Tower Lakes Improvement

Key facts from Tower Lakes Improvement's documents

Community type

Covenant / Planned Community

Legal name

Tower Lakes Improvement Association

Governing law

Illinois Common Interest Community Act and Illinois General Not-For-Profit Corporation Act (Article VII, Section 8)

Assessments & dues

Annual dues on residential parcels uniform; vacant parcels half; senior (65+) residents 80% of residential amount. (Article XII, Section 2)

Special assessments

May levy special assessments for specific projects, approved by majority of members present and voting at regular or special meeting. Notice must include reason, amount, and due date. (Article XII, Section 1)

Collections & liens

Lien for assessments subordinate to first mortgage lien, but only for assessments due before foreclosure sale. Foreclosure does not relieve subsequent assessments. (Article XII, Section 3)

Reserves & fees

$100 late charge automatically imposed if not paid by April 1. (Article XII, Section 3)

Voting & meetings

Voting at Association meetings on basis of ownership: residential parcel has 2 votes; vacant parcel has 1 vote. No vote if not in good standing. (Article X, Section 3)

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