Aspen Place HOA

Key facts from Aspen Place HOA's documents

Community type

Covenant / Planned Community

Legal name

Aspen Place Homeowners Association (Section 1.01)

Developer / declarant

Aspen Place, L.L.C. (Declaration opening paragraph)

Governing law

Illinois General Not-For-Profit Corporation Act (Recitals)

Special assessments

After Turnover Date, Board may levy special assessment with affirmative vote of two-thirds of votes cast; notice must state specific purpose; proceeds must be segregated (Section 6.05)

Reserves & fees

Board may add reasonable late fee to any installment of assessment not paid within 30 days of due date (Section 7.03)

Insurance

Each Owner must obtain own insurance on contents and personal liability not covered by master policy; Owner responsible for insuring betterments or improvements; Board not obligated to apply insurance proceeds to restore betterments (Section 4.04)

Use restrictions

Each Home shall be used only as a residence; no industry, business, trade, occupation or profession conducted from Home, except personal library, records, or calls/correspondence (Section 8.04)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.