Silvercrest Fairfax Commons

Key facts from Silvercrest Fairfax Commons's documents

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

Community type

Homeowners Association (HOA) (Recitals and Article I.10 - 'The Silverc)

Legal name

Silvercrest of Fairfax Commons

Units / lots

Not explicitly stated; but includes all Lots in Silvercrest Units 3 and 4 (Exhibit A legal descriptions)

Developer / declarant

American National Bank and Trust Company, not individually but as Trustee under Trust Agreement dated December 1, 1988, Trust No. 107139-07 (Opening recital)

Governing law

General Not-For-Profit Corporation Act of the State of Illinois (Article I.10)

Assessments & dues

Initial $100 per lot at closing; thereafter set by Board based on estimated expenses (Article VII Sections 7.3(a) and 7.3(b))

Special assessments

Board may adopt supplemental budget if initial estimate inadequate; additional assessment becomes due 30 days after notice. (Article VII Section 7.3(c))

Collections & liens

Unpaid assessments constitute a continuing lien on the lot; Association may foreclose lien or bring action at law. Lien subordinate to first mortgage recorded prior to due date. (Article VII Sections 7.5 and 7.6)

Reserves & fees

Board shall establish reasonable reserves for contingencies and replacements, held in trust for members. (Article VII Sections 7.3(d) and 7.2)

Pets

Dogs, cats, or other common household pets permitted. (Article VIII Section 8.8)

Home business

Professional/quasi-professional may use residence as ancillary facility to office elsewhere; personal business records and calls allowed as customarily incident. (Article VIII Section 8.2)

Signs & flags

One 'For Sale' or 'For Rent' sign not exceeding 5 square feet allowed. Developer may maintain signs during construction/sales. (Article VIII Sections 8.6 and 8.7)

Maintenance

Owners maintain their lots and dwellings; Association maintains Landscape Islands (common area). (Article III and Section 8.19)

Use restrictions

Lots shall be used only for residential purposes as a private residence. (Article VIII Section 8.2)

Voting & meetings

Class A: 1 vote per lot (all owners except Declarant). Class B: Declarant gets 3 votes per lot until 75% sold, 7 years after first lot conveyed, or Declarant's written notice, then 1 vote per lot. (Article VI, Section 6.2)

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