Townhomes Wabash Homeo

Key facts from Townhomes Wabash Homeo's documents

Reflects the 1997 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Townhome Homeowners Association (HOA) (Name of Association: TOWNHOMES ON WABASH)

Developer / declarant

Parkway Bank and Trust Company, as Trustee under Trust Agreement dated June 2, 1987? (year unclear), known as Trust Number 111218, not individually (First paragraph of Declaration)

Governing law

General Not-For-Profit Corporation Act of the State of Illinois (as referenced in By-Laws Section 1 and 7.l) (By-Laws Section 1 and 7.l)

Assessments & dues

Board prepares budget and levies assessments; each Townhome Owner pays share of Common Expenses equally (except as otherwise provided) – share = 100% ÷ number of Townhomes (Section 1.f (Common Expenses shared equa)

Special assessments

For repair/reconstruction of Common Area after damage insufficient insurance: requires affirmative vote of at least 3/4 of votes cast at a meeting called for that purpose (Section 10.b.iii)

Collections & liens

Unpaid assessments (plus interest, late fees, costs, attorney's fees) become a continuing lien on the Townhome; Association may foreclose in same manner as for unpaid assessments; lien subordinate to first mortgage liens (By-Laws Section 10.a (charge and continu)

Reserves & fees

$25.00 per month (or such other amount as Board shall determine from time to time) (By-Laws Section 10.a)

Pets

Yes: dogs, cats or other household pets may be kept in Townhomes, subject to restrictions (Section 16.e)

Leasing & rentals

Yes, subject to limitations (Section 15.b)

Parking & vehicles

Shall not be stored or kept on any portion of the Common Area, except as specifically designated by Board (Section 16.j (includes camping vehicles,)

Fences

Association has sole right to provide maintenance of all fencing (Section 11.b.iii); no specific rule on installation by owner (would fall under alteration requiring approval) (Section 11.b.iii and Section 12)

Architectural approval

Yes, for alterations of Common Area or any Townhome (except interior improvements not visible outside and not affecting structural integrity) (Section 12 (first sentence))

Home business

Permitted incidental uses: maintaining professional library, personal business records, telephone calls and correspondence – designated as customarily incident to residential use (Section 16.a (parenthetical clause))

Signs & flags

Prohibited without prior written consent of Board; except family/professional name plate, name and address plate, or address plate on first floor, none exceeding four (4) square inches (unless Board consents); Declarant/Developer signs unti (Section 16.g)

Maintenance

Association responsible for maintenance, repair and replacement of roof of each Townhome (Section 11.b.i (includes roof in exterio)

Insurance

Board may obtain master all-risk replacement cost insurance for all Townhomes, including additions/improvements (except personal property). If obtained, policy names Association and each Owner/mortgagee as insureds with waiver of subrogatio (Section 9.a.iii)

Use restrictions

Yes: each Townhome may be used only as a residence for a single family (Section 16.a)

Voting & meetings

Class A (Townhome Owners except Declarant): one vote per Townhome; Class B (Declarant): three times the number of Class A votes until conversion or termination (sale of all Townhomes, Dec 31, 1997, or election to convert) (By-Laws Section 3)

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