Village Townhomes

Key facts from Village Townhomes's documents

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

Community type

Homeowners Association (Section 1(d) – 'Association. The River V)

Governing law

Illinois not-for-profit corporation law (implied) (Section 1(d): 'an Illinois not-for-profi)

Assessments & dues

Board estimates annual budget and assesses each Parcel Owner according to Share (Section 9(a))

Special assessments

Permitted if budget inadequate; Board may levy further assessment with notice (Section 9(a) (adjusted budget and furthe)

Collections & liens

Assessment lien on Parcel; may be foreclosed as mortgage under Illinois law; right of redemption waived (Section 9(c))

Reserves & fees

Board may build up and maintain a reasonable reserve for contingencies and replacements (Section 9(a) ('reserve for contingencies)

Voting & meetings

Based on Shares (percentage assigned to each Parcel) (Section 1(dd) and Section 8(b))

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