Madison Place Townhome

Key facts from Madison Place Townhome's documents

Community type

townhome (Madison Place Townhomes; Townhome define)

Legal name

Madison Place Townhome Owners Association

Developer / declarant

Burnside's Madison Place, L.L.C., an Illinois Limited Liability Company (Developer defined)

Assessments & dues

Board prepares estimated annual budget; each Townhome Owner pays his share. Until 75% sold, share is 5% for each non-Developer Owner; thereafter share = 100% divided by total number of Townhomes. (paragraph 9)

Special assessments

The Association shall have the responsibility for raising and power to raise, by special assessment or otherwise, any sums required to discharge its obligations. (paragraph 4(d))

Collections & liens

Unpaid common expenses and other sums constitute a continuing lien on the Townhome, subordinate to prior recorded mortgages except for sums due after mortgagee takes possession. Association may foreclose, appoint receiver, take possession, (paragraphs 9, 12, 13, 19)

Reserves & fees

The estimated annual budget may include capital expenditures and reserves therefor, prepaid items, reserves for budget contingencies, replacements or inventory items. (paragraph 9)

Pets

Yes, dogs, cats, small birds, fish and other household pets commonly kept as household pets, provided not kept or bred for commercial purpose, kept in strict accordance with Board rules (which may limit type and number), and not a nuisance. (paragraph 18)

Home business

Permitted: maintaining personal professional library, keeping personal business or professional records or accounts, handling personal business or professional telephone calls or correspondence within the Townhome. (paragraph 18)

Use restrictions

Each Townhome shall be used only as a residence for a single family. (paragraph 18)

Voting & meetings

Each Townhome Owner shall have one vote on all matters on which the Townhome Owners are entitled to vote. (paragraph 4(a))

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