Geist Landing Neighborhood Association – Annual Meeting
Tuesday, November 9th: 6:30PM to 8:00PM
Location: LAWRENCE LIBRARY Community Room
2021 Amendment Proposal for RENTAL RESTRICTIONS
PROPOSED RENTAL RESTRICTIONS
Section 21.1. General Prohibition on Leased Lots (“Rental Restriction”). The owners of lots in Geist Landing Subdivision recognize that an owner-occupant is both psychologically and financially invested in a home to a greater extent that a renter, and thus owner-occupants have incentives to maintain their property better than renters generally. The owners of lots in Geist Landing Subdivision wish to ensure that the residents within Geist Landing Subdivision share the same proprietary interest in and respect of the Lots and the subdivision, and to encourage residents to not only maintain property values and aesthetics but also to improve them by recognizing that owner-occupants have more incentive to do so compared to non-owner occupants. Thus, there shall be no leasing or rental of any lot except as otherwise provided in this Article XXI. For purposes of this Article XXI, “rent” and “lease” are deemed to have the same meaning and are used interchangeably.
Section 21.2. Exception to General Prohibition: Three-Year Owner Occupancy Before Renting. The General Prohibition, set forth above in Section 21.1, shall not apply to an owner of a home in Geist Landing Subdivision so long as said owner has personally occupied the home for at least three (3) consecutive and continuous years (the “Occupancy Requirement”). Further, homes in Geist Landing Subdivision, whether rented or owner-occupied, may not be sold to a buyer who intends to rent the home and/or be a non-owner occupant, unless such buyer first complies with the Occupancy Requirement.
Section 21.3. Effective Date and Grandfathered Owners.
- Effective Date. The Effective Date of this Rental Restriction and Occupancy Requirement shall be the date on which this Second Amended and Restated Plat Covenants and Restrictions is filed with the Office of the Recorder of Marion County (the “Recording Date”).
- Grandfathered Lots. The Rental Restriction and Occupancy Requirement of Article XXI shall not apply to any owner who owns a lot in Geist Landing Subdivision as of the Effective Date as to each lot owned by said Owner as of the Effective Date (“Grandfathered Lot”). (If an owner who owns a lot in Geist Landing Subdivision prior to the Effective Date subsequently purchases a lot after the Effective Date, this Grandfather provision shall not apply to the subsequently purchased lot(s) and said lot(s) shall be subject to the Rental Restriction and Occupancy Requirement set forth in Section 21.1 and Section 21.2, respectively.)
- When the legal owner of record of any Grandfathered Lot sells, transfers or conveys such lot to another owner after the Effective Date, such lot shall immediately become subject to all provisions of this Article XXI.
Section 21.4. Family Occupancy. For purposes of this Article XXI, an occupancy of a lot by the immediate family member(s) of an owner (parents, children, spouse, or siblings) shall not be considered a lease or rental, even if the owner is not an occupant of the lot. However, when the occupancy by immediate family ceases, the owner and the lot shall be subject to all provisions of this Article XXI.