East Water Place HOA

Key facts from East Water Place HOA's documents

Reflects the 1996 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

homeowners_association (Article I definition: 'East Water Place )

Developer / declarant

EAST WATER PLACE L.P.

Governing law

Illinois General Not-for-Profit Corporation Act, as amended (Article VII, Section 7.6(l): 'exercise a)

Assessments & dues

Determined annually by Board based on budget; not a fixed amount. (Section 8.1)

Special assessments

Board may levy special assessments. Any exceeding three times monthly assessment per Unit in any twelve-month period requires approval by affirmative vote of not less than one-half of votes cast at a meeting. Special assessments cannot be a (Section 8.2)

Collections & liens

Assessments constitute a lien on the Unit. After recording notice and 30 days prior written notice to other lien holders, lien may be foreclosed under Illinois law. Unit Owner waives redemption rights. Lien subordinate to mortgages except f (Section 8.5, 8.6)

Reserves & fees

Board may build up and maintain a reasonable reserve for contingencies and replacements. Initial operating reserve funded by Developer's collection from purchasers. (Sections 8.1, 8.10)

Pets

Dogs, cats, or other household pets may be kept subject to Board rules, provided not kept for commercial purposes. No snakes or poisonous insects. Pets causing nuisance must be permanently removed upon 10 days written notice from Board. (Section 4.1(f))

Home business

Industry, business, trade, occupation or profession of any kind, commercial, religious, educational, for profit or otherwise, is prohibited. However, a Unit Owner may maintain personal professional library, keep personal business records, h (Sections 4.1(h), 4.1(n))

Signs & flags

No signs of any kind on Common Area. No 'For Sale' or 'For Rent' signs on any part of Townhouse, Parcel, or Common Area. After Developer no longer maintains sales trailer, Board may appoint managing agent and allow one or two signs on Commo (Sections 4.1(i), 9.5)

Use restrictions

Each Parcel shall be used as a residence for a single family dwelling and for no other purposes. (Section 4.1(a))

Voting & meetings

Members entitled to cast one-half of votes constitute quorum for special assessment meetings. Special assessments exceeding three times monthly assessment per Unit per year require majority vote. Borrowing to encumber Common Area requires 6 (Sections 8.2, 8.3, 7.6(i), 10.7)

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