Stave St Townhomes

Key facts from Stave St Townhomes's documents

Reflects the 2013 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Developer / declarant

Stave Street Townhomes, LLC, an Illinois limited liability company (Preamble (page 1))

Assessments & dues

Board estimates total amount necessary for ensuing calendar year, including reserves and contingencies, and allocates equal share to each Owner (except Declarant and Developer). (Section 5.3 (page 13-14))

Special assessments

Board may levy special assessments. If over $300 per assessed Townhome Site in any 12-month period, must be approved by affirmative votes of not less than one-half (1/2) of votes cast at meeting. (Section 5.4 (page 14))

Collections & liens

All assessments and fees, including interest, late fees, costs, attorneys' fees, are a continuing lien upon the Owner's Townhome Site. Association has right to foreclose lien. Lien subordinate to first institutional mortgage except for asse (Sections 5.1, 5.8, 5.9 (pages 13, 15, 16)

Reserves & fees

Capital Reserve account required for capital expenditures. Board determines appropriate level based on periodic review of useful life of improvements and cost projections. Reserve may be built by separate or special assessments or out of re (Section 5.12 (pages 15-16))

Pets

Up to two (2) in the aggregate, dogs, cats, or other usual household pets may be kept, subject to Board rules and regulations. Not kept, bred, or maintained for commercial purpose. Must be registered with Board. (Section 6.3(a) (page 17))

Leasing & rentals

Yes, Dwelling Units may be leased, but not for transient purposes (less than 12 months). (Section 6.2 (page 16))

Parking & vehicles

Not specifically addressed.

Architectural approval

Yes, for exterior additions, modifications, alterations, fences, landscaping changes, window air conditioning units, and any change to exterior color, materials, or design. Approval also required for grading changes, landscaping alterations (Sections 6.3(h), 6.3(j), 6.3(l), 6.3(m) )

Home business

Allowed as incidental to residential use: maintaining professional library, keeping personal business records, handling personal business phone calls/correspondence, maintaining computer/office equipment, utilizing secretarial help and occa (Section 6.1 (page 16))

Signs & flags

One "For Sale" sign containing no more than six (6) square feet may be exhibited on a Townhome Site in locations approved by Board, but not in a window. Other signs, billboards, notices, advertising devices prohibited except by Developer du (Section 6.3(k) (page 18))

Maintenance

Association responsible for maintenance, repair, and replacement of roofs of Dwelling Units, including shingles and flashings. (Section 8.2(d) and 8.3(ii) (pages 22-23))

Use restrictions

Each Dwelling Unit shall be used for private, residential purposes only; no industry, business, trade, occupation, or profession of any kind conducted for profit or altruism, with exceptions for incidental home office activities (profession (Section 6.1 (page 16))

Voting & meetings

Prior to Turnover Date, all voting rights exclusively in Declarant, Owners have no voting rights. After Turnover Date, one vote per Townhome Site, voting member designated by Owner. Majority of votes present at meeting required for action, (Sections 4.3, 4.4, 4.6 (pages 10-11))

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