Old Irving Homeowners

Key facts from Old Irving Homeowners's documents

Reflects the 1999 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association (Title; §1.3)

Legal name

Old Irving Village Homeowners' Association (§1.3)

Governing law

Illinois General Not For Profit Corporation Act of 1986 (§2.13)

Assessments & dues

Set annually by Board based on estimated budget; initial amount not specified in document (§4.3(a))

Special assessments

Allowed for capital improvements; if over $500 per unit in one year, requires 67% approval of Voting Members present at meeting with 60% quorum (30% at second meeting) (§4.4, §4.5)

Collections & liens

Assessment constitutes a continuing lien on the Dwelling Unit; Association may foreclose; lien subordinated to first mortgages (with limited exceptions) (§4.1, §4.8(c))

Reserves & fees

Board shall maintain Master Reserve and Master Fund for capital expenditures; initial contribution of two months assessments (§4.4)

Maintenance

Association responsible for maintenance, repairs and replacements to roofs of Dwelling Units (§4.2(iii))

Use restrictions

Dwelling Units designed for use as a residence (§1.11) (§1.11)

Voting & meetings

One vote per Dwelling Unit (Unit Membership); Voting Member may be Owner or proxy designated in writing (§2.2, §2.3)

Amendments

Definition of Material Amendment (§1.16) lists changes requiring mortgagee consent; specific procedure not in excerpt (§1.16)

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