Ironwood Village Parcel 3

Key facts from Ironwood Village Parcel 3's documents

Reflects the 1991 governing documents — figures and rules are as originally recorded and may have changed since.

Legal name

The Casitas at Ironwood Village Association (Section 1.6 (page 7))

Developer / declarant

Realty Dealers, Ltd., an Illinois limited partnership (Preamble (page 6))

Assessments & dues

Board prepares and adopts annual budget, which serves as basis for Annual Assessments. Budget must include reserves. Delivered to Owners within 60 days of adoption. No ratification by Owners needed unless increase exceeds Maximum. (Section 8.5 (pages 19-20))

Special assessments

May be levied; requires meeting and vote of Members per Section 8.9 (not fully provided). Also for casualty loss deficiency (Section 5.3.2). (Sections 1.33, 8.9, 5.3.2)

Collections & liens

Lien for assessments is prior except for taxes, first mortgages, and Master Association assessments. Foreclosure in manner provided by law for mortgage foreclosure. Association may bid and acquire Lot. (Section 8.3 (pages 17-18))

Reserves & fees

Board shall provide reserves in adequate amounts for contingencies, maintenance, repairs, replacements, and insurance deductibles. Budget must include reserves. (Sections 8.1, 8.5 (pages 17, 19))

Fences

Privacy or similar walls may not exceed forty-five (45) inches above finished grade. Must be approved by Board as to location, height, materials, color, appearance. (Section 2.3 (page 11))

Architectural approval

Prior written consent of Board required for any structure, improvement, or alteration on Lot Common Maintenance Areas (including privacy walls, wall alterations). Also subject to approval by Master Association's Architectural Committee. (Sections 2.2, 2.3, 2.4, 2.6 (pages 10-11)

Insurance

Deductible not to exceed the lesser of $10,000 or 1% of face amount; for flood insurance, not to exceed lesser of $5,000 or 1% of face amount (Section 5.1.1(e) and 5.1.3)

Use restrictions

Lots are for residential use; Residential Unit defined as structure intended for use as a residence by a single household. No explicit prohibition of other uses but implied. (Section 1.31 (page 10))

Voting & meetings

Each Owner of a Lot has one vote (Class A). Declarant (Class B) has three votes per Lot owned. Class B converts to Class A upon first of: (a) 90 days after Class A votes equal Class B, (b) seven years after recording, or (c) Declarant's wri (Sections 3.1, 3.3.2 (pages 11-12))

Amendments

Not fully detailed in extract; Section 10.2 referenced; requires consent of specified percentage of Eligible Mortgage Holders and member vote (likely 2/3 as per standard) (Section 10.2 (referenced but not fully e)

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