Bradley Place HOA

Key facts from Bradley Place HOA's documents

Reflects the 2003 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Bradley Place Homeowners Association

Developer / declarant

Bradley Place, L.L.C.

Governing law

General Not-For-Profit Corporation Act of the State of Illinois (By-laws Article I; Articles of Incorpora)

Assessments & dues

Determined annually by Board estimate; amount varies; not fixed in declaration (Section 8(a): Board estimates annual bud)

Special assessments

Board may levy further assessment if annual budget inadequate; also for Damaged Common Improvement reconstruction upon 3/4 vote of Members (Section 8(a) (adjusted budget); Section )

Collections & liens

Assessments are a lien on the Parcel; may be foreclosed like a mortgage after recording notice and 30 days notice to lienholders; Parcel Owner waives redemption rights (Section 8(c))

Reserves & fees

Board may build up and maintain reasonable reserve for contingencies and replacements (Section 8(a) (third paragraph))

Pets

Yes, dogs, cats, or other household pets, subject to rules and regulations adopted by Board; not kept, bred, or maintained for commercial purpose; no animals raised, bred, or kept except those household pets (Section 6(e))

Leasing & rentals

Yes, no restriction except lease must be in writing, term of not less than one year, subject to Declaration, Articles, By-laws, rules; failure to comply with documents is default under lease (Section 17)

Maintenance

Parcel Owner: maintain Building (including exterior surfaces, structural components, painting, staining, refinishing, etc.) and Parcel Landscaping. Association: maintain Common Area (including Private Alleyways, Boulevard Landscaping, right (Sections 2(a) and 3)

Insurance

Insurance on Common Area against fire and other hazards (at least 80% replacement cost); comprehensive public liability ($1,000,000 per occurrence minimum); directors' and officers' liability if available at reasonable cost; workers' compen (Section 9(a))

Use restrictions

Each Parcel shall be used for residential purposes and for no other purposes (Section 6(a))

Voting & meetings

Each Parcel Owner entitled to votes equal to its Share (total votes = 100); if multiple owners, vote exercised as one; purchaser under installment contract may have exclusive voting right if residing in Parcel (By-laws Article III, Section 2)

Amendments

Sections 1, 4, 7(d), 17, 14 require unanimous consent of all Parcel Owners and First Mortgagees; other provisions require 75% of Shares approval (with Owner consent for Section 5); Owner may amend without member vote until first annual meet (Section 14)

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