Indentures
Our Indentures require that all property owners, residents, and the Board of Trustees fulfill certain responsibilities and obligations as members of the community. This page provides an overview of those responsibilities.
Please note that this page provides only a brief summary, and should not be relied upon for completeness.
Property owners and residents are advised to refer directly to Twin Chimneys indentures, entitled “Indenture of Trust and Restrictions”. Every property owner should have a copy of this legal document, received at the time they purchased their property.
You can view a scanned copy of the original indentures or a Word document which allows you to search the text by signing in.
What are Indentures?
The indentures define the duties and responsibilities assumed by our subdivision, as well as the procedures and regulations of our community. The indentures must be strictly adhered to by everyone who lives in or owns property in Twin Chimneys. The indentures define how the community is managed, the responsibilities and authority of the Board of Trustees, how the Board of Trustees is elected, how assessments are to be approved and collected, acceptable uses for property, architectural requirements and how these requirements are to be enforced, standards of maintenance, and other requirements.
Twin Chimneys’ indentures were established for the collective benefit of the community. By adhering to a defined set of covenants, conditions, and restrictions for all property owners, combined with a system of governance, the intended character and quality of our community can be maintained on a sustained basis.
Our indentures were written and adopted when Twin Chimneys was approved as a subdivision. Acceptance of the indentures is a condition of property ownership. When property is purchased or transferred in Twin Chimneys, the owner of the property accepts and agrees to the indentures as a condition of the purchase. Every homeowner is required to comply with the indentures and all of the terms and conditions contained within them.
Our indentures have “legal standing” which means they are enforceable as a matter of law. The Board of Trustees, as fiduciaries of Twin Chimneys, are required to enforce them in full.
What are the responsibilities of Property Owners?
The indentures specify property owners’ financial obligations to Twin Chimneys, and their responsibilities to adhere to architectural restrictions and procedures, and ensure their property is used and maintained in accordance with the indentures. Among the obligations and responsibilities of property owners are:
- Pay annual assessments and any special assessments.
- Follow architectural control procedures when making any changes or improvements to property.
- Use property only for purposes permitted by the indentures.
- Maintain and repair property, keep property in good order, and in accordance with the indentures.
- Prevent “nuisance” activities from taking place on property.
- Elect members of the Board of Trustees and vote on propositions brought before property owners by the Board of Trustees.
- Adhere to other responsibilities and obligations as defined by the indentures.
What are the responsibilities of the Board of Trustees?
The Board of Trustees are fiduciaries of the community. They are entrusted with managing the funds of the community collected through assessments and using these funds to maintain, preserve, and improve the community in accordance with the indentures. Specifically, the Board of Trustees is to:
- Control and manage financial assets of the community, set and collect assessments on behalf of the community, establish bank accounts, set community budgets, generate financial reports, and provide for financial audits.
- Control and provide for the maintenance of all common property including entrances, lights, landscaping, signs, irrigation systems, etc.
- Administer procedures for architectural control of proposed changes and improvements brought forward by property owners.
- Enforce collections of assessments and covenants, conditions, and restrictions (sometimes called “CCRs”) as set forth in the indentures.
- Procure liability insurance for the protection property owners and the board of trustees.
- Administer elections of board members and votes on matters brought before the property owners.
- Employ agents and/or contracts in the execution of its duties.
- Conduct all matters of the community as defined in the indentures.