Declaration of Covenants, Conditions, and Restrictions For Woods At Traders Point
A Subdivision located in Marion County, Indiana
This Declaration of Covenants, Conditions, and Restrictions of Woods at Traders Point (“Declaration”) is made on the 6th day of February, 2015, by Timberstone Development, LLC, an Indiana limited liability company, (“Declarant”).
WHEREAS, Declarant is the owner of certain real estate, located in Marion County, Indiana, which is more particularly described in Exhibit “A” (hereafter “Real Estate”) attached hereto and by this reference, made a part hereof, upon which Declarant intends to develop a residential subdivision.
WHEREAS, Declarant desires to subdivide and develop the Real Estate, as hereinafter provided.
WHEREAS, the term “Property” shall hereafter mean and refer to the Real Estate.
NOW, THEREFORE, the Declarant hereby declares that all f the Lots (as defined in article II below) in the Property, as they are held and shall be held, conveyed, hypothecated, or encumbered, leased, rented, used, occupied, and improved, are subject to the following restrictions, all of which are declared to be in furtherance of a plan of the improvement and sale of the Property and each Lot situation therein, and are established and agreed upon for the purpose of enhancing and protecting the value, desirability and attractiveness of the Property as a whole and each of the Lots situation therein. The restrictions shall run with the Property and shall be binding upon the Declarant, its successors and assigns, and upon the parties having or acquiring any interest in the Property of any part or parts thereof subject to these restricitons. The restricitons shall inure to the benefit of the Declarant and its respective successors entitled to the Property or any part or parts thereof.
As of the date of execution hereof, the Property consists solely of the Real Estate. The Owner of any Lots subject to these restrictions, by (i) acceptance of a deep conveying title thereto, or the execution of a contract for the purchase thereof, whethere from Declarant 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. By acceptance of such deed, execution of such contract, and/or actively occupying such Lot, each Owner acknowledges the rights and powers of Declarant and of the Association with respect to these restrictions and also for itself, its heirs, personal representatives, successors, and assigns covenants and agrees to keep, observe and comply with the terms and conditions hereof.
The subdivision of the Property created by this Declaration shall by known and designated as Wood at Traders Point (hereinafter “Subdivision”).
The following terms, when used through this Declaration, shall have the following meanings and definitions:
Section 2.1 “Articles” means the Articles of Incorporation of the Association (as hereinafter definted) filed, or to be filed, with the Office of the Secretary of State of Indiana, as the same are or hereafter may be amended from time to time.
Section 2.2 “Association” means the WOODS AT TRADERS POINT HOMEOWNERS’ ASSOCIATION, INC., a non-profit corporation, its successors and assigns.
Section 2.3 “Board of Directors” means the Board of Directors of the Association.
Section 2.4 “Builder” means a person or entity engaged in and responsible for the original construction of a residence on a Lot (as hereinafter definted).
Section 2.5 “Common Area” means: (1) those portions of the Property, including improvements thereto, facilities and personal property owned, to-be-owned, leased or to-be-leased by the Association from time to time for the common use, benefit and enjoyment of the Owners (as hereinafter defined), (2) Lake Area as defined below, and (3) items (if any) deemed Common Area for maintenance purposes only. Unless expressly state to the contrary, the term Common Area as used herein (whether of not so expressed) shall include all portions of the Property designated on the on the Plat (as hereafter defined) as a “Block”, “Common Area”, “C.A”, or such other areas within the Property that are not otherwise identified on the Plat (as hereafter definted) as a lot or street. The Common Area to be conveyed to the Association at the time of conveyance of the first Lot (as hereinafter defined) to an Owner (as hereinafter defined) is described in the Plat (as hereinafter definted).
Section 2.6 “Common Expenses” shall mean and refer to expenses of administration of the Association, and expenses for the upkeep, maintenance, repair and replacement of all Common Area, and all sums lawfully assessed against the Owners by the Association, and all sums, costs and expenses declared by this Declaration to be Common Expenses.
Section 2.7 “Declarant” means TIMBERSTONE DEVELOPMENT, LLC, an Indiana limited liability company, and its successors and assigns.
Section 2.8 “Development Period” means the period of time commencing with Declarant’s acquisition of the Property and ending when Declarant has completed the development and sale of, and no longer owns, any Lot (as hereinafter defined) or any other portion of the Property.