Belvidere Estates Homeowners

Key facts from Belvidere Estates Homeowners's documents

Community type

Covenant / Planned Community

Legal name

Belvidere Estates

Units / lots

16 lots (Lots 1-16) (Section 1.15)

Developer / declarant

Merit 120, LLC, an Illinois limited liability company (Opening paragraph)

Governing law

Illinois General Not-For-Profit Corporation Act (Recitals)

Assessments & dues

Board adopts budget on or before December 1 of prior year; budget shows estimated Community Expenses, reserves, and assessment; each Lot pays share based on number of Votes (1/16 of total). Pre-Turnover Date uses Built Out Budget. (Section 6.02)

Special assessments

Allowed after Turnover Date with approval of two-thirds (2/3) of Votes cast; for specific purposes or unanticipated deficit; must be segregated. (Section 6.05)

Collections & liens

All Charges are a continuing lien on the Lot and personal obligation of Owner; may be foreclosed like mortgage; lien subordinate to first mortgages. (Sections 7.01, 7.04, 7.06)

Reserves & fees

Capital Reserve: segregated account for Stormwater Management Facilities and capital improvements; Board determines appropriate level based on projections. (Section 6.06)

Pets

Pets permitted: dogs, cats, aquarium fish, parakeets, and other like caged birds; Board may adopt rules and may prohibit certain species. (Section 8.04)

Parking & vehicles

Not allowed on Lot except on driveway and for no more than 24 hours at a time. (Section 8.03)

Architectural approval

Preliminary sketches: 60 days for Declarant to approve/disapprove; if no action, deemed approved. Detailed plans: 60 days for approval/disapproval; if no action, deemed approved. (Section 10.01)

Home business

Owner not precluded from maintaining personal professional library, personal business records, or handling personal business or professional calls or correspondence from Home. (Section 8.02)

Setbacks / home size

Buildings only within building area as depicted on Plat; Set Backs as shown on Plat or more restrictive if County requires. (Section 10.02)

Use restrictions

Each Home and Lot shall be used solely as a single-family residence. (Section 8.02)

Voting & meetings

Prior to Turnover Date, all voting rights in Declarant; after Turnover Date, one vote per Lot held by Voting Members (Section 5.05)

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