Ponds Homeowners Association

Key facts from Ponds Homeowners Association's documents

Reflects the 2012 governing documents — figures and rules are as originally recorded and may have changed since.

Developer / declarant

Bak and Trust Company of Arlington Heights, not individually but solely as Trustee under Trust Agreement dated April 18, 1986 (Introduction and Recitals)

Governing law

Illinois Condominium Property Act, 765 ILCS 605/et seq. (Article 1.01, Recitals, and CAVEAT on p.)

Special assessments

Board may levy special assessments for cost of repair to Limited Common Elements (3.05), for repairs protecting Common Elements if owner fails (9.03), and for insurance deductible (6.05(c)). (Articles 3.05, 9.03, 6.05(c))

Reserves & fees

Included in Common Expenses definition; fidelity bond must cover full amount of association reserves. (Articles 1.07, 6.04(A))

Pets

Dogs, cats, and usual household pets allowed subject to rules; exotic pets prohibited; no commercial breeding; nuisance pets removed after 3 days notice. (Article 7.07)

Leasing & rentals

Yes, subject to requirements: lease must incorporate condominium instruments; copy of signed lease or memorandum delivered to Board within 10 days; Board may limit to at least 50% owner-occupancy. (Article 7.13)

Parking & vehicles

Outdoor uncovered parking spaces and guest parking are Common Elements. Board adopts rules. Garages: Association maintains structure, owner pays for garage door replacement. (Articles 4.03(d) and 4.03(e))

Home business

Generally prohibited. Exceptions for personal professional library, records, correspondence. Computer-generated business allowed if no traffic/nuisance. (Article 7.10)

Signs & flags

Only 'For Sale' or 'For Rent' signs in location and form determined by Board. Staked signs not permitted on common area. (Article 7.11)

Insurance

Board may require unit owners to obtain insurance for personal liability and compensatory damage to another unit. Board may purchase and charge premium if owner fails. (Article 6.05(h))

Use restrictions

Yes, each unit for housing and related common purposes only. (Article 7.01)

Voting & meetings

Each Voting Member has vote equal to Undivided Interest multiplied by 100. If 30% or fewer units possess over 50% of aggregate votes, required percentage is by number of units. (Article 13.05)

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