Madison St Townhouse

Key facts from Madison St Townhouse's documents

Reflects the 1999 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

homeowners_association (Recitals and Article 1 definitions (lot-)

Legal name

MADISON STREET TOWNHOUSE ASSOCIATION, INC.

Developer / declarant

FOUNDERS BANK, not individually, but as Trustee under Trust Agreement dated June 1, 1998 and known as Trust No. 5396 (Preamble)

Governing law

Illinois General Not For Profit Corporation Act (Article 3, Section 3.07: 'the Associatio)

Assessments & dues

Set annually by Board based on budget; not a fixed amount (Section 6.03: 'Each year, on or before D)

Special assessments

Allowed for capital improvements; if exceeds $1,000 in one year, must be approved by majority of Board and a majority of members (or 2/3 of Units by written instrument) (Section 6.05: 'special assessments... wh)

Collections & liens

Assessment constitutes a lien on the Unit; subordinate to first mortgage; enforceable by legal action; foreclosed purchaser takes free of prior accrued assessments (Section 6.01 (lien), 6.11 (enforcement),)

Reserves & fees

Capital reserve account for major repairs/replacements; segregated from operating funds; non-refundable capital contributions from owners (Section 6.06: 'be segregated and maintai)

Pets

Yes, dogs, cats, or other customary household pets allowed, subject to Board rules; not for commercial purposes; nuisance pets must be removed on 10 days notice (Section 8.06: 'No animals of any kind sh)

Leasing & rentals

Yes, with restrictions: written lease, minimum one year, lessee must comply with Declaration and rules (Article 11: 'Any lease agreement... shal)

Parking & vehicles

Prohibited unless permitted by Board rules (Section 8.02: 'No boats, trailers, truck)

Fences

Fences must comply with all provisions of applicable law (Section 10.03: 'any fence installed upon)

Architectural approval

Yes, for any building, fence, wall, deck, porch, antenna, awning or other structure; also for exterior additions or alterations (Section 10.01: 'No building, fence, wall)

Home business

Prohibited except personal professional library, keeping personal business records, handling personal business calls/correspondence (Section 8.08: 'No industry, business, tr)

Maintenance

Association maintains Common Area, exterior surfaces of dwellings (roofs, siding, outer walls, shutters, painting outer doors), underground utilities in Common Area, snow removal (Common Area), scavenger services, insurance. Owner maintains (Section 5.01 and 5.02; Section 5.01(b) l)

Use restrictions

Each dwelling used as residence for single family; no other purposes (Section 8.01: 'Each dwelling shall be us)

Voting & meetings

One vote per Unit; if multiple owners, vote exercised as designated in writing; Developer designates for units owned by Declarant; no more than one vote per Unit (Section 3.02 and By-laws Article 5.02)

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