Welcome to Somers Square East

General Information:

Mandatory Monthly Assessment 

,· is $220.00 per month. 

· The assessment covers all common property operating expenses including legally required insurance, snow removal, lawn care, and general exterior property maintenance. 

· Additionally, the assessment is used to pay the regular HOA monthly operating expenses and includes amounts for general and specific reserves as determined by the HOA Board. 

· Monthly assessments are due on the first day of each month. Assessments paid after the 10th day of the month will incur a $25.00 late fee.

· No monthly statements of assessments are distributed. Payment of the monthly assessment fee is by check only (no cash) and may be mailed to Somers Square East Homeowners Association at 2040 Cornwall Ct., South Bend, IN 46614 or placed in the mail slot at the Association’s office at 2040 Cornwall Ct., South Bend, IN 46614.,

Insurance

· Owners will need to purchase Condo insurance that will cover all LIMITED COMMON AREA which includes everything from the outer walls inward as well as your porch, patio, front walk, and driveway to the street/common drive.

· MASTER INSURANCE POLICY: Contact - Priority Risk Insurance – 2628 So. Michigan St. – (574) 291-5510 – Ask for Sue.

New Owner Reserve Account

· The new owner shall pay a New Owner Reserve Assessment (NORA) in the amount of $1,250.00 set by the SSE Board of Directors and approved by the Owners. The NORA shall be collected and paid to the SSE Treasurer at the time of closing of the purchase by the closing agent or by the purchaser if there is no closing agent. The NORA is a ONE TIME payment by a new owner into the Reserve Fund that is used for SSE Capital Improvement projects approved by the SSE Board of Directors. The NORA payment should be a separate check from the monthly HOA fee made payable to Somers Square East Homeowners Association.

Miscellaneous

· Currently, there are 2 Somers Square East (SSE) Member owners who are more than 60 days delinquent in paying their monthly assessments for services received by SSE Association of Condo Owners, and there is no legal action against Somers Square East Homeowners Association. 

Soon after the new owners move into Somers Square East, a Welcoming Committee will be delivering: 1) Welcome Letter, 2) Copy of the Code of Bylaws, 3) Copy of a Directory of Residents, and 4) Emergency Contact Information Request. It is the responsibility of each owner(s) in Somers Square East Condominiums to familiarize themselves with the regulations and guidelines established and set forth in the Code of Bylaws. Purchasers should note that the Bylaws state that no exterior modifications to any building or landscaping improvements shall be made without the prior written approval of the SSEHOA Board of Directors. There is also an owner occupancy requirement.

The Board of Directors hereby relinquishes its first right of purchase as stated in the Declaration of this Association. We thank you for your part in the pending transfer of ownership of this property. The members of the Board, and indeed all the SSEHOA residents, are looking forward to meeting the prospective new owner(s).