall be displayed to the public view on any Lots or buildings except one professional sign of not more than one square foot in area. Signs of not more than six square feet in area advertising the Property for sale or rent, or signs used by a Builder to advertise the Property during the construction and sales period, are permitted. The Declarant will be allowed a large subdivision sign close to the entrance of the subdivision. Political signs not more than five square feet in area will be permitted to be placed upon Lots thirty (30) days prior to an election, and must be removed within seven (7) days after the election. 8.10 The grades of all Lots shall not be materially altered or changed so as to adversely affect or interfere with any other Owner's property. 8.11 No fence or wall of any kind, specifically including the use of a hedge or other growing plants as a fence, and for any purpose, excepting a retaining wall or landscaping wall, shall be erected or placed upon any Lot nearer than ten (10) feet from the rear of the Dwelling. No chain link, solid, stockade, or board on board fences will be permitted unless granted special exception from the Board. No fences higher than 4' will be permitted except as required by local or state building or zoning law. All fences shall require approval by the Declarant and local governmental authority as necessary. Acceptable fences shall be wrought iron or wrought iron style. 8.12 Outbuildings or freestanding accessory structures such as storage shed, decks, pool houses, gazebos, and similar structures are permitted subject to approval of the Declarant or the Association. The design and detail of the outbuilding or freestanding accessory structures must be consistent and compliment the Dwelling Unit with regard to materials and architecture. Plastic or metal storage sheds are not permitted. Storage boxes less than 5 feet in height and 20 square feet, swing sets and sandboxes, decorative awnings, and similar items are only permitted to be placed in the rear yard of the Lot. 8.13 No above ground swimming pools will be permitted. When an in ground swimming pool is installed, a small storage shed with a maximum of 35 square feet will be permitted for the purpose of housing the pool filter, pump, heater, equipment, and chemicals with Declarant approval. 8.14 No vehicles are permitted to be stored outside under tarps or be in an inoperative condition for more than 7 days. No vehicle repairs shall be conducted outside of the garage. 8.15 All Lot Owners shall maintain their landscaping and grass in a similar manner to the Lots within the community. Excess weeds, tall grass or mostly dirt yards are not permitted. This exempts the initial periods of construction when grass and landscaping is being established. 8.16 All driveways shall be surfaced with concrete or brick stone pavers unless a variation is approved by the Declarant or Architectural Review Board. 8.17 All homes shall use a mailbox and post as specified by Declarant. 8.18 Holiday lights may be erected no sooner than eight weeks prior to and removed no later than four weeks after Christmas. 8.19 All garbage cans, woodpiles, storage piles and other similar items should be kept out of the view of the street and the neighbors. 8.20 After the Turnover Date, any restrictions contained in this Article VIII may be waived or suspended at any time by an instrument in writing recorded in the Recorder's Office of Hamilton County, Indiana, signed by the then owners of not less than seventy-five percent (75%) Athe Lots included in Asherwood. 8.21 Invalidation of any one of these covenants by adjudglnent or court order shall not affect any of the other provisions, which shall remain in full force and effect. 8.22 Enforcement shall be by proceedings at law or in equity against any person or persons violating or attempting to violate any covenants, either to restrain violation or to recover damages, in which event the Associations' reasonable attorney fees shall be recovered from the offending Owner. 8.23 Rentals. An Owner may rent their residence under the following conditions. All leases must be in writing and the term shall not be for less than one year. All leases shall be provided to the Homeowners' Association prior to the start of the lease term. On or before the start of the lease term, Owner shall deposit with the Homeowners' Association an amount equal to $5,000 to be held by the Homeowners' Association. An escrow agreement will be executed outlining the terms by which the Homeowners' Association can use the escrowed funds described herein. 8.24 Garage sales are not permitted. 8.25 There shall not be any ticketed home tours without prior written consent of the Declarant. Declarant may allow a one -home tour for a limited peri Dod of time. 8.26 All Lots shall be a minimum of 1 acre in size. 9.1 Architectural Standards. All Property at any time subject to this Declaration shall be governed and controlled by this Article. Until the date that all Lots within the subdivision have been sold by the Declarant and the initial construction on all Lots has been completed, the Declarant shall have the exclusive authority to determine the architectural standards, which shall govern the construction of improvements on the Property. Each Owner covenants and agrees, by acceptance of a deed to a Lot, to comply with, and to cause his/her Lot and any Occupant thereof, to comply with the standards promulgated by the Declarant. The initial architectural standards adopted by the Declarant are found within Exhibit B. The Architectural Standards may not be amended by Declarant without an affirmative vote of a simple majority of Owners. 9.2 Approval by Declarant. Owners shall submit plans and specifications showing the nature, kind, shape, color, size, materials and location of improvements and alterations to the Declarant or Associati Don (after the Turnover Date) for approval. The form used for approval of improvements is attached hereto as Exhibit "C". Nothing contained herein shall be construed to limit the right of an Owner to remodel or decorate the interior of his/her Dwelling Unit. Typical exterior improvements requiring approval are fences, decks, sheds, additions, porch enclosures and the like. 10.1 Insurance. The Board or its duly authorized agent shall have the authority to and shall obtain insurance for all insurable improvements on the Conunon Areas against loss or damage by fire, other hazards, including all risk coverage, vandalism and malicious mischief. This insurance shall be in an amount sufficient to cover the full replacement cost of any repair or reconstruction in the event of damage or destruction from any such hazard. The Board shall also obtain a public liability policy covering the Common Areas, the Association, and its Members for injury caused by the negligence of the Association or any of its Members or agents, all damage or and if reasonably available, directors' and officers' liability insurance. The public liability policy shall have such coverages as the Board in its discretion may decide to be reasonable after due consideration of all factors involved. Premiums for all insurance of the Common Areas, public liability, and directors' and officers' insurance shall be Common Expenses of the Association. The policy may contain a reasonable deductible, and the amount thereof shall be added to the face amount of the policy in determining whether the insurance equals the full replacement cost. Cost of insurance coverage obtained for the Common Areas, public liability, and directors' and officers' liability shall be included in the General Assessment, as defined in Article VI, Section 6.3. All such insurance coverage obtained by the Board shall be written in the name of the Association, as Trustee, for the respective benefited parties, as further identified below. The provisions hereinafter set forth shall govern such insurance: 10.1.1 All policies on the Common Areas shall be for the benefit of the Lot Owners and their mortgagees as their interests may appear. 10.1.2 Exclusive authority to adjust losses under policies in force on the Property obtained by the Association shall be vested in the Board, provided, however, that no mortgagee having an interest in such losses may be prohibited from participating in the settlement negotiations, if any, related thereto. 10.1.3 In no event shall the insurance coverage obtained by the Board hereunder be brought into contribution with insurance purchased by individual Owners, Occupants, or their mortgagees, and the insurance carried by the Association shall be primary. 10.1.4 All casualty insurance policies shall have an agreed amount endorsement with an annual review by one or more qualified persons, as least one of whom must be in the real estate industry and familiar with construction in the Hamilton County, Indiana, area. 10.1.5 The Board shall be required to mare every reasonable effort to secure insurance policies that will provide for the following: 10.1.5.1 a waiver of subrogation by the insurer as to any claims against the Board, its manager (if any), the Owners and their respective tenants, servants, agents, and guests; 10.1.5.2 a waiver by the insurer of its rights to repair and reconstruct instead of paying cash; 10.1.5.3 that no policy may be canceled, invalidated, or suspended on account of the acts of any one or more individual Owners; 10.1.5.4 that no policy may be canceled, invalidated, or suspended on account of the conduct of any director, officer, or employee of the Association or its duly authorized manager without prior demand in writing delivered to the Association to cure the defect and the allowance of a reasonable time thereafter within which the defect may be cured by the Association, its manager, any Owner, or mortgagee; and; 10.1.5.5 that any "other insurance" clause in any policy exclude individual Owner's policies from consideration. 10.2 Disbursement of Proceeds. Proceeds of insurance policies shall be disbursed as follows: 10.2.1 If the damages or destruction for which the proceeds are paid are to be repaired or reconstructed, the proceeds, or such portion thereof as may be required for such purpose, shall be disbursed in payment of such repairsded. or reconstruction as hereinafter provi Any proceeds remaining after defraying such costs of repairs or reconstruction is made after making such settlement as is necessary and appropriate with the affected Owner or Owners and their mortgagee(s), as their interests may appear, if any Lot is involved, shall remain by and for the benefit of the Association. This is a covenant for the benefit of any mortgagee of a Lot and may be enforced by such mortgagee. 10.2.2 If is determined, as provided for in Section 10.3.2 of this Article, that the damage or destruction of the Common Areas for which the proceeds are paid shall not be repaired or reconstructed such proceeds shall be disbursed in the manner as provided for excess proceeds in Section 10.2. L 10.3.1 Immediately after the damage or destruction by fire or other casualty to all or any part of the Property covered by insurance written in the name of the Association, the Board or its duly authorized agent shall proceed with the filing and adjustment of all claims arising under such insurance policy and obtain reliable and detailed estimates of the cost of repair or reconstruction of the damaged or destroyed property. Repair or reconstruction, as used in this paragraph, means repairing or restoring the Property to substantially the same condition in which it existed prior to the fire or other casualty. 10.3.2 Any damage or destruction to the Common Areas shall be repaired or reconstructed unless at least seventy-five (75%) percent of the Members in the Association shall decide within sixty (60) days after the casualty not to repair or reconstruct. If for any reason either the amount of the insurance proceeds to be paid as a result of such damage or destruction, or reliable and detailed estimates of the cost of repair or reconstruction, or both, are not made available to the Association within said period, then the period shall be extended until such information shall be made available; provided, however, that such extension shall not exceed sixty (60) days. No mortgagee shall have the right to participate in the determination of whether the Common Area damage or destruction shall be repaired or reconstructed. 10.3.3 In the event that it should be determined by the Association in the manner described above that the damage of destruction of the Common Areas shall not be repaired or reconstructed and no alterative improvements are authorized, then and in that event that property shall be restored to its natural state and maintained as an undeveloped portion of the Common Areas by the Association in a neat and attractive condition. 10.4 Repair and Restoration. If the damage or destruction for which the insurance proceeds are paid is to be repaired or reconstructed, and such proceeds are not sufficient to defray the cost thereof, the Board shall, without the necessity of a vote of the Members, levy a Special Assessment against all Owners. Additional assessments may be made in like manner at any time during or following the completion of any repair or reconstruction. If the funds available from insurance exceed the cost of repair, such excess shall be deposited to the benefit of the Association. Whenever all or any part of the Common Areas shall be taken by any authority having the power of condemnation or eminent domain, each Owner shall be entitled to notice thereof and to participate in the proceedings incident thereto, unless otherwise prohibited by law. This section shall also be applicable in the event that the Property is conveyed in lieu of or under threat of condemnation in which event the Board shall act on its behalf or on the written direction of all Owners of Lots subject to the taking. The award made for such taking shall be payable to the Association, as trustee for all Owners, to be disbursed as follows: If the taking involves a portion of the Common Areas on which improvements have been constructed, then, unless within sixty (60) days after such taking the Declarant and at least seventy- five (75%) percent of the Members of the Association shall otherwise agree, the Association shall restore or replace such improvements so taken on the remaining land included in the Common Areas, to the extent lands are available therefor, in accordance with plans approved by the Board. If such improvements are to be repaired or restored, the above damage or destruction, which is to be repaired, shall apply. If the taking does not involve any or if there are net funds remaining after such restoration or replacement is completed, then such award or net funds shall be disbursed to the Association and used for such purposes as the Board shall determine. 12.1 Submission o� Additional Land. The Declarant reserves the unilateral right to submit all or any portion of the Additional Land to the teens of this Declaration at any time without the consent of the Association. The submission shall be accomplished by the filing of a Supplemental Declaration identifying the Additional Land, the Lots, and the Common Areas. 12.2 Notice to the hoard. The Declarant shall promptly notify the Board of the filing of any Supplemental Declaration. 12.3 Easements Deserved. The Declarant reserves for itself, its successors and assigns and any Builder, the following easements: 12.3.1 Easements for drainage and all utilities as shown on the Survey Plat. 12.3.2 Easements for ingress, egress, drainage and all utilities over the Common areas provided that such easements do not unreasonably interfere with any Owner's rights of enjoyment. 12.3.3 An easement over the Common Areas as may be reasonably necessary for the purpose of discharging its obligations or exercising any rights under the Declaration. 12.3.4 An easement for ingress, egress, drainage and all utilities over the Common Areas and all Lots in favor of the Additional Property and the right to convey that easement to others in the event that the Additional Property is not submitted to this Declaration. 12.4 Assignment of Development bights. The Declarant reserves the right to assign any or all of its Development R0ghts to any person or ent4ty for the purpose of further development and improvements of the Property. No assignment shall be effective unless it is in writing and filed with the Recorder of Hamilton County, Indiana. The Declarant shall not assign the Developments to a nationally recognized production builder without the approval of a majority of Owners. 13.1 1J5e for Sale Purposes. Declarant reserves for itself, its successors and assigns, and any Builder the right to maintain sales offices and models on the Lots. 13.2 Signs and Marketing. The Declarant reserves the right for itself and any Builder to post signs and displays in the Property to promote sales of Lots, and to conduct general sales activities, in a manner as will not unreasonably disturb the rights of Owners. 13.3.1 Appointment of Directors and fficers. The Declarant reserves the right to appoint and remove the members of the Board and the Officers of the Association until such time as ninety-five (95%) of the Lots located on the Property or any Additional Property have been sold. 13.3.2 Early 'Termination of Control. The Declarant may voluntarily surrender the right to appoint and remove directors and officers before the termination of the period set forth above. In that event, the Declarant may require, for the duration of that period, that specified actions of the Association or the Board be approved by Declarant before they become effective. Such voluntary termination shall be evidenced by a recorded instrument executed by the Declarant setting forth the termination of the right to appoint and the actions which require Declarant's approval. 13.4 Declarant's Personal Property. The Declarant and any Builder reserve the right to retain all personal property and equipment used in sales, management, construction and maintenance of the Property that has not been represented as property of the Association. The Declarant and Builder reserve the right to remove, within one (1) year after the sale of the last Lot, from the Property any and all goods and improvements used in development, marketing and construction, whether or not they have become fixtures. 13.5 bight to Amend Documents. Notwithstanding anything above to the contrary, this Declaration may be amended at any time without the vote of Owners by a written instrument executed by the Declarant (except for the Minimum Lot Size Restriction set forth in Section 2.1 of this Declaration, which may not be amended without strict compliance with the requirements in Section 2.1) for the purpose of eliminating or correcting any typographical or other inadvertent error herein; eliminating or resolving any ambiguity herein; making nominal changes; clarifying Declarant's original intent; making any change necessary or desirable to meet the requirements of any institutional lender, the Veteran's Administration, the Federal Housing Administration, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, or any other agency which may insure or purchase loans on a Lot. No such amendment, however, shall materially affect any Owner's interest in the Association or the Common Area or amend Section 2.1 of this Declaration. Each Owner and his mortgagee, by acceptance of a deed to a Lot or a mortgage encumbering such Lot, shall be deemed to have consented to and approved of the provisions of this paragraph and the amendment of this Declaration by Declarant as provided in the immediately preceding sentence. All such Owners and their mortgagees, upon request of Declarant, shall execute and deliver from time to time all such instruments and perform all such acts as may be deemed by Declarant to be necessary or proper to effectuate the provisions of this paragraph. 14.1 Duration. This Declaration, and its provisions, shall be covenants running with the land and shall bind the Property and shall (regardless of whether any such beneficiary owns an interest in any Lot) inure to the benefit of and be enforceable by Declarant, the Association, and each Owner, Occupant and their legal representatives, heirs, devisees, successors and assigns and shall continue in full force and effect for twenty (20) years from the date on which this Declaration is recorded. Thereafter, this Declaration shall be automatically renewed for successive ten-year periods unless amended or terminated as provided in this Article. 14.2 Amendment. During the period in which the Declarant owns any portion of the Property, any provision of this Declaration may be amended in whole or in part by a recorded instrument executed by Declarant and approved by the Owners of at least sixty-seven percent (67%) of all Lots (except for the Minimum Lot Size Restriction set forth in Section 2.1 of this Declaration, which may not be amended without strict compliance with the requirements in Section 2.1). For the purpose of making an amendment to this document, each Lot owned by the Declarant shall count as ten (10) lots. After the Declarant has sold and conveyed all portions of the Property, any provision of this Declaration may be amended in whole or in part by a recorded instrument approved by the Owners of at least sixty-seven percent (67%) of all Lots. All amendments shall be executed by the Declarant, if required, and shall be executed by the President and Secretary of the Association. Such Amendment shall certify that the proper notices were sent and that the requisite vote was obtained. Amendments need not be signed by the Owners. All Amendments must be recorded with the Hamilton County Recorder in order to be effective. However, there shall be no Amendment that would require Lot 41 to be subject to the covenants, conditions, restrictions and reservation of easements herein. 14.3 'Termination. This Declaration and the regime created thereby may be terminated only in accordance with this Section. 14.3.1 Consent Required. This Declaration may be terminated only upon consent of eighty (80%) percent of the Owners after the Turnover Date as identified in Section 1.19. 14.3.2 Agreement to Terminate. No termination shall be effective unless an agreement to terminate is filed for record with the Hamilton County Recorder. The requisite number of Owners shall execute this agreement in the same manner as a deed. The agreement shall provide for disposition of the Common Areas, disposition of Association funds, and other resolutions and provisions necessary to terminate the regime and wind up the affairs of the Association. 15.1 hto everter. No covenant, condition, restriction or reservation of easement contained in this Declaration is intended to create, or shall be construed as creating, a condition subsequent or a possibility of reverter. 15.2 hTotices. Any notice required or permitted to be given to an Owner or Occupant by the Board pursuant to the provisions of this Declaration shall be deemed given when mailed by United States mail, postage prepaid, addressed to such person's last address as it appears on the records of the Association. 15.3 Construction. The Board shall have the right to construe the provisions of this Declaration, and, in the absence of adjudication by a court of competent jurisdiction to the contrary, such construction shall be final and binding as to all persons and entities benefited or bound by the provisions of this Declaration. 15.4 Invalidity. The determination by a court of competent jurisdiction that any provision of this Declaration is invalid for any reason shall not affect the validity of any other provision hereof. 15.5 Readings. The headings of the Articles and Sections are for convenience only and shall not affect the meaning or construction of the contents of this Declaration. 15.6 Gender. Throughout this Declaration, the masculine gender shall be deemed to include the feminine and neuter, and the singular, the plural and vice versa. 15.7 Conflict. In the event of a conflict between the Restrictions or any one or more of them and the restrictions of any Declaration which may be recorded subsequent to this Declaration, the more restrictive restriction, covenant, condition, easement or other obligation shall control. 16.1 Once the Declarant has sold ninety-five percent (95%) of the Lots within the Property, including the Additional Land, the Declarant shall schedule a meeting to officially turn over the control of the Association to the current Lot Owners. The turnover process shall consist of written notice by regular mail to each Lot Owner that defines the purpose, date and location of the meeting. The Declarant and Board of Directors shall conduct the meeting and attempt to hold an election for a new Board of Directors at this meeting. The election of the new Board will be from a simple majority of the lot owners present at the meeting and any proxy ballots received by the predetermined deadline. Upon election of the new Board, the Declarant shall have officially turned over control of the Association. If no Lot Owner is present at the meeting and no proxy ballots have been received, the Declarant and the Board of Directors will appoint a Lot Owner or Owners to the new Board of Directors. If no Lot Owner is willing to serve on the Board of Directors, the Declarant shall send written notice by regular mail to each Lot Owner that the Declarant has officially relinquished control of the Homeowners Association and the responsibility and control of the Association shall be the responsibility of the lot owners. The Declarant and previous Board of Directors shall be released of all responsibility for the Association after this notice. The enforcement of this Declaration shall be the responsibility of the Board of Directors or their representative. Any Lot Owner found to be in violation of the covenants, conditions, restrictions and reservations of easements shall be responsible for any expenses incurred by the Association in correcting or removing the violation, including court costs and attorney's fees. Written notice shall be provided to the Owner in violation prior to proceeding with any legal remedies. Repayment of any expenses shall take the form of an additional assessment against the owner found to be in violation by the appropriate court with jurisdiction. An additional assessment shall be applied as outlined within Article VI, Section 6.5 above. THE REMAINDER OF THIS PAGE IS INTENTIONALLY BLANK Mark D. Gradison, Manager of Asherwood Carmel, LLC, an Indiana limited liability company, does hereby establish these conditions and restrictions for the Property heretofore described, and has hereunto set his hand this 29"' day of December, 2021. ASHERWOOD CARMEL, LLC, By: GRADISON ASHERWOOD INVESTMENT, LLC, It's Manager STATE OF: INDIANA COUNTY OF: MARION BE IT REMEMBERED, That on 29th day of December, 2021, before lne, the subscriber, a Notary Public in and for said state, personally came Mark D. Gradison, the Manager of Gradison Asherwood Investment, LLC, the Manager of Asherwood Carmel, LLC, an Indiana limited liability company, who acknowledged that he did sign said instrument as such member on behalf of the limited liability company, duly authorized, that said instrument was signed as his free act and deed individually and the free act and deed of said limited liability company. IN TESTIMONY THEREOF, I have hereunto subscribed my name and affixed my seal on the day and year last aforesaid. `'"�"�� Katherine E, VVa . ner ,o P�Yp�e�y,, Notary Public, State o Indiana Hamilton County SEAL ' = Commission Number NP0717324 *` '* My Commission Expires `iA P st December 4, 2026�, 1 N ,, ec I affirm, under the penalties of perjury, that I have tal�en reasonable care to redact each Social Security number in this document, unless required by law. — Mark D. Gradison Prepared by: Mark D. Gradison, on behalf of Asherwood Carmel, LLC, 6330 E. 75th Street, Suite 156, Indianapolis, IN 46250 The Land referred to herein below is situated in the County of Hamilton, State of Indiana, and is described as follows: TRACT I: PART OF THE SOUTH HALF OF THE NORTHEAST QUARTER AND PART OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST, IN HAMILTON COUNTY, INDIANA, MORE PARTICULARLY DESCRIBED AS FOLLOWS. BEGINNING 642.91 FEET SOUTH 00 DEGREES 04 MINUTES 20 SECONDS WEST (ASSUMED BEARING) OF THE NORTHEAST CORNER OF THE SOUTH HALF OF THE NORTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST, AND ON THE EAST LINE THEREOF; THENCE NORTH 89 DEGREES 42 MINUTES 00 SECONDS WEST 521.00 FEET; THENCE NORTH 00 DEGREES 04 MINUTES 20 SECONDS EAST PARALLEL WITH THE EAST LINE OF SAID SOUTH HALF 80.00 FEET; THENCE SOUTH 89 DEGREES 42 MINUTES 00 SECONDS EAST 26.00 FEET; THENCE NORTH 00 DEGREES 04 MINUTES 20 SECONDS EAST PARALLEL WITH THE EAST LINE OF THE SOUTH HALF 425.33 FEET; THENCE SOUTH 71 DEGREES 54 MINUTES 11 SECONDS WEST 357.13 FEET TO A POINT ON A CURVE HAVING A RADIUS OF 200 FEET; THENCE WESTERLY ON AND ALONG SAID CURVE TO THE LEFT TO A POINT WHICH BEARS NORTH 81 DEGREES 38 MINUTES 35 SECONDS WEST 180.00 FEET FROM THE LAST DESCRIBED POINT; THENCE NORTH 18 DEGREES 03 MINUTES 40 SECONDS WEST 222.90 FEET TO THE NORTH LINE OF SAID SOUTH HALF; THENCE SOUTH 89 DEGREES 35 MINUTES 05 SECONDS WEST ON AND ALONG AFORESAID NORTH LINE 1585.73 FEET TO THE WEST LINE OF SAID SOUTH HALF; THENCE SOUTH 00 DEGREES 08 MINUTES 10 SECONDS WEST ON AND ALONG AFORESAID WEST LINE 1340009 FEET TO THE SOUTH LINE OF SAID SOUTH HALF, AND THE NORTH LINE OF THE SOUTHEAST QUARTER OF SAID SECTION 9; THENCE SOUTH 00 DEGREES 14 MINUTES 00 SECONDS WEST ON AND ALONG THE WEST LINE OF SAID SOUTHEAST QUARTER 228.82 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 00 SECONDS EAST PARALLEL WITH THE NORTH LINE OF SAID SOUTHEAST QUARTER 1032005 FEET TO A POINT WHICH IS 1638.00 FEET SOUTH 89 DEGREES 30 MINUTES 00 SECONDS WEST OF THE EAST LINE OF SAID SOUTHEAST QUARTER; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST PARALLEL WITH THE EAST LINE OF SAID SOUTHEAST QUARTER 228.82 FEET TO THE NORTH LINE OF SAID SOUTHEAST QUARTER, AND THE SOUTH LINE OF THE SOUTH HALF OF THE NORTHEAST QUARTER OF SAID SECTION 9; THENCE NORTH 00 DEGREES 04 MINUTES 20 SECONDS EAST PARALLEL WITH THE EAST LINE OF SAID SOUTH HALF 461.18 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 00 SECONDS EAST PARALLEL WITH THE SOUTH LINE OF SAID SOUTH HALF 450.00 FEET; THENCE SOUTH 00 DEGREES 04 MINUTES 20 SECONDS WEST PARALLEL WITH THE EAST LINE OF SAID SOUTH HALF 218.00 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 00 SECONDS EAST PARALLEL WITH THE SOUTH LINE OF SAID SOUTH HALF 1188.00 FEET TO THE EAST LINE OF SAID SOUTH HALF; THENCE NORTH 00 DEGREES 04 MINUTES 20 SECONDS EAST ON AND ALONG AFORESAID EAST LINE 450.04 FEET TO THE PLACE OF BEGINNING, CONTAINING 56.13 ACRES, MORE OR LESS. TRACT II: PART OF THE SOUTHEAST QUARTER AND PART OF THE NORTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST IN HAMILTON COUNTY, INDIANA, MORE PARTICULARLY DESCRIBED AS FOLLOWS. BEGINNING AT THE NORTHEAST CORNER OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS (ASSUMED BEARING) ON AND ALONG THE EAST LINE OF SAID SOUTHEAST QUARTER 228.82 FEET; THENCE SOUTH 89 DEGREES 30 MINUTES 00 SECONDS WESTPARALLEL WITH THE NORTH LINE OF SAID SOUTHEAST QUARTER 1638.00 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST PARALLEL WITH THE EAST LINE OF SAID SOUTHEAST QUARTER 228.82 FEET TO THE NORTH LINE THEREOF; THENCE NORTH 00 DEGREES 04 MINUTES 20 SECONDS EAST PARALLEL WITH THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 9, 461.18 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 00 SECONDS EAST PARALLEL WITH THE SOUTH LINE OF SAID NORTHEAST QUARTER 450.00 FEET; THENCE SOUTH 00 DEGREES 04 MINUTES 20 SECONDS WEST PARALLEL WITH THE EAST LINE OF SAID NORTHEAST QUARTER 218.00 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 00 SECONDS EAST PARALLEL WITH THE SOUTH LINE OF SAID NORTHEAST QUARTER 1188000 FEET TO THE EAST LINE THEREOF; THENCE SOUTH 00 DEGREES 04 MINUTES 20 SECONDS WEST ON AND ALONG SAID EAST LINE 243.18 FEET TO THE PLACE OF BEGINNING, CONTAINING 20.00 ACRES, MORE OR LESS. EXCEPTING THEREFROM: PART OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST IN HAMILTON COUNTY, INDIANA, DESCRIBED AS FOLLOWS. COMMENCING AT THE NORTHEAST CORNER OF SAID SOUTHEAST QUARTER; THENCE SOUTH 00 DEGREES O1 MINUTE 02 SECONDS WEST (BEARING SYSTEM BASED ON SCHNEIDER ENGINEERING CORP. SURVEY, JOB NO. 612, DATED 10-23-89) ALONG THE EAST LINE OF SAID SOUTHEAST QUARTER A DISTANCE OF 28.76 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 00 DEGREES 01 MINUTE 02 SECONDS WEST ALONG SAID EAST LINE A DISTANCE OF 200.06 FEET; THENCE SOUTH 89 DEGREES 30 MINUTES 35 SECONDS WEST PARALLEL WITH THE NORTH LINE OF SAID SOUTHEAST QUARTER A DISTANCE OF 1638.00 FEET; THENCE NORTH 00 DEGREES 01 MINUTE 02 SECONDS EAST PARALLEL WITH SAID EAST LINE A DISTANCE OF 214.12 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 35 SECONDS EAST PARALLEL WITH THE NORTH LINE OF SAID SOUTHEAST QUARTER A DISTANCE OF 241.63 FEET; THENCE SOUTH 00 DEGREES 29 MINUTES 25 SECONDS EAST A DISTANCE OF 33.06 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 35 SECONDS EAST PARALLEL WITH SAID NORTH LINE A DISTANCE OF 137.85 FEET; THENCE NORTH 00 DEGREES 29 MINUTES 25 SECONDS WEST A DISTANCE OF 44.00 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 35 SECONDS EAST PARALLEL WITH SAID NORTH LINE A DISTANCE OF 228.38 FEET; THENCE SOUTH 89 DEGREES 06 MINUTES 00 SECONDS EAST A DISTANCE OF 458.12 FEET; THENCE SOUTH 00 DEGREES 54 MINUTES 00 SECONDS WEST A DISTANCE OF 5.00 FEET; THENCE SOUTH 89 DEGREES 06 MINUTES 00 SECONDS EAST A DISTANCE OF 87.50 FEET; THENCE NORTH 00 DEGREES 54 MINUTES 00 SECONDS EAST A DISTANCE OF 5.00 FEET; THENCE SOUTH 89 DEGREES 06 MINUTES 00 SECONDS EAST A DISTANCE OF 484.71 FEET TO THE POINT OF BEGINNING, CONTAINING 7.957 ACRES, MORE OR LESS. TRACT III: PART OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST IN HAMILTON COUNTY, INDIANA, DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID SOUTHEAST QUARTER; THENCE SOUTH 00 DEGREES 01 MINUTE 02 SECONDS WEST (BEARING SYSTEM BASED ON SCHNEIDER ENGINEERING CORP. SURVEY, JOB NO. 612, DATED 10-23-89) ALONG THE EAST LINE OF SAID SOUTHEAST QUARTER A DISTANCE OF 28.76 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 00 DEGREES 01 MINUTE 02 SECONDS WEST ALONG SAID EAST LINE A DISTANCE OF 200.06 FEET; THENCE SOUTH 89 DEGREES 30 MINUTES 35 SECONDS WEST PARALLEL WITH THE NORTH LINE OF SAID SOUTHEAST QUARTER A DISTANCE OF 1638.00 FEET; THENCE NORTH 00 DEGREES 01 MINUTE 02 SECONDS EAST PARALLEL WITH SAID EAST LINE A DISTANCE OF 214.12 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 35 SECONDS EAST PARALLEL WITH THE NORTH LINE OF SAID SOUTHEAST QUARTER A DISTANCE OF 241.63 FEET; THENCE SOUTH 00 DEGREES 29 MINUTES 25 SECONDS EAST A DISTANCE OF 33.06 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 35 SECONDS EAST PARALLEL WITH SAID NORTH LINE A DISTANCE OF 137.85 FEET; THENCE NORTH 00 DEGREES 29 MINUTES 25 SECONDS WEST A DISTANCE OF 44.00 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 35 SECONDS EAST PARALLEL WITH SAID NORTH LINE A DISTANCE OF 228.38 FEET; THENCE SOUTH 89 DEGREES 06 MINUTES 00 SECONDS EAST A DISTANCE OF 458.12 FEET; THENCE SOUTH 00 DEGREES 54 MINUTES 00 SECONDS WEST A DISTANCE OF 5.00 FEET; THENCE SOUTH 89 DEGREES 06 MINUTES 00 SECONDS EAST A DISTANCE OF 87.50 FEET; THENCE NORTH 00 DEGREES 54 MINUTES 00 SECONDS EAST A DISTANCE OF 5.00 FEET; THENCE SOUTH 89 DEGREES 06 MINUTES 00 SECONDS EAST A DISTANCE OF 484.71 FEET TO THE POINT OF BEGINNING, CONTAINING 7.957 ACRES, MORE OR LESS. TRACT IV PART OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST IN HAMILTON COUNTY, INDIANA, DESCRIBED AS FOLLOWS: COMMENCING AT THE NORTHEAST CORNER OF SAID SOUTHEAST QUARTER; THENCE SOUTH 00 DEGREES 01 MINUTE 02 SECONDS WEST (BEARING SYSTEM BASED ON SCHNEIDER ENGINEERING CORP. SURVEY, JOB NO. 612, DATED 10-23-89) ALONG THE EAST LINE OF SAID SOUTHEAST QUARTER A DISTANCE OF 228.82 FEET TO THE POINT OF BEGINNING; THENCE CONTINUING SOUTH 00 DEGREES 01 MINUTE 02 SECONDS WEST ALONG SAID EAST LINE A DISTANCE OF 250.63 FEET; THENCE NORTH 89 DEGREES 53 MINUTES 36 SECONDS WEST A DISTANCE OF 722.82 FEET; THENCE NORTH 00 DEGREES 29 MINUTES 25 SECONDS WEST A DISTANCE OF 243.09 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 35 SECONDS EAST PARALLEL WITH THE NORTH LINE OF SAID SOUTHEAST QUARTER A DISTANCE OF 725.00 FEET TO THE POINT OF BEGINNING, CONTAINING 4.102 ACRES, MORE OR LESS. EXCEPTING THEREFROM: PART OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST IN HAMILTON COUNTY, INDIANA, DESCRIBED AS FOLLOWS. BEGINNING AT THE SOUTHEAST CORNER OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS (ASSUMED BEARING) ON AND ALONG THE EAST LINE THEREOF 2189.65 FEET; THENCE NORTH 89 DEGREES 55 MINUTES 45 SECONDS WEST 490.47 FEET TO THE TRUE BEGINNING POINT OF THIS DESCRIPTION ON A NON -TANGENT CURVE, THE RADIUS POINT OF WHICH BEARS SOUTH 20 DEGREES 52 MINUTES 33 SECONDS WEST 400.00 FEET; THENCE NORTHWESTERLY ON AND ALONG SAID CURVE 149.23 FEET TO THE POINT OF TANGENCY WHICH BEARS 400.00 FEET NORTH 00 DEGREES 30 MINUTES 00 SECONDS WEST OF THE LAST DESCRIBED RADIUS POINT; THENCE SOUTH 89 DEGREES 30 MINUTES 00 SECONDS WEST 86.58 FEET; THENCE SOUTH 00 DEGREES 30 MINUTES 00 SECONDS EAST 25.20 FEET; THENCE SOUTH 89 DEGREES 55 MINUTES 45 SECONDS EAST 232.36 FEET TO THE TRUE BEGINNING POINT, CONTAINING 0.11 ACRE, MORE OR LESS. TRACT V: PART OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST IN CLAY TOWNSHIP, HAMILTON COUNTY, INDIANA, DESCRIBED AS FOLLOWS: BEGINNING ON THE EAST LINE OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST 2050.06 FEET NORTH 00 DEGREES 00 MINUTES 00 SECONDS (ASSUMED BEARING) OF THE SOUTHEAST CORNER THEREOF; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS ON AND ALONG SAID EAST LINE 139.59 FEET; THENCE NORTH 89 DEGREES 55 MINUTES 45 SECONDS WEST 490.47 FEET TO A POINT ON A NON -TANGENT CURVE, THE RADIUS POINT OF WHICH BEARS 400.00 FEET SOUTH 20 DEGREES 52 MINUTES 33 SECONDS WEST; THENCE SOUTHEASTERLY ON AND ALONG SAID CURVE 188.98 FEET TO A POINT THAT IS 400.00 FEET NORTH 47 DEGREES 56 MINUTES 42 SECONDS (12 SECONDS BY CURRENT DEED) EAST OF THE LAST DESCRIBED RADIUS POINT; THENCE NORTH 44 DEGREES 21 MINUTES 42 SECONDS EAST 76.66 FEET TO A POINT ON A NON - TANGENT CURVE, THE RADIUS POINT OF WHICH BEARS 50.00 FEET NORTH 14 DEGREES 21 MINUTES 42 SECONDS EAST; THENCE EASTERLY AND NORTHERLY ON AND ALONG THE SAID CURVE 63.62 FEET TO A POINT THAT BEARS 50.00 FEET SOUTH 58 DEGREES 32 MINUTES 47 SECONDS EAST OF THE LAST DESCRIBED RADIUS POINT; THENCE SOUTH 58 DEGREES 32 MINUTES 47 SECONDS EAST 213.76 FEET; THENCE SOUTH 90 DEGREES 00 MINUTES 00 SECONDS EAST 45 FEET TO THE BEGINNING POINT, CONTAINING 0.81 ACRE, MORE OR LESS, EXCEPTING THEREFROM: THAT PORTION OF THE FOLLOWING DESCRIBED REAL ESTATE LYING WITHIN THE ABOVEDESCRIBED TRACT V: A PART OF TWO TRACTS OF LAND DESCRIBED IN RECORD DEEDS, INSTRUMENT NO. 8615226 AND INSTRUMENT NO, 9901960 IN THE OFFICE OF THE HAMILTON COUNTY RECORDER, INDIANA AND ALL BEING WITHIN THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST, DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID SOUTHEAST QUARTER; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST (BASIS OF BEARINGS IS FROM AFOREMENTIONED RECORD DEEDS) ALONG THE EASTLINE OF SAID SOUTHEAST QUARTER 1415606 FEET TO THE SOUTHEAST CORNER OF SAID TRACT OF LAND DESCRIBED IN INSTRUMENT NO, 9909901960 AND THE POINT OF BEGINNING; THENCE CONTINUING NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST ALONG SAID EAST LINE 774.90 FEET TO THE NORTHEAST CORNER OF SAID TRACT OF LAND DESCRIBED IN INSTRUMENT NO. 86152260 THENCE NORTH 89 DEGREES 55 MINUTES 45 SECONDS WEST ALONG THE NORTH LINE OF AFORESAID TRACT OF LAND 28.00 FEET; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS WEST PARALLEL WITH SAID EAST LINE 774.90 FEET TO THE SOUTH LINE OF SAID TRACT OF LAND DESCRIBED IN INSTRUMENT NO, 9909901960; THENCE SOUTH 89 DEGREES 55 MINUTES 45 SECONDS EAST ALONG SAID SOUTH LINE OF AFORESAID TRACT OF LAND 28.00 FEET TO THE POINT OF BEGINNING, CONTAINING 0.498 ACRE, MORE OR LESS. TRACT VI: PART OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST IN CLAY TOWNSHIP, HAMILTON COUNTY, INDIANA, MORE PARTICULARLY DESCRIBED AS FOLLOWS. BEGINNING AT THE SOUTHEAST CORNER OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST; THENCE NORTH 00 DEGREES 00 MINUTES ON AND ALONG THE EAST LINE OF SAID SOUTHEAST QUARTER 1415006 FEET TO THE PLACE OF BEGINNING OF THIS TRACT; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS WEST 283.00 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS 25.03 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS WEST 197.29 FEET; THENCE NORTH 02 DEGREES 45 MINUTES 46 SECONDS EAST 135.16 FEET; THENCE NORTH 00 DEGREES 20 MINUTES 00 SECONDS EAST 272.50 FEET; THENCE NORTH 33 DEGREES 51 MINUTES 12 SECONDS WEST 122.13 FEET; THENCE SOUTH 89 DEGREES 30 MINUTES 00 SECONDS WEST 261.00 FEET; THENCE NORTH 00 DEGREES 30 MINUTES 00 SECONDS WEST 268.00 FEET; THENCE NORTH 89 DEGREES 30 MINUTES 00 SECONDS EAST 167.06 FEET TO THE POINT OF CURVATURE OF A CURVE TO THE RIGHT WITH A RADIUS OF 400.00 FEET, THE RADIUS POINT OF WHICH BEARS SOUTH 00 DEGREES 30 MINUTES EAST 400 FEET FROM LAST DESCRIBED POINT; THENCE SOUTHEASTERLY ON AND ALONG SAID CURVE TO THE RIGHT 338.21 FEET TO A POINT WHICH BEARS NORTH 47 DEGREES 56 MINUTES 42 SECONDS EAST 400.00 FEET FROM THE RADIUS POINT OF SAID CURVE; THENCE NORTH 44 DEGREES 21 MINUTES 42 SECONDS EAST 76.66 (7666 BY CURRENT DEED) FEET TO A POINT OF A CURVE WITH A 50 FOOT RADIUS, THE RADIUS POINT OF WHICH BEARS NORTH 14 DEGREES 21 MINUTES 42 SECONDS EAST 50.00 FEET FROM LAST DESCRIBED POINT; THENCE EASTERLY ON AND ALONG THE SAID CURVE TO THE LEFT 63.62 FEET TO A POINT WHICH BEARS SOUTH 58 DEGREES 32 MINUTES 47 SECONDS EAST 50.00 FEET FROM THE RADIUS POINT OF SAID CURVE; THENCE SOUTH 58 DEGREES 32 MINUTES 47 SECONDS EAST 213.76 FEET; THENCE SOUTH 90 DEGREES 00 MINUTES EAST 45.00 FEET TO THE EAST LINE OF SAID SOUTHEAST QUARTER; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS ON AND ALONG AFORESAID EAST LINE 635.00 FEET TO THE PLACE OF BEGINNING, CONTAINING 9.574 ACRES, MORE OR LESS. EXCEPTING THEREFROM: THAT PORTION OF THE FOLLOWING DESCRIBED REAL ESTATE LYING WITHIN THE ABOVEDESCRIBED TRACT VI. A PART OF TWO TRACTS OF LAND DESCRIBED IN RECORD DEEDS, INSTRUMENT NO. 8615226 AND INSTRUMENT NO. 9901960 IIN THE OFFICE OF THE HAMILTON COUNTY RECORDER, INDIANA AND ALL BEING WITHIN THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST, DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHEAST CORNER OF SAID SOUTHEAST QUARTER; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST (BASIS OF BEARINGS IS FROM AFOREMENTIONED RECORD DEEDS) ALONG THE EAST LINE OF SAID SOUTHEAST QUARTER 1415806 FEET TO THE SOUTHEAST CORNER OF SAID TRACT OF LAND DESCRIBED IN INSTRUMENT NO, 9909901960 AND THE POINT OF BEGINNING; THENCE CONTINUING NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST ALONG SAID EAST LINE 774.90 FEET TO THE NORTHEAST CORNER OF SAID TRACT OF LAND DESCRIBED IN INSTRUMENT NO, 8615226; THENCE NORTH 89 DEGREES 55 MINUTES 45 SECONDS WEST ALONG THE NORTH LINE OF AFORESAID TRACT OF LAND 28.00 FEET; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS WEST PARALLEL WITH SAID EAST LINE 774.90 FEET TO THE SOUTH LINE OF SAID TRACT OF LAND DESCRIBED IN INSTRUMENT NO, 9909901960; THENCE SOUTH 89 DEGREES 55 MINUTES 45 SECONDS EAST ALONG SAID SOUTH LINE OF AFORESAID TRACT OF LAND 28.00 FEET TO THE POINT OF BEGINNING, CONTAINING 0.498 ACRE, MORE OR LESS . TRACT VII a PART OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST, HAMILTON COUNTY, INDIANA, DESCRIBED AS FOLLOWS: BEGINNING ON THE EAST LINE OF SAID QUARTER SECTION NORTH 1415.06 FEET FROM THE SOUTHEAST CORNER OF SAID QUARTER SECTION; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS WEST 630.00 FEET ALONG SAID QUARTER SECTION LINE; THENCE SOUTH 90 DEGREES 00 MINUTES 00 SECONDS WEST 409.97 FEET; THENCE NORTH 45 DEGREES 13 MINUTES 00 SECONDS WEST 138.91 FEET; THENCE NORTH 15 DEGREES 27 MINUTES 00 SECONDS EAST 94.58 FEET$ THENCE NORTH 00 DEGREES 17 MINUTES 00 SECONDS WEST 364.86 FEET; THENCE NORTH 02 DEGREES 45 MINUTES 46 SECONDS EAST 101.28 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST 197.29 FEET; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS WEST 25.03 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST 283.00 FEET TO THE POINT OF BEGINNING, CONTAINING 7.085 ACRES, MORE OR LESS. EXCEPTING THEREFROM: A PART OF A TRACT OF LAND DESCRIBED IN RECORD DEED, INSTRUMENT NO. 9427234 IN THE OFFICE OF THE HAMILTON COUNTY RECORDER, INDIANA AND BEING WITHIN THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST, DESCRIBED AS FOLLOWS. COMMENCING AT THE SOUTHEAST CORNER OF SAID SOUTHEAST QUARTER; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST (BASIS OF BEARINGS IS FROM AFOREMENTIONED RECORD DEED) ALONG THE EAST LINE OF SAID SOUTHEAST QUARTER 785.06 FEET TO THE SOUTHEAST CORNER OF SAID TRACT OF LAND AND THE POINT OF BEGINNING; THENCE CONTINUING NORTH 00 DEGREES 00 MINUTES 00 SECONDS EAST ALONG SAID EAST LINE 630.00 FEET TO THE NORTHEAST CORNER OF SAID TRACT OF LAND; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS WEST ALONG THE NORTH LINE OF SAID TRACT OF LAND 28.00 FEET; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS WEST PARALLEL WITH SAID EAST LINE 630.00 FEET TO THE SOUTH LINE OF SAID TRACT OF LAND; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST ALONG SAID SOUTH LINE 28.00 FEET TO THE POINT OF BEGINNING, CONTAINING 0.405 ACRE, MORE OR LESS, TRACT VIII: BEGINNING AT THE SOUTHEAST CORNER OF THE SOUTHEAST QUARTER OF SECTION 9, TOWNSHIP 17 NORTH, RANGE 3 EAST; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS (ASSUMED BEARING) ON AND ALONG THE EAST LINE THEREOF 2189.65 FEET; THENCE NORTH 89 DEGREES 55 MINUTES 45 SECONDS WEST 490.47 FEET TO THE TRUE BEGINNING POINT OF THIS DESCRIPTION ON A NON -TANGENT CURVE, THE RADIUS POINT OF WHICH BEARS SOUTH 20 DEGREES 52 MINUTES 33 SECONDS WEST 400.00 FEET; THENCE NORTHWESTERLY ON AND ALONG SAID CURVE 149.23 FEET TO THE POINT OF TANGENCY WHICH BEARS 400.00 FEET NORTH 00 DEGREES 30 MINUTES 00 SECONDS WEST OF THE LAST DESCRIBED RADIUS POINT; THENCE SOUTH 89 DEGREES 30 MINUTES 00 SECONDS WEST 86.58 FEET; THENCE SOUTH 00 DEGREES 30 MINUTES 00 SECONDS EAST 25.20 FEET; THENCE SOUTH 89 DEGREES 55 MINUTES 45 SECONDS EAST 232.36 FEET TO THE TRUE BEGINNING POINT, CONTAINING 0.11 ACRE, MORE OR LESS. Architectural Standards The Asherwood Architectural Control Board has been established to review all plans prior to construction of any home or site improvements. Prior to applying for a building permit, submittal sheets and two full sets of plans shall be submitted for approval. Plan sets shall include: plot plan, floor plans, and elevations. Exterior colors and landscape plans shall be submitted within 60 days A construction start and prior to installation. Please see the Covenants for a complete list of the review process details. We encourage review of preliminary designs during the architectural design process. 2 story 2,200 square feet on main; 3,400 square feet total Ranch 2,700 square feet on main All Lots shall be a minimum of 1 acre in size Side Setbacks 20 feet Rear Setback 40 feet Front Setback 75 feet minimum, depending on lot *Typical Setbacks, but please verify with Builder the exact lot dimensions. Masonry requirements will be per Architectural Control Board approval. There shall be window or architectural breaks every twenty (20) feet. No vinyl or aluminum siding will be permitted. No vinyl windows will be permitted. All exterior colors must be submitted for approval prior to their placement on the home. Landscaping All landscaping plans must be submitted for approval by developer or committee. All yards must be irrigated. Street trees shall generally be installed every 30'-50' of the type and location denoted by developer per master plan. Garages shall be a minimum of 3-car design. Primary roofs shall generally have minimum pitches of 6/12 and shall be per Architectural Control Board approval. In the event that Declarant does not install sidewalks, sidewalks must be installed by builder in accordance with development plans and to Carmel standards. Mailboxes shall be purchased from developer's representative. Dawn to dusk garage carriage or can lights and landscape up lighting shall be required. No flood lights allowed. Pre -construction meeting with the developer is required prior to any construction or clearing. Residential fences shall be a maximum height of forty-eight inches (48"), wrought -iron or equivalent, and may not start closer to the street than 10 feet from the rear of the house. Neighborhood perimeter may deviate with Architectural Control Board approval. EXHIEIT C ASHERWOOD HOMEOWNERS' ASSOCIATION ARCHITECTURAL IMPROVEMENT APPLICATION Pursuant to Article IX, Section 9.2 of the Declaration, "Owners shall submit plans and specifications showing the nature, kind, shape, color, size materials and location of improvements and alterations to the Declarant or Association for Asherwood for its approval." This form may be used to seek approval from Asherwood Cannel, LLC for all improvements to include but not limited to fences, decks, sheds, additions, porch enclosures and any improvements to the exterior of the property during the term Asherwood Carmel, LLC serves as Declarant. Please submit this application to the address below: 6330 E. 75t1' Street, Suite 156 Indianapolis, IN 46250 Fax: 317-594-7580 rngradison, gradison.net OWNER: ADDRESS: EMAIL Description of Improvement or change: CELL PHONE OTHER PHONE Attach plans, drawings, and/or materials list in order to clearly describe the improvement. The undersigned hereby submits this Application and agrees to complete the improvements precisely as described. Date: Signature: This Application was reviewed on the _day of This Application is: Approved 20 Not Approved Asherwood Carmel, LLC A copy of this Application and decision was mailed/emailed to the Lot Owner on the_ day of 20 BY-LAWS OF ASHERWOOD HOMEOWNERS' ASSOCIATION, INC. M717-VAPIA T. FlMnie an�° • • • • -sherwood Homeowners' Association, Inc. , an Indiana nonprofit corporation. SEC'TIN 2® e c�ship. Each Lot Owner, upon acquisition of title to a Lot, shall automatically become a member of the Association. Such membership shall terminate upon the sale or other disposition by such Member of his or her Lot Ownership, at which time the new Owner of such Lot shall automatically become a Member of the Association. SECT 3® cfinitions. The terns used in these By -Laws shall have the same meanings as set forth in the Declaration, unless the context shall prohibit. 11� SECTI®1\T to Annual 1Vlccting. The annual meeting of the Lot Owners of this Association, for the election of members of the Board of Directors, the consideration of reports to be laid before such meeting, and for the transaction of such other business as may properly come before such meeting, shall be held in the fourth calendar quarter of each year on a date and at an hour and place established by the Board of Directors with proper notice, as required herein, to all Lot Owners. SECTI®N 2. Special ectin�s. Special meetings of the Lot Owners shall be held whenever called by the President, by a majority of the Board of Directors, or at the request of those Lot Owners entitled to exercise not less than twenty-five percent (25%) of the voting power of all Lot Owners. Upon delivery of a request in writing to the President or Secretary by persons entitled to call a meeting of the Lot Owners, it shall be the duty of the President or Secretary to give proper notice to the Lot Owners in accordance with these By -Laws, but if such proper request be refused, then the person(s) making such request may call a meeting by giving such proper notice to all Lot Owners as required herein. The notice of special meeting shall state the date, time, and place of such meeting and the purpose thereof. No business shall be transacted at special meetings except for that which is stated in the notice. SECTN 3. Place of Meetings. All meetings of Lot Owners shall be held in Hamilton County, Indiana at such places as may be specified by the Board of Directors or the persons) calling the meeting. SEC'I'IN ® Notice of acting. A written or printed notice of every meeting of Lot Owners, whether annual or special, shall state the time, place and the purpose or purposes for which the meeting is called, and shall be given by the President or Secretary by personal delivery, by first class U.S. mail, postage prepaid, by email, or otherwise duly served, delivered or post marked not less than seven (7) nor more than twenty (20) days prior to said meeting to each Lot Owner unless an emergency situation exists, in which case such notice shall be given to Lot Owners as soon as is possible, unless such notice is waived by the Lot Owners. If hailed, such notice shall be addressed to the Lot Owners at their respective addresses appearing upon the records of the Association. The Lot Owners shall meet for such purpose at the time and place specified. SrkI'I N 5. Waiver of Notice. Waiver of notice of a meeting of the Members shall be deemed the equivalent of proper notice. Any Member may, in writing, waive notice of any meeting of the Members, either before or after the holding of such meeting. Attendance of any Member at any meeting without protest, prior to or at the commencement of the meeting, of the lack of proper notice shall be deemed to be a waiver by him or her of the notice of the meeting. ECTI N 6. uoru . At any meeting of Lot Owners, those Members present in person or by proxy shall constitute a quorum for such meeting. A meeting at which a quorum is initially present may continue to transact business, notwithstanding the withdrawal of the Members, if any action taken is approved by at least a majority of the required quorum for that meeting. Notice of adjournment of a meeting need not be given if the time and place to which it is adjourned are fixed and announced at such meeting. At such adjourned meeting at which a quorum is present, any business which might have been transacted at the meeting originally called may be transacted. SEC'I'I 1� 7. Proxies. A vote allocated to a Lot may be cast pursuant to a written proxy duly executed by an Owner and filed with the Secretary at the meeting. If a Lot is owned by more than one person, each Owner of the Lot may vote or register protest to the casting of votes by the Owners of a Lot through a duly executed proxy. An Owner may revoke a proxy given pursuant to this section only by actual notice of revocation to the person presiding over a meeting of the Association. A proxy is void if it is not dated or purports to be revocable without notice. Except as hereinafter provided, a proxy shall terminate one year after its date, unless it specifies a shorter time. [fa first mortgagee has been designated a proxy under the terms of a first mortgage covering the Lot, its presentation to the Board of a copy of the mortgage shall be notice of the proxy designation, and if the mortgage so states, of the irrevocability of that designation. Written notice to the Board or notice in a meeting of a revocation of a proxy designation shall not affect any vote or act previously taken. Each proxy shall automatically cease upon conveyance of the Lot. SEC'I'ION 8. Voting Rights. Each Lot shall have one vote. If only one of several Owners of a Lot is present at a meeting of the Association, that Owner is entitled to cast the vote allocated to that Lot. If more than one of the Owners is present, the vote allocated to that Lot may be cast only in accordance with the agreement of a majority in interest of the Owners. There is majority agreement if any one of the Owners casts a vote allocated to that Lot without protest being made promptly to the person presiding over the meeting by any of the other Owners of the Lot. The Association may adopt rules regarding deadlocks. No votes allocated to a Lot owned by the Association may be cast. The Declarant shall have ten (10) votes for each Lot it owns. Unless expressly reserved and the Association is notified of such reservation, a land contract vendee as defined in Chapter 5313 of the Revised Code shall be deemed the proxy of a land contract vendor for purposes of this section. all resolutions adopted, as well as a record of all transactions occurring at the meeting. The order A business of any meeting of Lot Owners shall be determined by the presiding officer unless otherwise determined by a vote of those Lot Owners entitled to exercise not less than a majority A the voting power of the Lot Owners present in person or represented by proxy at the meeting. SECTI 1� 10. ietion Without a iviLeetIng. Any action which may be authorized or taken at a meeting of Lot Owners may be authorized or taken without a meeting in a writing or writings signed by all of the Lot Owners, which writings or writing shall be filed with or entered upon the records of the Association by the Secretary of the Association. SECTI N 11. Election o hoard embers. At all elections of members of the Board of Directors, the candidates receiving the greatest percentage of the votes east shall be elected to the Board. SC'I'I 12. ajority. The act of a majority of the Members present in person or by proxy at any meeting at which there is a quorum present shall be an act of the Board except as otherwise provided by law, the Declaration, or these By -Laws. As used in these By -Laws, the term "majority" shall mean those votes, Owners, Members or other group, as the context may indicate, totaling more than fifty (50%) percent of the total number. SECT 1. Governing oy. Except as otherwise provided by law, the Articles, the Declaration, or these By -Laws, all of the authority of the Association shall be exercised by or under the direction of the Board of Directors. EC'TI 2. Number and uglification of hectors. The Board of Directors of the Association shall consist of five (5) persons. Until the first annual meeting, the initial Board shall consist of three (3) Directors appointed by the Declarant who shall serve until their respective successors are appointed and qualified. Declarant -appointed Directors need not be Members of the Association. The Declarant shall transfer control of the Board to the Lot Owners at the first annual meeting after the earlier of the following events: (i) the Turnover Date as defined by the Declaration, or (ii) the Declarant voluntarily resigns in writing its membership rights. At that meeting, all Declarant -appointed Directors shall be deemed removed from office and the Members, including the Declarant if it is then a Lot Owner, shall elect a Director to fill each vacancy on the Board. After turnover, all Directors must be Owners of Lots. The spouse of an Owner is qualified to act as a Director if both the Owner and the spouse occupy the Lot. No person and his or her spouse may serve on the Board at the same tune. If an Owner is not an individual, any principal, member of a limited liability company, partner, director, officer, director or employee of the Owner may be elected to the Board. The Board shall manage and conduct the business and affairs of this Association and exercise the powers and duties set forth in the Articles and By -Laws, until their successors are elected and qualified. electing them. At a meeting of Members of the Association at which Directors are to be elected, only persons nominated as candidates shall be eligible for election as Directors, and the candidates receiving the greatest number of votes shall be elected. The Board may adopt rules regarding nominations and procedure for elections. Election to the Board shall be by secret written ballot. At such election, the Members or their proxies may cast, in respect to each vacancy, such voting power as they are entitled to exercise under the provisions of the Declaration. SECTI 4. Ter of ffice; esignations. Each Director shall hold office for a teen of two (2) years and until his or her successor is elected, or until his or her earlier resignation, removal from office, or death. It is intended by these By -Laws that the terms of the Directors shall be staggered, with two (2) Directors being elected in odd -numbered years and three (3) Directors being elected in even -numbered years. The terms of the Directors elected immediately following the termination of Declarant control shall be adjusted to carry out this intent. Any Director may resign at any time by oral statement to that effect made at a meeting of the Board of Directors or in writing to that effect delivered to the Secretary of the Association, such resignation to take effect immediately or at such other time as the Director may specify. In the event of death or resignation A a Director, his or her successor shall be selected by a majority of the remaining members of the Board and shall serve for the unexpired term of the predecessor. If the remaining members cannot agree upon a person to fill such vacancy within ten (I0) days after such vacancy is created, such remaining members shall call a special meeting of Lot Owners to fill such vacancy, such meeting to be held within thirty (3 0) days after such vacancy is created. SCTII� . Compensation. Members of the Board of Directors shall serve without compensation, except that they may be reimbursed for actual expenses incurred on behalf of the Association. SECTI®I� 6. Removal of hectors. At any regular or special meeting of the Association duly called, any one or more of the members of the Board of Directors may be removed, with or without cause, by the affirmative vote of seventy-five percent (75%) of the Owners, and a successor may then and there be elected to fill the vacancy thus created. A Director whose removal has been proposed shall be given at least ten (10) days' notice of the calling of the meeting and the purposes thereof and shall be given an opportunity to be heard at the meeting. Additionally, any Director who has three (3) unexcused absences from Board meetings or who is delinquent in the payment A an Assessment for more than twenty (20) days may be removed by a majority vote of the Directors at a meeting, a quorum being present. ECTIN 7. Organizational Meetings. The first meeting of the members of the Board of Directors following each annual meeting of the Members shall be held within ten (10) days thereafter at such time and place as shall be fixed by the Board. SECTIhT 8. Regular 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 maj ority of the Directors, but at least four (4) such meetings shall be held during each fiscal year with at least one (1) per quarter. SECTI® 9. Special Meetings. Special meetings of the Board of Directors shall be held when called by written not0 ce s4 gned by the President or Secretary of the Association, or by any three (3) Directors. The notice shall specify the time and place of the meeting and the nature of any special business to be considered. SECTION 10. Notice ofMeetings; Waiver, Notice of the time and place of each meeting of the Directors, whether regular or special, shall be given to each Director by one of the following methods: (a) personal delivery of notice; (b) written notice by first class mail, postage prepaid, (c) telephone communication, either directly to the Director or to a person at the Director's home or place of business who would reasonably be expected to communicate such notice promptly to the Director; or (d) electronic mail. All such notices shall be given or sent to the Director's home or email address or telephone number as shown on the records of the Association. Notice sent by first class mail shall be deposited into a United States mailbox at least four (4) days before the time set for the meeting. Notices given by personal delivery, telephone, or email shall be given at least seventy-two (72) hours before the time set for the meeting. Waiver of notice of meetings of the Directors shall be deemed the equivalent of proper notice. Any Director may, in writing, waive notice of any meeting of the Board, either before or after the holding of such meeting. Such writing shall be entered into the minutes of the meeting. Attendance of any Director at any meeting without protest, prior to or at the commencement of the meeting, of the lack of proper notice shall be deemed to be a waiver by him or her of notice of the meeting. SECTIN 11. Quorum of the hoard of irectors. At all meetings of the Board of Directors, a majority of the Directors shall constitute a quorum for the transaction of business, and the votes of a majority of the Directors present at a meeting at which a quorum is present shall constitute the decision of the Board. A meeting at which a quorum is initially present may continue to transact business, notwithstanding the withdrawal of the Directors, if any action taken is approved by at least a majority of the required quorum for that meeting. Notice of adjournment of a meeting need not be given if the time and place to which it is adjourned are fixed and announced at such meeting. At such adjourned meeting at which a quorum is present, any business which might have been transacted at the meeting originally called may be transacted. SECTIN 1. Conduct of Meetings. The President shall preside over all meetings of the Board of Directors, and the Secretary shall keep the minutes of the meeting and record in the minute book all resolutions adopted, as well as a record of all transactions occurring at the meeting. SECTION 13. Method of Meeting. The Board may hold a meeting by any method of communication, including electronic or telephonic communication, provided that each member of the Board can hear or read in real time and participate and respond to every other member of the Board. SECTI®N 1. Executive Session. The Board may, with approval of a majority of a quorum, adjourn a meeting and reconvene in executive session to discuss and vote upon persomlel matters, litigation in which the Association is or may become involved, or orders of business of similar nature. The nature of any and all business to be considered in executive session shall first be announced in open session. affirmative vote or approval and in writing or writi ffings signed by all the Directors. Any such writing shall be entered into the minute book of the Association. An explanation of the action taken shall be posted at a prominent place or places within the Property within three (3) days after written consents of all the Board members have been obtained. For purposes of this Section, an electronic mail received from a Board Member shall constitute a "writing SEC11 MiN 16® anaging Agent. The Board of Directors may employ or engage the services of a manager or a managing agent and such other persons, firms or corporations as it deems necessary or advisable in order to perform the duties imposed upon it and may pay to such manager, managing agent, persons, firms or corporations such compensation as it shall determine. The Board may delegate to any such manager, managing agent, persons, firms or corporations such administrative or ministerial duties as it deems appropriate. SEC'TI N 170 ajy. The act of a majority of the Board members present at any meeting at which there is a quorum present shall be an act of the Board except as otherwise provided by law, the Declaration, or these By -Laws. SECrI'N 1�. ®vvners' Participation in eetings. Owners may attend Board meetings but may not participate in any discussion or deliberation of the Board of Directors unless the Board expressly authorizes that Owner to attend or participate. Owners do not have the right to attend any executive session of the Board of Directors. A. The Association, through its Board of Directors, shall do both of the following: l . Annually adopt and amend an estimated budget for revenues and expenditures. Any budget shall include reserves in an amount adequate to repair and replace major capital items in the normal course of operations without the necessity of Special Assessments, unless the Owners, exercising not less than a majority of the voting power of the Association, waive the reserve requirement annually. 2. Collect Assessments For Colnlnon Expenses from Owners in accordance with the Declaration. B. The Association, through its Board of Directors, may do any of the following: 1. Hire and fire managing agents, attorneys, accountants, and other independent professionals and employees that the Board determines are necessary or desirable in the management of the Property and the Association; 2. Commence, defend, intervene in, settle, or compromise any civil, criminal, or administrative action or proceeding that is in the name of, or threatened against, the Association, the Board of Directors, or the Property, or that involves two or more Owners and relates to matters affecting the Property$, 3. Enter into contracts and incur liabilities relating to the operation of the Property; 4. isions of the Declaration, By -Laws, covenants, conditions, Enforce all prov restrictions, and Articles governing the Lots and Common Area; 5. Adopt and enforce Rules that regulate the maintenance, repair, replacement, modification, and appearance of Common Area, and any other rules as the Declaration provides; 6. Acquire, encumber, and convey or otherwise transfer real and personal property, subject to Section 5312.10 of the Indiana Revised Code; 7. Hold in the name of the Association the real property and personal property; 8. Grant easements, leases, licenses, and concessions through or over the Common Area; 9. Levy and collect fees or other charges for the use, rental, or operation of the Common Area or for services provided to Owners; 10. Pursuant to Section 5312.11 of the Indiana Revised Code, levy the following Charges and Assessments: a. Interest and charges for the late payment of Assessments; b. Returned check charges; c. Enforcement Assessments for violations of the Declaration, the By -Laws, and the Rules of the Association; d. Charges for damage to the Common Area or other Property. 11. Adopt and amend Rules that regulate the collection of delinquent Assessments and the application of payments of delinquent Assessments; 12. Impose reasonable charges for preparing, recording, or copying the Declaration, By -Laws, amendments to the Declaration and By -Laws, resale certificates, or statements of unpaid Assessments; 13. Authorize entry to any portion of the Property by designated individuals when conditions exISL that involve an imminent risk of damage or halm to Common Area, another Dwelling Unit, or to the health or safety of the occupants of that Dwelling Unit or another Dwelling Unit; 14. Subject to division (A)(1) of Section 5312.09 of the Indiana Revised Code, borrow money and assign the right to Assessments or other future income to a lender as security for a loan to the Association; 15. Suspend the voting privileges and use of recreational facilities of an Owner who is delinquent in the payment of Assessments for more than thirty days; 16. Purchase insurance and fidelity bonds the Directors consider appropriate and necessary; 17. Invest excess funds in investments that meet standards for fiduciary investments under the laws of Indiana; l6. Exercise powers that are any of the following: a. Conferred by the Declaration or By -Laws; b. Permitted to be exercised in Indiana by a nonprofit corporation; c. Necessary and proper for the government and operation of the Association. EC'TI 1. ificers. The officers of this Association, to be elected by the Board of Directors at the first annual meeting, shall be a President, a Vice President, a Secretary, a Treasurer and such other officers as the Board of Directors may elect. Officers must be Lot Owners. Officers shall hold office at the pleasure of the Board of Directors. A. President. It shall be the duty of the President to preside at all meetings of Lot Owners and the Board of Directors, to exercise general supervision over the affairs of the Association, and in general to perform all the duties usually incident to such office or which may be required by the Lot Owners or Board of Directors. B. Vice President. It shall be the duty of the Vice President to perform all the duties of the President in the event of his/her absence or disability and such other duties as may be assigned to him/her by the Board of Directors. C. Secretary/Treasurer. The Office of Secretary and Treasurer shall be held by one individual. The secretarial duties require the Secretary/Treasurer to keep or cause to be kept under the his/her supervision an accurate record of the acts and proceedings of the Lot Owners and the Board of Directors and maintain records of the names and addresses of the Lot Owners and to perform all the duties usually incident to such office or which may be required by the Lot Owners or Board of Directors. On the expiration of his/her term of office, the Secretary/Treasurer shall deliver all books, papers, and property of the Association in his/her hands to his successor or to the President within fourteen (14) days of such expiration. Minutes of all meetings are to be completed within seven (7) days of each meeting. The Secretary/Treasurer shall also provide, as requested, a copy of the Declaration and its Exhibits and the Rules to each Owner, which shall occur upon a transfer of ownership or any modification of said documents. The treasurer duties require the Secretary/Treasurer to receive and safely keep all monies, securities, and other intangible property belonging to the Association, or evidence thereof, and disburse the same under the direction of the Board of Directors; shall keep or cause to be kept under his/her supervision correct and complete books and records of account, specifying the receipts and expenditures relating to the Common Areas and other Common receipts and Expenses, together with records showing the allocation, distribution and collection of the common profits, losses and expenses among and from the Lot Owners; shall hold the same open for inspection and examination by the Board of Directors and Lot Owners, and present abstracts of the same at quarterly and at annual meetings of Lot Owners or at any other meeting, or agreed upon time, when no less than three (3) days' notice is given; and shall give bond in such sum with such surety or sureties as the Board of Directors may require for the faithful performance of his/her duties. On the expiration of his/her term of office, the Secretary/Treasurer shall deliver, within fourteen (14) days of such expiration, III monies and other property of the Association in his/her hands to his/her successor or to the President; and shall perform any other duties which may be required of him/her by the Lot Owners or Board of Directors, including but not limited to filing all necessary tax documents and returns with proper agencies or bodies. SEC'TI le General. Committees to perform such tasks and to serve for such periods as may be designated by a resolution adopted by a majority of the Directors present at a meeting at which I quorum is present are hereby authorized. Such committees shall perform such duties and have such powers as may be provided in the resolution. Each committee shall be composed as required by law and operate in accordance with the terms of the resolution of the Board designating such committee or with rules adopted by the Board and to the full extent permitted by law. SEC'I'I N 2d Architectural Control Committee. The Board of Directors may appoint an Architectural Control Committee which shall be responsible for plan approval in accordance with the Declaration. In addition, the Committee shall develop and promulgate architectural standards and guidelines with respect to those matters that are within the Association's authority to regulate. SECTI l� to Adoption of uclget. It shall be the duty of the Board to prepare and adopt an operating budget covering the estimated Common Expenses of the Association for the coming fiscal year. The budget shall also include a capital contribution or reserve in accordance with a capital budget separately prepared in an amount adequate to repair and replace major capital items in the normal course of operations without the necessity of special assessments. After adoption of the operating budget, the Board shall cause the summary of the operating budget, the reserve budget, and the Assessments to be levied against each Lot for the following year to be delivered to each Owner on or before November 1 of each year. The final budget, whether if amended or not, shall be delivered at least thirty (3 0) days prior to the start of the fiscal year. The budget and Assessments shall take effect on the first day of the fiscal year. SECTION 2. Capital budget and Contribution. The Board shall annually prepare a capital budget which shall take into account the number and nature of replaceable assets, the expected life A each asset and the expected repair or replacement cost. The Board shall set the required capital contribution, if any, in an amount sufficient to permit meeting the projected capital needs of the Association, as shown on the capital budget, with respect to both amount and timing by Annual Assessments over the period of the budget. The capital contribution required shall be fixed by the Board and included within the budget and Assessment, as provided in Section I of this Article. A copy of the capital budget shall be distributed to each Owner in the same manner as the operating budget. SECTI 3. failure to Adopt Budget. The failure or delay of the Board to adopt a budget as provided herein shall not constitute a. waiver or release of the obligation of an Owner to pay the Assessments. In such event, the Assessments based upon the budget last adopted shall continue until such time as the Board adopts a new budget. SECTI N . Co potation of Assess eats. The Assessments for Common Expenses for each Lot shall be determined in accordance with the operating budget and the capital contribution budget as they apply to the various Lots. SECTI Pay ent, elinquency and Acceleration. Unless otherwise determined by the Board, all Annual Assessments shall be payable annually. Any monthly installment of an Assessment shall become delinquent if not paid on the due date as established by the Board. With respect to each installment of any type of Assessment not paid within ten (10) days after its due date, the Board may, at its election, require the Owner to pay a reasonable late charge, together with interest. If any installment of an Annual Assessment is not paid within thirty (30) days after its due date, the Board may, at its election, declare all of the unpaid balance of the Annual Assessment for the then current fiscal year, attributable to that Lot, to be immediately due and payable without further demand and may enforce collection of the full Annual Assessment and all charges thereon in any manner authorized by law, the Declaration, and these By -Laws. SECTI 6. Remedies for efault. If an Owner is in default of payment of an Assessment, the Board may authorize collection through any lawful means, including foreclosure of the lien. Interest and all costs of such collection, including but not limited to court costs, lien fees, and reasonable attorney fees shall be included in the amount due from the Owner and maybe collected. The Board may authorize the Association to bid its interest at any foreclosure sale and to acquire, hold, lease, mortgage and convey any Lot. SECTIN 1. Fiscal Fear. The Association may adopt any fiscal year as determined by the Board. SECTI®I� 2. Parlianrientary Rules. Except as may be modified by Board resolution establishing modified procedures, Robert's Rules of Order (current edition) shall govern the conduct of association proceedings when not in conflict with Indiana law, the Articles, the Declaration, or these By -Laws. SECTII� 3. Coniiicts. If there are conflicts or inconsistencies between the provisions of Indiana law, the Articles, the Declaration, and these By -Laws, the provisions of Indiana law, the Declaration, the Articles and these By -Laws (in that order) shall prevail. A. The Association shall keep all of the following in the home of the ecretary/Treasurer: 1. Correct and complete books and records of account that specify the receipts and expenditures relating to the Common Area and other Common receipts and Expenses; 2. Records showing the collection of the Common Expenses from the Owners; 3. Minutes of the meetings of the Association and the Board of Directors; 4. Records of the names and addresses of the Owners. B. Unless otherwise prohibited by this Section, any Owner may examine and copy the books, records, and minutes of the Association described in Section (A), pursuant to reasonable standards set forth in the Declaration, By -Laws, or Rules the Board promulgates. The standards may include, but are not limited to, standards governing the type of documents that are subject to examination and copying, the times and locations at which those documents may be examined or copied, and the specification of a reasonable fee for copying the documents. C. Unless approved by the Board of Directors, an Owner may not examine or copy any of the following from books, records, and minutes: l .Information that pertains to Property -related personnel matters; 2. Communications with legal counsel or attorney work product pertaining to potential, threatened or pending litigation, or other Property -related matters; 3. Information that pertains to contracts or transactions currently under negotiation, or information that is contained in a contract or other agreement containing confidentiality requirements and that is subject to those requirements; 4. Information that relates to the enforcement of the Declaration, By -Laws, or Rules of the Association against other Owners; 5. Information, the disclosure of which is prohibited by state or federal law. Rules for Inspection. A. The Board shall establish reasonable rules with respect to: 1. notice to be given to the custodian of the records by the Members desiring to make the inspection; 2. hours and days of the week when such inspection may be made; and 3. payment of the cost of reproducing copies requested by a Member. Inspection by Directors. A. Every Director shall have the right at any reasonable time to inspect all books, records, and documents of the Association and the Common Area owned or controlled by the Association. The right of inspection by a Director includes the right to make extracts and copies of documents at the expense of the Association, but such rights must be exercised reasonably. The decision as to reasonability rests with the discretion of the Board of Directors. SEC'I'N 5o N®tires. Unless otherwise provided in these By -Laws, all notices, demands, bills, statements, or other communications under these By -Laws shall be in writing and shall be deemed to have been duly given if delivered personally, sent by first class mail, postage prepaid, or in 'led if to a Member, at the address which the Member has designated in writing and filed with the Secretary or, if no such address has been designated, at the address of the residence of such Owner; or if to the Association, the Board of Directors, or the managing agent, at the principal office of the Association or the managing agent, if any, or at such other address as shall be designated by the Board with written notice to the Owners. �ECTN 6. Arnendrnent. Except as otherwise provided by law or the Declaration, these By- laws may be amended by a majority of the Owners (except that the Minimum Lot Size Restriction set forth in Section 2.1 of this Declaration may not be amended without strict compliance with the requirements in Section 2.1). �EC'I'I® 7. Financial I2evievv. A review of the accounts of the Association shall be made annually in the manner as the Board of Directors may decide, provided, however, after having received the Board's report at the annual meeting, the Owners, by a vote of 75%, may require the accounts of the Association to be audited as a Common Expense by a public accountant.