Fountains of Deerfield Townhome

Key facts from Fountains of Deerfield Townhome's documents

Legal name

The Fountains of Deerfield Townhome Association (Article I §1)

Units / lots

Not explicitly stated; property description includes Lots 2-10, 14-28 (Resubdivision No.4) and Lots 1-5 and 29 (Resubdivision No.5) plus legal description of Lot 9. (Exhibit A)

Governing law

General Not-For-Profit Corporation Act of the State of Illinois (By-Laws Article I §3)

Collections & liens

Unpaid assessments, costs, fees, and charges constitute a continuing lien on the individual Lot and Townhome. Lien subordinate to first mortgages. Board may foreclose lien or bring action for collection. (Article X §1, §6, §7)

Reserves & fees

Excess amounts accumulated will be deposited into the reserve account of the Association. Budget includes an amount for reasonable emergency reserves. (Article X §2)

Signs & flags

Except as may be permitted by the Board, no signs of any kind shall be placed or permitted on the Property. (Article VIII §4)

Voting & meetings

Each Member entitled to one (1) vote for each Townhome owned. If more than one person holds interest, they designate one voting member. Board may suspend voting rights for non-payment of assessments or for violation of Declaration/rules. (Article V §1; By-Laws Article III §6)

Amendments

May be amended by instrument signed by Board and approved by owners holding at least two-thirds (2/3) of total vote at meeting called for that purpose. Special amendments for lender requirements or clerical errors may be made by Board via i (Article XIII §12, §13)

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