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HomeMy WebLinkAboutCovenants, Conditions & Restrictions RECORDED 02-17-05 ij • tt-I -is DE:CLARAT,ION OF COVENANTS, CONDITIONS AND RESTRICTIONS \\ _ FOR 2ci0!500009 Sir Filed for Record in Hkf1ILTOH CO1fl$Ttr IHDI{YHA THE VILLAS AT STANFORD PARK JEHF1HAYDEN f'�J HAYDEn.m. 5 DEC: COtV RES 47.00 iii THIS DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTION FOR THE VILLAS AT STANFORD PARK,(the "Neighborhood Declaration"); is made by the undersigned, and is executed on the dates corresponding'to signatures below. WITNESSETH: WHEREAS, PPV, LLC, an Indiana limited liability company (the "Declarant") is the owner of certain Neighborhood Real Estate described in what is attached 'hereto and incorporated herein by reference as Exhibit"A" (the "Neighborhood Real Estate"); WHE-REAS, the real estate. described in what is attached hereto and incorporated herein by reference as Exhibit`B" shall hereafter be referred to as the"Additional Real Estate". WHEREAS, the term "Neighborhood Property" shall hereafter mean and refer to the Neighborhood Real Estate together with such portions of the Additional.Real Estate as have from time to time been subjected to this Neighborhood Declaration. WHEREAS, Declarant desires to impose certain protective covenants, conditions and restrictions on the Neighborhood Property; • WHEREAS, the Neighborhood Property is subject to the Master Declaration (defined below) pursuant to.which the Neighborhood Association (defined below)has been established; WHEREAS, this Neighborhood Declaration is intended to provide for the preservation and enhancement of property Values; amenities and opportunities in the Neighborhood Property and contributing to the general health, safety and welfare of residents and for the maintenance of the Neighborhood Property; and NOW THEREFORE, the Declarant declares that the Neighborhood Property is and shall be owned 'used, and conveyed subject'to the Master Declaration (defined below) and to the covenants, restrictions, easements; and conditions, and all other provisions of this Neighborhood Declaration as it may be amended from time to time,all as hereinafter set forth,all of which shall run with the land and be binding on all parties having any right, title or interest in the Neighborhood Property or any part thereof, their heirs, succe ssors and assigns, and shall inure to the benefit of each Owner thereof. The Declarant reserves the right, in its sole discretion;to add or withdraw property from the submission to the Neighborhood Declaration, except that:the Declarant shall not be permitted to withdraw any portion of the Neighborhood Property from the Neighborhood Declaration if such property has been conveyed to an owner other than the Declarant. As of the date of execution hereof, the Neighborhood Property consists solely of the Neighborhood Real Estate; The Owner of any.Lots subject to these restrictions, by (i) acceptance of a deed conveying title thereto, or the execution of a contract, for the purchase thereof, whether from Declarant, a Builder,, or "a.subsequent Owner of such Lot or (ii) the active occupancy of any Lot, shall accept such deed execute such contract and/or actively occupy such Lot subject to each restriction and•.• agreement herein contained_ Declarant shall have the right, and hereby reserves on to itself the right, at any time prior to December 31, 2020, and from time to time at any time prior to December 31, 2020, to add to the Neighborhood Property and subject to this Neighborhood Declaration all or any part of the Additional Real'Estate. Any portion of the Additional Real Estate shall be added to the Neighborhood Property, and therefore and thereby becomes a part of the Neighborhood Property and subject in all respects to this Neighborhood Declaration and all rights, obligations, and privileges herein, when Declarant places of record in Hamilton County, Indiana an instrument so declaring'the same to be part of the Neighborhood Property, which supplementary Neighborhood Declaration (hereafter "Supplementary Neighborhood Declaration")may he as part of a subdivision plat for any portion of the Additional Real Estate, or by an amendment or supplement to this Neighborhood Declaration. Such Supplementary Neighborhood Declaration may contain modifications;hereto and additional terms, conditions, restrictions, maintenance • obligations, and assessments as may be necessary to reflect the different character, if any of the Additional Real Estate or improvements to be located thereon. Upon recording of any such instrument, the real estate described therein shall,,for all purposes, thereafter he deemed a part of the Neighborhood Property and the Owners of any Lots within such real estate shall be deemed for all purposes, to have and be subject to all of the rights, duties, privileges, and obligations of Owners of Lots within the Neighborhood Property. No single exercise of Declarant's right and option to add and expand the Neighborhood Property as to any part or parts of the Additional Real Estate, shall preclude Declarant from thereafter from time to time further expanding and adding to the Neighborhood Property to include other portions of the Additional Real Estate, and such right and option of expansion May be exercised by Declarant from time to tune as to all or any portions of the Additional Real Estate so long as such expansion is accomplished on or before December 31, 2020. Such expansion of the Neighborhood Property is entirely at the sole discretion of the Declarant and nothing contained in this Neighborhood Declaration or otherwise shall require Declarant to expand the Neighborhood Property beyond the Neighborhood Real Estate, or to any portions of the Additional Real Estate which Declarant may voluntarily-and in its-sole discretion from time to time subject;to this Neighborhood Declaration. ARTICLE I Definitions Unless otherwise defined in this Neighborhood Declaration, all terms and words in this Neighborhood Declaration and its :recorded exhibits shall have the definitions as are specified in the Master Declaration, as amended from time to time and the meanings stated below unless the context clearly requires.,otherwise; 1.1 `Builder" means a person or entity engaged in the business of constructing single family Dwelling Units for sale and engaged in and responsible for the original construction of a residence on a Lot. 1.2 "Development Standards and Architectural..Control Committee" means and refers to the Committee described in Article VI of the Master Declaration. 1:3 "Dwelling Unit means and refers to any or all the single family living units which will be constructed on the Lots,each;designed for use and occupancy as a single-family living unit. 2 • 1.4 "Federal "Agencies" shall mean (by way of illustration but not limitation) the Federal Housing Authority, the Federal National Mortgage Association,. the Government National Mortgage Association, the. -Federal Home Loan Mortgage corporation, the Department of Housing and Urban Development,the Veterans Administration or any other governmental agency_ 1.5 "Guest" means any person who is physically present in, or occupies a Unit on a temporary basis at the invitation of the Owner,without the payment of consideration. 1.6 "Lease"means the grant by an Owner of a temporary right of use of the Owner's Dwelling Unit for valuable consideration. 1.7 "Lot" means one or more of the platted parcels located within the Neighborhood Property into which the,Neighborhood Property has been subdivided, upon which a single Dwelling Unit has been or is intended to be constructed. Wherever herein the term "Lot" is used, it shall be interpreted as if followed by the words "and Dwelling Unit constructed thereon," except where the context clearly requires.otherwise.The Declarant may subject additional Lots to this Neighborhood Declaration. 1.8 "Neighborhood Association" means and refers to Stanford Park Neighborhood Association, Inc., an Indiana not for profit corporation,its successor and assigns,as defined in the Master Declaration. L9 "Master Declaration" means the Master Declaration, of Covenants, Conditions, and Restrictions for Stanford Park recorded with the Recorder of Hamilton County, Indiana, on the day of , ,as Instrument Number 1.10 "Member" means and refers to all persons who are members of the Neighborhood Association as provided in this Neighborhood Declaration, and the Articles of Incorporation and Bylaws of the Neighborhood Association. 1.11 Mortgagee' shalI mean and refer to any person or entity secured by a first mortgage or first deed of trust on any Lot or the Common Area who has notified the Association of this fact in writing. An"Eligible Mortgagee" shall be a Mortgagee who has given notice to the Association of its interest and requested all rights afforded Eligible Mortgagees under Article VII and VIII. 1.12 "Neighborhood" means The Villas at Stanford Park comprising the Neighborhood Real Estate, which is committed by this'Declaration to the provisions hereof and any Additional Real Estate which may hereafter be declared to be subject to this Declaration and all improvements made to such land, including.,Dwelling Units,Neighborhood Common Areas,if any, and Lots. 1.13 "Neighborhood'Common Area"shall mean any portion of the Property conveyed by the Declarant to the Lot Maintenance Association as a Neighborhood Common Area. In the Declarant's sole and absolute discretion, all Common Areas identified on any plat of the Property may-be conveyed to the Stanford Park Master Association, Inc. and,as such,there may be no Neighborhood Common Areas. • 1.14 "Occupant" or "Occupancy", when used in connection with a Dwelling Unit means any person who is physically present in the unit on two or more consecutive days, including staying overnight. 1.15 "Owner" means and refers to any person or persons, entity or entities, who are the record Owner of the fee•simple title to any Lot in the Properties. 3 • • • 1.16 "Primary. Occupant means the natural person approved'for occupancy, together with his family, when title to a'Dwelling,Unit is held in the name of more than two persons, or by a trustee or a corporation or other entity which is not a natural person. ARTICLE II • Covenant for Assessments 2.1 Creation of the Lien and Personal Obligation of Assessments. By acceptance of a deed, each owner of any Lot located within the Neighborhood Property, except the Declarant and any Builder, whether or not it shall be so expressed in such deed, is deemed to covenant and agree to pay to the Lot Maintenance Association (hereafter defined): (i)Maintenance Assessments as hereafter defined and established, and (ii) Special Assessments as provided for herein; such assessments to be established and collected as hereinafter provided. All such assessments, together with interest, costs, and reasonable attorney's fees, shall be a charge on the Neighborhood Property and shall be a continuing lien upon the Neighborhood Property and Lots therein, and shall be in addition to the assessments due and payable per the terms,of the Master Declaration. Each such assessment, together with interest, costs, and reasonable attorney's fees shall also be the personal' obligation of the person who was the Owner of a Lot located within the Neighborhood Property at the time when the assessment fell due. The personal obligation for delinquent assessments shall not pass�to his successors in title unless expressly assumed by them. 2.2 Basis-for Assessment. (A). Lots Generally. Each Lot owned by a person other than Declarant or a Builder shall be assessed at:a uniform rate without regard to whether a Residence has been constructed upon the Lot. (B) Lots Owned by Declarant or Builder. Declarant and any Builder shall not pay the,Annual'Assessment and Special Assessment so long as any Residence constructed upon a Lot by Declarant or a Builder.has not been either conveyed to an Owner intending to occupy or rent said Residence as a residence or leased to an individual or an entity for use as a Residence. ARTICLE III Lot Maintenance Association A nonprofit corporation shall be established, in accordance with the guidelines hereafter set forth, for the purpose of assessing, collecting and expending the (i)Maintenance Assessment (hereafter defined •and established),and'for the purpose of fulfilling the Lot Maintenance.Obligations (hereafter defined and established), and (n) Special Assessments as hereafter provided. Such non-profit named "The Villas at Stanford Park Lot Maintenance Association, Inc." (hereafter °Lot Maintenance fit co oration shall tena nce Association"). The Lot Maintenance Association shall exist in addition to the Stanford Park Master Association, Inc. (hereafter Master Association") identified in the Master Declaration and in the event of any conflict between this Neighborhood Declaration and the Master Declaration, the Master Declaration shall control. The Owners of Lots located within the Neighborhood Property shall elect a Board,of Directors of Lot Maintenance Association (hereafter"Maintenance Board")as prescribed herein and by the 'Lot Maintenance Association's Articles of Incorporation and By-Laws. The Maintenance Board shall manage the affairs of the Lot Maintenance Association. Directors need not be members of the Lot Maintenance Association 4 • ARTICLE IV Maintenance 4.1 Maintenance by Owners. The Owner of each Lot located within the Neighborhood Property shall furnish and be responsible for at his or her own expense; all Lot maintenance, repairs and landscaping other than as specified in Section 4.2 below. 4.2 Additional Maintenance. The Lot Maintenance Association will provide the following maintenance and service with respect to and only with respect to Lots located within the Neighborhood Property(collectively,the"Lot Maintenance Obligations"): (A) Mow,:trim, and fertilize grass lawns located on,the Lot; provided, however, that the:Lot Maintenance Association shall not be required to maintain or fertilize any flowers,plants, trees or shrubs; (B) Remove leaves from the Lot; and (C) Remove snow from sidewalks, driveways, and from the walkways which extend from the driveways to the front door of the Dwellings. 4.3 Lot Maintenance Assessment. Article X of the Master Declaration provides for Assessments on any.Lot located upon the Property. In addition to these Assessments, and in order to provide funds for the Lot Maintenance Obligations;, each,owner of a Lot located within the Neighborhood Property shall also be assessed and shall pay an additional maintenance assessment of Two Hundred Dollars ($200.00) per lot per calendar quarter (hereafter "Maintenance Assessment"); provided, however, that the Maintenance Assessment may increased in the manner described below: (A) Until January 1 of the year immediately following the conveyance of the first Lot located within the.Neighborhood Property to an Owner, the maximum Maintenance Assessment on any such Lot shall be Two Hundred Dollars ($200.00)per Lot per calendar quarter; (B) From andi.after- January 1 of such year, the Maintenance Assessment may be increased each calendar year not more than 30% above the assessment for the previous year without a vote of the members of the Lot Maintenance Association. (C) From and after January 1 of such year, the Maintenance Assessment may be • increased each calendar year by more than 30% above the Maintenance Assessment for the previous year with the approval of two-thirds of the votes entitled to be cast by those members of the.Lot.Maintenance Association who cast votes in person or by proxy at a meeting duty called for this purpose. (D); Written notice of any meeting called for the purpose of taking any action hereunder shall be sent to all members of the Lot Maintenance Association, no more than sixty (60) days in advance of the meeting. At the first such meeting called, the presence of members of the Lot Maintenance Association or of proxies entitled to cast sixty percent (60%) of the total number of votes'entitled to be case (Class A and Class B votes combined) shall constitute a quorum. If the required quorum is not present, another meeting may be called subject to the same notice requirement, and the required quorum at the subsequent meeting'shall be one-half(%s) of the required quorum at the preceding meeting. No such subsequent meeting shall be held more than sixty(60)days following the preceding meeting. 5 (✓). In addition, upon the employment and engagement by the Lot Maintenance Association of a professional manager or management company to assist the Maintenance Board in the •management and administration of the Lot .Maintenance Association, there shall immediately and automatically be added to the Maintenance Assessment the cost of such professional management,without a vote of membership. 4.4 Date of Commencement of Maintenance Assessment, Due Dates. The Maintenance Assessment provided for herein shall'commence as to each Lot located within the Neighborhood Property upon the closing of the sale thereof;to an Owner other than a Builder or the Declarant The Maintenance Board shall fix any increase in the:amount of the monthly assessments at least thirty (30)days in advance of the effective date of such increase. Written notice of any increase in the Maintenance Assessment, and such other assessment notices as the Maintenance Board shall deem-appropriate, shall be sent to every Owner of a Lot located within the Neighborhood Property,_ The due dates for all assessments, and the assessment and collection period(i.e., annual, monthly, lump-sum or otherwise), shall be established by the Maintenance Board. The Lot Maintenance Association shall, upon demand, and for a reasonable charge, furnish,a certificate in recordable.form signed by an Officer of the Lot Maintenance Association setting forth whether the Maintenance Assessments on a specified Lot located within the Neighborhood Property have been paid. A properly executed certificate from the Lot Maintenance Association regarding the status of such assessments for any Lot located within the Neighborhood Property shall be binding upon the Lot Maintenance Association as of the date.of its issuance. 4.5 .Basis for,Assessment. (A) Lots Generally. Each Lot owned by a person other than Declarant or a Builder shall be assessed at a uniform rate without regard to whether a Dwelling Unit has been constructed upon the Lot. (B) Lots'Owned,by Declarant or Builder. Declarant and any Builder shall not pay the Annual Assessment:and Special Assessment so long as any Residence constructed upon a Lot by Declarant or Builder has not been either conveyed to an Owner intending to occupy or rent said Residence as a residence or leased to an individual or an entity for use as a Dwelling Unit. 4.6 Effect of Nonpayment of Assessment: Remedies of the,Lot Maintenance Association. If any Maintenance Assessment (or periodic' installment of such assessment, if applicable) or Special Assessment is not paid on the due date established therefor pursuant to this Neighborhood Declaration, then the entire unpaid assessment(together with interest thereon, costs and attorneys' fees) shall become delinquent and shall constitute a continuing lien on the Lot located within the Neighborhood Property to which such assessment relates, binding upon the then Owner, his heirs, devisees, successors and assigns. The personal obligation of the then Owner to pay such assessments, however, shall not pass to such Owner's successors in title unless:expressly assumed by them. if any Maintenance Assessment or Special Assessment is not paid within thirty (30) days.after°the due date, such assessment shall bear interest from the date of delinquency'at the rate of eight percent(8%) per annum, and the Lot Maintenance Association may bring an action at law against the Owner personally obligated to pay the same, or foreclose the lien against the applicable Lot located within the Neighborhood Property,, or both. In such event, there shall be added to the amount of such assessment the costs and attorney's fees of preparing and filing the complaint in such action; and in the event a judgment,is obtained'such judgment shall include interest on the assessment as above provided; costs of the action and reasonable attorneys' fees to be fixed by the court. 6 r . 4.7 Special Assessments. In addition to the Maintenance Assessment authorized above, the Maintenance Board may Toy a Special Assessment applicable to that year only for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, repair or replacement of any capital improvement which the Lot Maintenance Association is required to maintains or to recover any operating deficits which the Lot Maintenance Association may from time to time incur, provided that any such assessment shall have the approval of two-thirds of the votes entitled to be cast by those members of the Lot Maintenance Association who cast votes in person or by proxy at a meeting duly called for this purpose. 4.8 Subordination of the Lien to Mortgages; Sale or Transfer. The lien of the assessments provided for in this Neighborhood Declaration shall be subordinate to the hen of any first mortgage. "The sale or transfer of any Lot located within the Neighborhood Property pursuant to the foreclosure of any first mortgage on such Lot located,within.the Neighborhood Property"(without the necessity of joining the Lot Maintenance. Association in any such foreclosure action) or any proceedings or deed m lieu thereof shall extinguish the lien of all assessments becoming due prior to the date of such sale or transfer. No sale or transfer of any Lot located within the Neighborhood Property (whether voluntary or pursuant to foreclosure or otherwise) shall relieve such Lot located within the Neighborhood Property from liability for any assessments thereafter becoming due from the lien thereof and except as hereinabove provided, the sale or transfer of any Lot located within the Neighborhood Property shall not affect the lien of assessments becoming due prior to the date of such sale or transfer except to the extent that a purchaser may be protected against the lien for prior assessments by a binding certificate from the Lot Maintenance Association, issued pursuant to this Neighborhood Declaration, as to whether or not such assessments have been paid. ARTICLE V Lot Maintenance Association Membership and Voting 5-.1 Initially, the person(s) who serve as incorporators of the Lot Maintenance Association shall be the member(s) (the "Initial Member(s)"). The Initial Member(s) shall remain meniber(s) of the Lot Maintenance Association until the Lot Maintenance Association Articles of Incorporation are accepted by the Indiana Secretary'of State, at which time the Initial Member(s) shall cease to be member(s) unless they also qualify as Class A or Class B members. Every Owner-of a Lot located within the Neighborhood Property shall be a member of the Lot Maintenance Association. Apart from the Initial Member(s), a membership in the Lot Maintenance Association shall be appurtenant to and may not be separated from ownership of any Lot in the Neighborhood Property. 5.2' Classes of Membership and Votin_ Ri:hts, The Lot Maintenance Association shall have the following two classes of voting membership: Class A. Class A members of the Lot Membership Association shall be all Owners of Lots located within the Neighborhood.Property with the exception,of the Declarant. Class A members shall be entitled to one (1) vote for each Lot owned located within the Neighborhood Property. When more than one person holds an interest •in any Lot located within the Neighborhood • Property, all such persons shall be members. The vote for such Lot shall be exercised as the members holding an interest in such Lot determine among'themselves,but in no event shall more than one vote be cast with respect to any Lot. Class B. The Class B member of the Lot Maintenance Association shall be the Declarant. The Declarant shall be entitled to five (5) votes for each Lot owned within the Neighborhood 7 • Property. For purposes,'of this calculation, it shall be assumed that Declarant owns all Lots within the Neighborhood Property, which number shall be reduced as Lots within the Neighborhood Property are'conveyed by the Declarant to an.Owner. The Class B membership shall cease and be converted to Class A membership on the happening of any of the following events, whichever occurs earlier(the"Applicable Date"): (i) December 31,2020; or (ii) When the total number of votes outstanding m.the Class A Membership is equal to the total number of votes outstanding in the Class B Membership; or (iii) When the Declarant executes and records, with;the recorder of Hamilton County, Indiana, a written instrument by which the Declarant explicitly converts the CIass B Membership into a Class A Membership. ARTICLE VI, Insurance Maintained by Lot Maintenance Association and Right of Entry 6.1 Neighborhood Association Insurance. The Lot Maintenance Association shall purchase the following coverage: (A) Liability Insurance. The Lot Maintenance Association shall purchase and pay the costs of the policy or policies of insurance in the form gener,allylmown as Public Liability and/or owners' policies insuring the Lot Maintenance Association against any and all claims and demands made by any"person,Or persons whomsoever for°;injuries received in connection with the fulfillment by the Lot Maintenance Association of its obligations specified in the Neighborhood Declaration, or for any other risk'insured against by such policies which the Lot Maintenance Association, in its sole discretion, determines to insure against. Each policy purchased by the Lot Maintenance Association shall'have limits of not less than'One Million Dollars ($1,000,000.00) covering,all claims for personal injury and One Hundred Thousand Dollars ($100,0.00.00) for property damage arising out of a single occurrence. The. coverage of the liability insurance policies purchased'by.the'Lot Maintenance Association shall include protection against liability for property damage, bodily injuries and deaths of persons in connection with the fulfillment by the Lot Maintenance Association of its obligations specified in the Neighborhood Declaration, liability for non-owned and'hired automobiles, and liability for property of others, and liability arising out of any Neighborhood Common Area. All such policies will name the Lot Maintenance Association as the insured under such policy or-policies. The insurance purchased shall contain a "severability of interest endorsement," or equivalent coverage; which would preclude the insurer from (i) denying the claims of an Owner because of the negligent acts of either the Lot-Maintenance Association, the Declarant or any other Owners or (ii) denying the claims of either the Declarant or the Lot Maintenance Association because of the negligent acts of an Owner. (B Casualty:Insurance. The Lot Maintenance Association may purchase and pay the costs of a polic- 'or' olicies.of insurance to allow the Lot Maintenance Association to insure any P y p` improvements located within the Neighborhood Common Areas. (C) Fidelity Coverage. The Lot Maintenance Association shall purchase adequate errors and omissions insurance protecting and insuring the Lot Maintenance Association and its officers and directors against liability for negligence in the'fulfillment of their obligations and duties. After the Applicable Date, the Lot Maintenance Association shall purchase adequate fidelity coverage to protect against dishonest acts of th"e officers and employees of the Lot Maintenance Association and the Directors and all others who handle and are responsible for handling funds of the Lot Maintenance Association, suchcoverage to be in the form of fidelity bonds 'which meet the following requirements unless one or more of such requirements are waived by the Board of Directors. (i) Such bonds, hall name the Lot Maintenance Association as an obligee; (ii) Such bonds shall be written in an amount equal to at least one hundred fifty percent (1'50%) of the estimated annual Lot Maintenance Association expense; and, • • (iii) Such amounts shall contain waivers of any defense based upon the exclusion of persons who serve without compensation from any definition of"employee" or similar expression. 62 Lot.Maintenance.Association's Right of Entry: For the purpose of performing the duties authorized by'this Neighborhood Declaration, the Lot Maintenance Association and/or the Neighborhood Association, through its duly authorized agents and employees, shall have an n-revocable easement right of access to Lots and Dwelling Units during reasonable hours, when necessary for the performance of obligations specified in this Neighborhood Declaration. ARTICLE VII. Rights of Mortgagees Unless,a right is waived by the appropriate Federal Agency, all Mortgagees shall have the following rights: Section 7.1 Veterans Administration. If any of the Lots.are security for a loan guaranteed by the Veteran's Administration(the"VA")and if there is a Class B Member: (A) The Declarant must provide a copy of all amendments to the VA. The Lot Maintenance Association may not make any Material Amendment or take any Extraordinary Action as such terms are defined in.Article VIII without the approval of the VA. (B) Eligible Mortgagees shall have the following rights: (i) the right to inspect Lot Maintenance Association documents and records on the same terms as the Members of the Lot Maintenance Association; (ii) notice of any Material Amendment to the Lot Maintenance Association C elm—lents; (iii) notice of any extraordinary Action of the Lot Maintenance Association; (iv) notice of any property loss,condemnation or eminent domain proceeding affecting'the Neighborhood Common Area resulting in a loss greater than ten percent 9 . j • • (1.0%) of the annual budget or affecting any Lot insured by the Lot Maintenance Association in`whichthe Eligible Mortgagee has an'=interest; (v) notice of any termination,lapse or material modification of an insurance policy held by the Lot Maintenance Association; (vi) notice of any default by an Owner of a Lot subject to a mortgage held by the Eligible Mortgagee in paying assessments or charges to the Lot Maintenance 'Association which remains uncured for sixty(60) consecutive days; • (vii) notice of any proposal to teuninate the Neighborhood Declaration or dissolve the Lot Maintenance Association at least thirty (30) days before any action is taken; (viii) the right of a majority of the Eligible Mortgagees to demand professional management; and (ix) the right of a majority of the Eligible,Mortgagees to demand an audit of the Lot Maintenance Association's financial records. Section 7:2 Federal Housing Authority. If any of the Lots are security for a loan insured by Federal Housing Authority(the"FHA")and if there is a Class B Member, the following actions will require the prior approval of the FrHA: (A) annexation of additional properties other than the Additional Real Estate; (B) mergers,consolidations and dissolution,of the Lot Maintenance Association; (C) mortgaging or conveyance of the Neighborhood Common Area;and (D) amendment of this Neighborhood Declaration. Section 7.3- Freddie Mac Assuming that Mortgagees may securitize pools of mortgages, including mortgages on Dwelling Units, with the Federal Home Loan Mortgage Corporation (a/k/a "Freddie Mac"), the following requirements shall apply to all Lots and Dwelling Units: (A) Unless at least two-thirds (2/3rds) of the first,Mortgagees (based on one vote for each first mortgage owned) or two-thirds of the Class A Members of the Lot Maintenance Association have given their prior written approval, the Lot Maintenance Association shall not take any of the following actions_ (i) by act or omission seek to abandon,partition, subdivide, encumber, sell or transfer the Neighborhood Common Area- The re-subdivision and/or adjustment of - boundary lines of the Neighborhood Common Area and the granting of easements by the Lot Maintenance Association shall not be deemed a transfer or subdivision within the meaning of this clause. (ii) change the method of determining the obligations, assessments, dues, or other charges that may be levied against an Owner. • 10 • • (iii) by act or omission waive or abandon any scheme of regulations or their • enforcement pertaining to the architectural design or the exterior appearance of Dwelling Units •and their appurtenances, the exterior maintenance of Dwelling. Units and their appurtenances, the maintenance of the Neighborhood Common Area common fences and driveways,and the upkeep of lawns andplantings in the Property. (iv) fail to maintain fire and extended coverage insurance on insurable parts of the Neighborhood. Common Area or other Lot Maintenance Association property on a current replacement cost basis in an amount not less than one hundred percent(100%)of the insurable value,based on current replacement costs,not including land value. (v) use hazard insurance proceeds for losses to the Neighborhood Common Area or other Lot Maintenance Association property for other than the repair,replacement or reconstruction of such property. (B), A Mortgagee shall be given written notification from the Lot Maintenance Association of any default in the performance of any obligation under this Neighborhood Declaration unrelated Lot Maintenance Association documents by the Owner of a Lot that is the security for the indebtedness due the.Mortgagee which is not cured within sixty(60) days after the Owner's receipt of notice of the default. (C) A Mortgagee may,jointly or singly,pay taxes or other charges which.are in default and which may or have become a charge against the Neighborhood Common Area and may pay overdue,premiums on,hazard insurance policies or secure new hazard insurance coverage upon the lapse of a policy for such Neighborhood Common Area The Mortgagee making such payments shall be owed immediate,reimbursement therefor from the Lot Maintenance Association_ • (D) The assessments imposed by the Lot Maintenance Association shall include an adequate reserve fund for maintenance,repairs and replacements for those parts of the Neighborhood Common Area which may be replaced or require maintenance on a periodic basis. Such reserves shall be payable in regular installments rather than by Special Assessment. Section 7.4. Fannie Mae:Assuming that Mortgagees may secure funding for mortgage loans by selling mortgage loans, including mortgages on Lots and/or Dwelling Units, to the Federal National Mortgage Association (a/k/a "Fannie Mae"), the following requirements shall apply to all Lots and Dwelling Units: (A) A Mortgagee shall be given written notification from the Lot Maintenance Association of the following: O any condemnation or casualty loss that affects either a material portion of the,Neighborhood Common Area or the Lot that is the security for the indebtedness due the, • Mortgagee; (ii) any default in the performance of any obligation under this Master Declaration onrelated Lot Maintenance Association documents by the Owner of a Lot that is the.security for the indebtedness due the Mortgagee which is not cured within sixty (60) days after the Owner's receipt of notice of the default; (m) any lapse, cancellation or material modification of any insurance policy or fidelity bond maintained by the Lot Maintenance.Association; 11 (iv) any proposed action that °would _require the consent of a specified percentage of Mortgagees. 03) Provided that improvements have been constructed in the Neighborhood Common Area and provided that a Mortgagee gives written notice to the Lot Maintenance Association that it has relied on the value of the improvements in making a loan,on a portion or all of the Property,then unless at least sixty-seven percent (67%) of the Members of the Lot Maintenance Association and Mortgagees representing at least fifty-one percent(51%)of those Lots that are subject to mortgages or deeds of trust have given their prior written approval, the Lot Maintenance Association shall not add-or amend any material provision of this Neighborhood Declaration or related Lot Maintenance Association documents concerning;the following: (i) voting rights of any Member of the Lot Maintenance Association; (ii) assessments,assessment liens,or subordination of such liens; (iii) reserves for maintenance,repair and replacement of those parts of the Neighborhood Common Area that may be replaced or require maintenance on a periodic basis; (iv) responsibility for maintenance and repair of the Property; (v) reallocation of interests in the Neighborhood.Common Area or rights to its use,except as perrnitted`by this Neighborhood Declaration; (vi) converting.Lots into Neighborhood Common Area or vice versa; (vii) annexation or withdrawal of property-to or from the Property; (viii) insurance or fidelity bonds; (ix) leasing'of Dwelling Units; • (x) imposition of any right of first refusal or similar restriction on the right of an Owner to sell,transfer or otherwise convey its property; (xi) •a •decision by the Lot Maintenance Association to establish self- 'management when professional management has been required previously by a Mortgagee; (xii) restoration or repair of the Property after a hazard damage or partial condemnation;, (xiii) any provisions that are for the express benefit of Mortgagees; and (xiv) termination of the legal status of the Lot Maintenance Association after substantial destruction or condemnation of the subdivision occurs. . _ ... An addition or amendment to this Master Declaration or related Lot Maintenance Association documents shall not be considered material if it is for the purpose of clarification or correcting errors. A 12 • Mortgagee who receives a written!request to approve additions or:amendinents who does not deliver or post to the requesting party anegative response within thirty(30) days of receipt of such request shall be deemed to have approved such request. ' Section,7.5, General. (A) Condemnation. In the event that there is a condemnation or destruction of the Neighborhood-CommOrl Area or other Lot Maintenance Association property, to the extent practicable,condemnation or insurance proceeds shall be used to repair or replace the condemned or destroyed property. (B) Unpaid Assessments: Any Mortgagee, who obtains title to a Lot pursuant to the remedies provided in its mortgage or deed of trust or foreclosure of the mortgage or deed of trust or deed in lieu of foreclosure, will not be liable for such Lot's unpaid dues or charges which accrue prior to the acquisition of title to the Lot by the Mortgagee. (C) Books and Records. A Mortgagee shall have the right to examine and copy at its expense the books and records of the Lot Maintenance Assoc_iation during normal business hours and upon°reasonable notice to the Lot Maintenance Association. (D) Notice. As'set`forth in this Article,Mortgagees shall have the right,upon request,to - receive .notice of (a) the decision of the Owners to abandon or terminate the Planned Unit Development (as defined by Fannie Mae); (b) any material amendment to the Neighborhood Declaration,the By-Laws or the Articles of Incorporation; and (c)if professional management has beenrequired by a Mortgagee,the decision of the Lot.Maintenance Association to terminate such professional'management and assume self-management. (E) Excess Proceeds. Should there be excess insurance or condemnation proceeds after the renovation;, repair or reconstruction called for herein, such excess proceeds may be distributed equally to the Owners, apportioned equally by Lot; subject,however, to the priority of a Mortgagee with regard to the proceeds applicable to the Lot securing said Mortgagee and in accordance with Indiana law. (F) Termination. Eligible Mortgagees representing at least sixty-seven percent (67%) of the votes of the mortgaged Lots must consent to the termination of the legal status of the Neighborhood Association for reasons other than substantial destruction or condemnation of the Property. (G) Damage to Neighborhood Common Area. The Lot Maintenance Association shall cause the immediate repair, reconstruction or renovation of any damage to the Neighborhood Common,Area unless a decision not to repair, reconstruct or renovate is approved by a majority of the Mortgagees. ARTICLE VIII General Provisions Section 8.1. Enforcement and Declarant's Exemption. The Lot.Maintenance Association or any Owner-shall have the right to enforce, by a proceeding at law or in equity, all restrictions, conditions, covenants, reservations, easements,liens and charges now or hereafter imposed by the provisions of this Neighborhood, Declaration or other Lot Maintenance Association documents unless such right is 13 • specifically limited Failure by the Lot Maintenance Association or by any Owner to enforce any right, provision,covenant or condition which may be granted by this Neighborhood Declaration shall not constitute a waiver of the right of the Lot Maintenance Association Or an.Owner to enforce such right, provision, covenant 'or condition in the future. All rights, remedies and privileges granted to the Lot Maintenance Association or any Owner pursuant to any term, provision, covenant or condition of the Neighborhood Declaration shall be deemed to be cumulative and the exercise of any one or more thereof shall not be deemed to constitute an election of remedies nor shall it preclude the`party exercising the same from exercising such privileges as maybe granted to such party by this Neighborhood Declaration or at law or in equity. Notwithstanding anything in this Neighborhood Declaration to the contrary, (i)the Declarant and Builder re,serves a right to carry on construction, development, and'sales activities, to place equipment, machinery; supplies and signs, construct and maintain models.or other structures, and park vehicles of • prospective or'actual purchasers,lessees, or employees and personnel of the Declarant,on any part of the Neighborhood. Property owned' by the,Declarant, a Builder, or the Lot Maintenance Association and (ii)none of the terms, conditions,'provisions, and restrictions set forth in this Neighborhood Declaration shall be construed, in any manner, to limit any activity of the Declarant or a Builder in the construction, development; and sales activities pertaining to the Neighborhood Property. Section 8.2. Severability; Headings; Conflict. Invalidation of any one of the provisions,of this Neighborhood Declaration by judgrnent:or court order shall in no'way affect any other provision,which shall remain in full force and effect. Titles of paragraphs are for convenience only and are not intended to limit or expand the covenants,'rights or obligations expressed therein. In the case of any conflict between the Articles of Incorporation.and thisNeighborhood Declaration, the Neighborhood Declaration shall control;,in the case off any conflict between this Neighborhood Declaration and the By-Laws, this Neighborhood Declaration shall control. Section 8.3. Duration. The covenants and restrictions of this Neighborhood Declaration shall run with and bind the Neighborhood Property and shall inure to the benefit of and be enforceable by the Lot Maintenance Association or the Owner of any Lot subject to this Neighborhood Declaration,their respective legal representatives heirs, successors,and assigns, unless such right is specifically limited, for a term of twenty (20)'years from the date this Neighborhood Declaration is recorded, after which time the covenants and restrictions of this Neighborhood Declaration shall be automatically extended for successive periods of twenty(20)years each,unless terminated by a written and recorded.instrument:approved of in advance by the affirmative and unanimous vote of all Members of the Lot Maintenance Association and their respective Mortgagees. Section 8.4. Material Amendment/:Extraordinary Action. (a) Approval Requirements. In accordance. with Federal Agencies' requirements, material amendments ("Material Amendments")or extraordinary actions("Extraordinary Actions") must be approved by Members of the Lot Maintenance.Association entitled to cast at least sixty- seven percent (67%) of the votes of Members of the Lot Maintenance Association present and voting„ in' person or by proxy, at a meeting ,held .in; accordance with the notice- and quorum requirements.for Material Amendments and Extraordinary Actions contained in the By-Laws,such vote including the vote of a majority of the Class A Members of the Lot Maintenance Association present-and voting, inperson or by proxy,at such'meeting. (b) Material Amendment. A Material Amendment includes adding; deleting or modifying,any provision:regarding the following: 14 • • y (i) assessment basis or assessment liens; (ii) any method of imposing or determining any charges to be levied against -individual Owners; (iii) reserves for maintenance, repair or replacement of common area improvements; (iv) maintenance obligations; (v) allocation of rights to use Common Areas, except as permitted by this Neighborhood Declaration; (vi): any scheme of regulation or enforcement of standards for maintenance, 'architectural designror exterior appearance of improvements on Lots; ; • (vii) reduction of insurance requirements; (viii) restoration or repair of common area improvements; (ix) the annexation or withdrawal of land to or from the Neighborhood Property other than the annexation of the Additional Real Estate and withdrawal of those properties referred to in this Article XVI; (x)• . voting rights; • (xi) restrictions affecting leasing or sale of a Lot;or (xii) any provision which is for the express benefit of Mortgagees. (c) Extraordinary Action. Alternatively,an Extraordinary Action includes: (i) merging or consolidating the Lot Maintenance Association (other than with another non=profit:entity formed for purposes similar to this Lot Maintenance Association); (ii) detenmining not to require professional management if that management has been required by The Lot Maintenance Association documents, a majority of eligible Mortgagees ora majority vote of the Members of the Lot.Maintenance Association; (iii) expanding the Lot Maintenance Association to include land not previously - described. as annexable which increases the overall land area of the project or number of Lots,by more than ten percent(10%); '(iv) abandoning, partitioning, encumbering, mortgaging, conveying, selling or otherwise transfemng the Neighborhood Common:;Area except for (i) granting easements; (ii) dedicating Neighborhood Common Area as required by a public authority; (iii) re- . subdividing or adjusting the boundary lines of the Neighborhood Common Area or (iv) transferring'.Neighborhood Common,Area pursuant to a merger or consolidation with a non- profit entity formed for purposes similar-to the:Neighborhood Association; 15 (v) using insurance proceeds for purposes other than reconstruction or repair of the insured improvements;or (vi) making capital expenditures (other than for repair or replacement of existing improvements) during any period of twelve (1 2).consecutive months costing more than twenty percent(20%)of the annual operating budget. (d) Class Amendments. Any Material Amendment which changes the rights of any specific class of Members of the Lot,Maintenance Association must be,approved by Members of the Neighborhood Association entitled to cast at least fifty-one percent (51%) of the votes of all Members of the Lot Maintenance Association of such class present and voting, in person or by proxy,at::a meeting held in accordance with the requirements contained in the By-Laws. • (e) Material.Amendment and/or Extraordinary Actions Amendments: The following Material Amendments and Extraordinary Actions must be approved by Members of the Lot Maintenance Association entitled to cast at least sixty-seven percent (67%) of the total authorized votes of all Members of the Lot Maintenance Association, including'at least a majority of the total authorized-votes entitled tobe-cast by Class A Members of the Neighborhood Association: (i) termination of this Neighborhood Declaration or the termination of the project; (ii) dissolution of the Lot Maintenance Association except pursuant to a consolidation or merger;and (iii) conveyance of all Neighborhood Common Areas. (f) VA Amendments. If the VA has guaranteed any;loans secured by a Lot, so long as there is a Class.B Member of the Lot Maintenance.Association, all Material Amendments and Extraordinary Actions must have the approval of the VA. Section 8.5. Amendment: Amendments other than Material Amendments or Extraordinary Actions shall be approved by at least sixty-seven percent (67%) of the votes entitled to be cast by all Members of the Lot Maintenance'Association present and voting, in person or by proxy, at any duly called . and conveyed meeting, or in writing by Members of the Neighborhood Association entitled to cast at least sixty-seven percent(67%)of thetotal authorized votes of all Members of the Neighborhood Association. Any amendmentmust be properly executed and aclmowledged by the Lot Maintenance Association (in the manner required by law for the execution and aclaiowledgment of deeds) and recorded among the appropriate land records. Section 8.6. Special Amendment. Notwithstanding anything herein to the contrary, the Declarant may'unilaterally amend this Neighborhood Declaration for any.reason prior to the first conveyance of a Lot to an Owner other than the Declarant and/or a Builder and thereafter may make any amendment required by any of the Federal Agencies or by the Local Governing Authorities, as a condition of the approval of‘this Neighborhood Declaration,by the execution and recordation of such amendment following notice to all Members of the Lot Maintenance Association. Section.8.7: Waiver: The Declarant,as the present most interested party in maintaining the high quality of development which.by these covenants is sought to be assured for the Neighborhood Property, hereby expressly reserves unto itself(so long as these restrictions are in effect),the unqualified right to waive 16 or alter from time to time.such.of'the herein contained restrictions as it may deem best,asto any one or more of the Lots, which'waiver"or alteration shall he evidenced bythe mutual written consent of the Declarant and the then-Owner of the Lot as to which some or all of said restrictions are to be waived or altered; such written consent to be duly acknowledged and recorded in the Office of the`Recorder of Hamilton County,Indiana. Section 8.8. Withdrawable.Real Estate. (a) The Declarant shall have the unilateral right;without the consent of the Class A Members of the Lot Maintenance Association or any Mortgagee, to execute and record an amendment to this. Neighborhood Declaration withdrawing any portion of the Neighborhood Property,on which Dwelling Units have not been constructed;provided,however,that not.more than five(5)years have lapsed since the date of the recordation of this Neighborhood Declaration. (b) Upon the dedication or the conveyance to any public entity or authority of any portion of the Neighborhood Property for public street purposes,this Neighborhood Declaration shall no longer be applicable to the land so dedicated or conveyed. Section 8.9. Management Contracts. For such time as the Declarant has Class B membership status,the Declarant shall have the right to enter into professional management contracts on behalf of the Lot Maintenance Association for the management.of the Neighborhood Property for terms not to exceed one(1) year; provided, however; that the Lot Maintenance Association shall have the right to terminate such contracts, with or without cause, upon thirty (30) days' written notice.to the other party and without payment of a termination fee. Section 8.10. Dissolution. Subject to the restrictions and conditions contained in Article VII and this signed i at least e Lot Ms ten) of each Association may be dissolved with the assent given in writing and sidby VIII, the Maintenance class of Members of the Lot Maintenance Association and in lm Y accordance with Article 1.3 of the Act. Upon dissolution of the Lot.Maintenance Association, other than incident to a merger or consolidation,the assets of the Lot Maintenance Association,both real and personal, shall be offered to an appropriate public'agency to be devoted to purposes and uses that would most nearly reflect the purposes and uses to which they were required to be devoted by the Lot Maintenance Association. In the event that such offer of dedication is refused,such assets shall be then offered to be granted,conveyed or assigned to any non-profit corporation, trust'or other organization devoted to similar purposes and in accordance with Indiana law. Any.such dedication or transfer of the Neighborhood Common Area shall not be in conflict with then-governing zoning ordinances or the designation of the Neighborhood Common Area as"open space". All terms, conditions,privileges, obligations and provisions of the Neighborhood Declaration,as hereby amended, supplemented,and corrected shall remain in full force and effect. 17 • • IN WITNESS WHEREOF, duly-authorized:officers of the undersigned Declarant have executed this Declaration of Covenants, Conditions, and Restrictions for The Villas at Stanford Park under seal, this )01'day of '; WV- ,2005. "DECLARANT" PPV, LLC,an Indiana limited liability company By: PLATINUM'PROPERTIES,LLC, An Indiana limited liability company, Manager ;- • By. t'=n ��.r,' Steven R. Edwards, Vice President and Chief Financial Officer STATE OF INDIANA SS: COUNTY OF 4 dA ) Before me, a Notary Public in and for said County and State, personally appeared Steven R. Edwards, Vice_President and Chief Financial Officer of Platinum Properties, LLC, an Indiana limited liability company, Manager of-PPV, LLC, an Indiana limited Iiability company, as the Declarant herein, and acknowledged the execution of the foregoing Declaration of Covenants, Conditions, and Restrictions of The Villas at Stanford Park this /D day of / }"",2005. My Commission Expires: ift. ®..,,''''��,, Notary Public Residing, •:o County ',Cd '', ..� • Printed Name o- ( ERIC.,W;S MONS ti) , NOTARY PUBLIC STATE OPINDIANA HAMILTON COUNTY 7 SEAS- COIt/MISSION EXP.MAR_21,2008 F' OF IT'VC) This instrument was prepared by Charles D. Frankenberger, Nelson & Frankenberger, 3105 East 98`11 Street, Suite 170, Indianapolis, IN 46280. H`.Vanet\Platinum\Stanford Park\Lot'Maint:Assoc:\CCRs 020905 Clean.doc 18 • EXHIBIT "A" Legal Description A part of the Northwest Quarter of Section 29, Township 18 North,Range 3 East, of H amilton County, Indiana, being more particularly described as follows: Commencing at the Southwest corner of said Northwest Quarter Section; thence North 00 degrees 03 minutes 21 seconds East along the West line of said Northwest Quarter 1,426.74 feet to the'POINT OF BEGINNING of this description; thence continuing North 00 degrees 03 minutes 21 seconds East along said West line 647.20 feet; thence North 89 degrees 53 minutes 21 seconds East 660.00 feet;thence North 00 degrees 03 minutes 21 seconds East parallel with the aforesaid West line 563,52 feet-to the North hne of said Northwest Quarter;'thence North 89 degrees 40 minutes 15 seconds East along said North line 9.1:60 feet; thence South 66 degrees 42 minutes 38 seconds East 69:30:feet; thence continue South 66 degrees 42 minutes 38 seconds East along said line, a distance of 70.00 feet to a point on a curve concave easterly, the radius point of said curve being South 66 degrees 42 minutes 38 seconds East 365.00 feet from said point;thence southerly along said curve 33.15 feet to the point of tangency of said curve,said point being North 71 degrees 54 minutes 54 seconds West 3 65.00 feet from the radius point of said curve; thence South 71 degrees 54 minutes 54 seconds East 120.00 feet thence South 76 degrees 21 minutes 07 seconds East..28.28 feet;thence South 08 degrees 23 minutes 06 seconds East 27.96 feet; thence South 00 degrees 05 minutes 53 seconds West 760.00 feet; thence North 89 degrees 54 minutes 07 seconds West 368.56 feet to a point on a curve concave northerly, the radius point,of said curve being North 31 degrees 47 minutes 09 seconds West 435.00'feet from said point; thence westerly along said curve 241.32 feet to the point of tangency of said curve, said point being South 00 degrees 00 minutes 00 seconds West 435,0.0 feet from the radius point of said curve;thence South 90 degrees 00 minutes 00 seconds West 234.31 feet; thence continue South 90 degrees 00 minutes 00 seconds West along said line,a distance of 110.92 feet; thence South 45 degrees 01 minutes 20 seconds West 35,31 feet; thence South 00 degrees 03 minutes 21 seconds West parallel with the West line of said Northwest Quarter.205.32 feet; thence North 89 degrees 57 minutes 21 seconds West 45.24 feet to the place of beginning, containing 13.451 acres, more or less. 19 EXHIBIT "B" A part of the Northwest Quarter of Section 29 and a part of the Southwest Quarter of Section 20 all in Township 18 North, Range 3 East, Hamilton County, Indiana, being more particularly described as follows: - Commencing at the Southwest corner of said Northwest Quarter Section; thence North 89 degrees,35 minutes 32 seconds West along the South line of said Northwest Quarter 1327.30 feet- to the Southeast corner of the West half of said Northwest Quarter.;thence North 00 degrees 01 minutes 15 seconds East along the East'ine of said half Quarter Section 1613.11 feet to the POINT Or BEGINNING of this description; thence South 89 degrees 58 minutes 45 seconds West 66.86 feet to the P oint of curvature of a curve concave northeasterly, the radius point of said curve being North 00 degrees 01 minutes 15 seconds West 125.00 feet from said point; thence northwesterly along said curve 170.07 feet to the point of tangency of said curve, said point being South 77 degrees 55 minutes 54 seconds West`125.00 feet from the radius point of said curve; thence North 89 degrees 54 minutes 07 seconds West 122..81 feet; thence North 00 degrees 05 minutes 53 seconds East 760.00 feet; thence North 08 degrees 23 minutes 06 seconds West 27.96 feet; thence North 28 degrees 10 minutes 18 seconds West 135 00 feet; thence North 61 degrees 49 minutes 42 seconds East 170.00 feet; thence South 28 degrees 10 minutes 18 seconds East 28.07 feet; thence South 89 degrees 54 minutes 07 seconds East 215.04 feet to the East line of the Southwest.Quarter of said Southwest Quarter Section;thence South 00 degrees 05 minutes 53 seconds West along said East line 40.86 feet to the Northeast corner of the West half of said Northwest Quarter; thence,South 00 degrees 01 minutes 15 seconds East along the East line of said half Quarter Section '1,020.00 feet to the place of beginning, containing 7.364 acres, more or less. 20 •