BASS HAVEN LAKES AGREEMENT
This agreement is entered into by Bass Haven Partners, an Indiana General Partnership, and all purchasers of lots at Bass Haven Lakes.
The land referred to as Bass Haven Lakes is located northwest of the town of Spencer, on Texas Pike Road, 2 ½ miles from Highway number 083752 as recorded by the Owen County Recorder’s Office in Miscellaneous Records No. 97, Page 365. On February 28, 1990 .
Bass Haven Partners and all present owners and future purchasers of lots at Bass haven Lakes agree to the following:
1. All present and future lot owners agree to abide by the restrictions set forth in document number 084574 , as recorded by the Owen County Recorder’s office in Miscellaneous record No. 98, p. 627, on May 29, 1990 .
2. All lot owners, their heirs and assignees, and future lot owners shall be bound by this agreement. This agreement shall run with the land.
3. No lot owner may subdivide his or her lot. However, Bass Haven Partners its successors and assignees may subdivide the land which it owns.
4. All lot owners shall have access to their property by road built on recorded easements. All lot owners shall have access to and the right to use all lakes and ponds on the property. A place where boats may be moored shall be provided.
5. The lakes, roads, dams, and other areas which may be used by all lot owners shall be known as Common Areas. The interest which a lot owner holds in the Common Area shall be the number of lots which he or she owns divided by the total number of lots registered. This formula may not be changed without the unanimous consent of the owners.
6. In order to provide for the management, maintenance, repair, and operations of the grounds, roads, lakes and dams, a Bass Haven Home Owners Association will be formed. All lot owners are automatically members of this association. Membership shall terminate when an owner sells his or her lot, at which time the new owner automatically becomes a member.
The Home Owners Association shall establish by-laws, hold an annual meeting, and annually elect a board of directors. All lot owners shall be notified well in advance of the annual meeting and an agenda will be distributed. Owners wishing to add items to the agenda should notify the president of their intention. By majority vote of the lot owners in attendance at the annual meeting, the Home owners Association may adopt rules and property which the Home Owner Association may, by majority vote, assess lot operation of the property. The owner of each lot shall have one vote in matters decided by the Home Owners Association. For assessment purposes, the formula shall be:
1 lot X total assessment = 1 lot owner’s share total number of lots.
***This has been amended – owners of 2 lots may choose to pay one assessment and have 1 vote. ***
7. For lots to be recognized as such, they must be registered. The purchase of a lot registers it automatically. For lots owned by Bass Haven Partners to be registered, a letter requesting registration and specifying the location of the lot must be provided. The association shall promptly register any lot for which registration is requested.
8. Improvements such as docks may be built on Common Areas by written approval of the Home Owners Association. These shall be known as Limited Common Areas. Unless specifically agreed to otherwise, structures built on Limited Common Areas shall be constructed, maintained, and insured by the owner or owners who will be the user of these areas.
9. Easements shall be provided for the purpose of roads and utility lines. Once completed, all roads shall be maintained by the Home Owners Association. The Home Owners Association is not responsible for individual driveways.
10. Bass Haven Partners may convey to the Home Owners Association by warranty deed, free and clear of any liens or mortgages, areas of the property such as lakes, ponds, dams, and roads which the Home Owners Association shall promptly accept.
11. Real estate taxes on their individual lots are the responsibility of the owners. The Home Owners Association shall pay the real estate taxes on any property which has been conveyed to them. Prior to conveyance of the lakes, dams, and roads, the Home Owners Association shall pay on-third of the real estate taxes assessed to Bass Haven Partners. (The lakes, road, and dams represent about 1/3 of the 70 acres owned by Bass Haven Partners.)
12. Present and future owners or the Home Owners Association may sue owners who violate either the restrictions or this agreement. In the event of a successful legal suit, the party who filed suit shall be entitled to recover reasonable attorney’s fees incurred in the suit.
13. This agreement may be amended by providing the amendment to each home owner prior to the annual meeting. Then, the question may be raised at this meeting. Any proposed amendment requires a 75% vote of those in attendance for approval. Amendments shall be recorded in the Recorder’s Office in Owen County.
14. The purchase of a lot and acceptance of a deed signifies the owner’s intention to abide by both the restrictions and this agreement.
15. Each owner is responsible for any damage done by his or her guests.
16. No owner may exempt himself or herself from Liability by waiving the use of the Common Area or by abandonment of his lot.
17. The invalidity of any provision of this agreement or the Restrictions shall not affect the other provisions of this document.
