Elysian Way Homeowners

Key facts from Elysian Way Homeowners's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

homeowners_association (Elysian Way Homeowners Association)

Legal name

Elysian Way Homeowners Association

Developer / declarant

INVESTCOM LLC

Governing law

Illinois General Not-for-Profit Corporation Act (2.11)

Assessments & dues

Board estimates total cash requirement each year on or before December 1; Members pay quarterly installments; adjustments may be made if estimate proves inadequate (4.03 A, B)

Special assessments

Board may levy special assessments for capital improvements upon approval by affirmative votes of two-thirds (2/3) of the votes cast at a meeting of Members; certain capital improvements may be financed without prior approval subject to lim (4.04)

Collections & liens

Each assessment is a charge and a continuing lien upon the Dwelling Unit; Association may bring action and foreclose to recover assessments, interest, costs, and reasonable attorney's fees (4.01, 4.06 A)

Reserves & fees

reasonable reserves included in purpose of assessments (4.02)

Leasing & rentals

12 months (owners cannot lease for term under 12 months) (6.08: Only the Declarant shall be permit)

Maintenance

Association responsible for maintenance and repair of Common Areas and Proposed Improvements; owners responsible for individual Lots (3.05, 4.02, 5.01)

Use restrictions

Residence: housing unit designed or intended for use exclusively as living quarters for one family (1.09)

Voting & meetings

one vote for each Dwelling unit owned by such Member (2.02)

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