Mistee Ridge Townhomes

Key facts from Mistee Ridge Townhomes's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Mistee Ridge Townhome Owner's Association

Units / lots

3 initial, up to 78 including Future Development Parcel (maximum 75 additional units) (Exhibit B; Section 9.01)

Developer / declarant

Cole Taylor Bank, not personally but solely as Trustee under trust agreement dated January 25, 1995 and known as Trust No. 95-2007 (Preamble, Section 1.6)

Governing law

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

Assessments & dues

Board estimates total maintenance expenses plus reserve by November 1 each year, notifies Owners by December 1, and assessment due by January 1. Based on line-item budget. After fiscal year, itemized accounting furnished to Owners. (Section 6.3; By-Laws 6.1)

Special assessments

If Contingency and Replacement Reserve inadequate, Board may levy special assessment equally among all Owners, including Declarant. Notice given, payable 10 days after delivery. Expenditures from reserve over $2,000 require 2/3 vote of Memb (Sections 6.4(a), 6.4(b))

Collections & liens

Unpaid assessments become a lien on the Townhome. Association may foreclose like mortgage liens; also may bring personal action. Lien is subordinate to mortgages. (Sections 6.9, 6.11)

Reserves & fees

Board shall build and maintain a Contingency and Replacement Reserve for capital improvements, authorized capital expenditures, and unforeseen expenditures. (Section 6.4(a); Section 1.5)

Pets

Yes, inoffensive common domestic household pets such as dogs and cats not to exceed 30 lbs. per animal. (Section 3.7)

Parking & vehicles

Trucks (other than automobiles) must be parked in garage or driveway. Repair/maintenance permitted only in garage or on driveway. (Section 3.6)

Architectural approval

Developer shall notify Owner in writing of approval/disapproval within 45 days after receipt of Plans and Specifications and Plan Review Fee. If disapproved, Owner revises until approval or deemed approval. (Section 4.3, 4.4)

Maintenance

Association: maintains Common Area (lawn, snow removal from driveways/porches/approach walks/common sidewalks, lawn sprinkler system, sewer/water system except village-owned and interior fixtures), landscaping on common elements, signage, l (Sections 1.4, 3.1, 4.1, 5.5)

Insurance

Association shall obtain and maintain comprehensive public liability insurance (including personal injury, property damage, workers' compensation) and property insurance on Common Area (fire, extended coverage, vandalism, malicious mischief (Section 5.6)

Use restrictions

All Townhomes shall be used only for Townhome Dwellings. (Section 3.1)

Voting & meetings

Each Member (Owner) entitled to one vote per Townhome owned; if multiple co-owners, only one vote total per Townhome. Cumulative voting for Board elections. (Section 5.4(b); By-Laws 3.1(b), 4.3)

Amendments

Covenants may be revoked, modified, amended or supplemented by written instrument executed and acknowledged by Owners of at least 2/3 of Townhomes and Developer (as long as Declarant owns any Townhome), certified by Secretary of Association (Sections 8.6, 8.7)

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