Sec. 3.5 . (a) This section applies only to land developments that include:
(1) at least two hundred fifty (250) single family homes; and
(2) at least two (2) different sections of lots:
(A) whose titles have all been conveyed from the land developer;
(B) whose first plat and covenants have been recorded in the office of the county recorder for at least fifteen (15) years;
(C) that are all governed by one (1) homeowners association; and
(D) that are not all subject to the same homeowners association covenants.
(b) Except as provided in subsection (c), if the lots included as part of one (1) homeowners association are not all subject to the same homeowners association covenants, new replacement covenants may be recorded by the homeowners association using one (1) of the following methods:
(1) The homeowners association covenants may be recorded in accordance with section 3 of this chapter.
(2) Notwithstanding any covenant provisions or bylaws of the homeowners association concerning amendments or revisions to homeowners association covenants, the homeowners association may:
(A) distribute to the owner of each lot included as part of the homeowners association:
(i) a proposed set of homeowners association covenants that would apply to all lots included as part of the homeowners association; and
(ii) a petition to be signed by each lot owner on which the owner indicates whether the owner approves or disapproves of applying the proposed covenants to all lots included as part of the homeowners association; and
(B) submit the petitions and covenants to the county recorder if:
(i) the lesser of a percentage of lot owners specified in the covenants or two-thirds ( 2/3 ) of all lot owners approve of applying the covenants to all lots included as part of the homeowners association, as indicated by the petitions signed by the lot owners; and
(ii) notwithstanding section 3 of this chapter, the signature of each lot owner has been affirmed before a notary public or an officer of the homeowners association submits an affidavit with the covenants and the petitions that verifies and certifies the signatures on the petitions.
Homeowners association covenants submitted to a county recorder in accordance with this subdivision are considered to be in effect on the date the covenants are recorded.
(c) A new replacement covenant described in subsection (b) does not apply to and is not binding on property in one (1) section of lots to the extent that the new replacement covenant:
(1) changes an existing covenant that pertains to minimum lot area or minimum home size; or
(2) adds a new covenant that pertains to minimum lot area or minimum home size.
(d) A new replacement covenant described in subsection (b) applies only prospectively, beginning on the date the covenant is recorded. The adoption of a new replacement covenant does not require a person to alter the person's home or lot to comply with the new replacement covenant if the condition of the person's home or lot was permissible or authorized under the previous covenant.
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