Morningside HOA Foster

Key facts from Morningside HOA Foster's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Mixed-use commercial development with Retail Property and Museum Property (Recitals B, C; Article 1 definitions)

Developer / declarant

Morningside Midco Retail LLC, a limited liability company under Illinois law (Opening paragraph)

Assessments & dues

Not fixed; Retail Owner estimates Common Expenses annually and Museum Owner pays monthly installments. (Sections 4.3, 4.4)

Special assessments

Allowed if estimated budget proves inadequate; further assessment according to Percentage Interest. (Section 4.4)

Collections & liens

Creditor Owner has lien against Debtor Owner's property for unpaid sums; subordinate to Mortgages. (Section 10.2, 10.4)

Reserves & fees

Common Expenses may include establishment of reasonable replacement reserves at Retail Owner's discretion. (Section 1.3 definition of Common Expense)

Amendments

Not explicitly defined; only provision: adjustment of Percentage Interest may be done by amendment executed solely by the Owner whose Property is divided (Section 4.2). Other amendments may require agreement of both Owners and Mortgagees. (Section 4.2; general requirement of cons)

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