Gleneagle Farm Homeowners Association

Key facts from Gleneagle Farm Homeowners Association's documents

Reflects the 1995 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

single family residential homes (detached) (Declaration for Gleneagle Farm Single Fa)

Legal name

Gleneagle Farm Homeowners Association

Units / lots

118 (initial, from Exhibit B: Block1 Lots1-47=47, Block2 Lots1-20=20, Block3 Lots1-27=27, Block4 Lots1-23=23, Block6 Lot1=1) (Exhibit B: 'Gleneagle Farm - Unit I: Blo)

Governing law

Illinois General Not-For-Profit Corporation Act (Recitals: 'the Association under the Ill)

Assessments & dues

Not fixed; set annually by Board budget. During Initial Development Period, annualized amount per Owner cannot exceed $? (blank) multiplied by the Index Ratio (Consumer Price Index). After Initial Development Period, amount is Community Ass (Section 6.02(5): 'equal to the Community)

Special assessments

Permitted after Initial Development Period for specific purposes (including improvements, deficits). Requires affirmative vote of Voting Members representing at least 2/3 of votes cast on the question. Notice with specific purpose required. (Section 6.05: 'the Board may levy a spec)

Collections & liens

Each Charge is a continuing lien on the Dwelling Unit and a personal obligation. Association may enforce and foreclose the lien. Lien is subordinate to a first mortgage recorded prior to charge becoming due. Upon foreclosure, lien for pre-t (Section 7.01: 'Each Charge ... shall be )

Reserves & fees

Capital Reserve required; segregated and maintained for capital expenditures. Board determines appropriate level based on periodic review of useful life of improvements and cost projections. Budget must disclose percentage added to Capital (Section 6.06: 'The Association shall seg)

Voting & meetings

Prior to Turnover Date: all voting rights vested in Declarant; after Turnover Date: each Voting Member has one vote per Dwelling Unit; majority of votes present at meeting with quorum passes action unless otherwise specified (Section 5.05: 'Prior to the Turnover Dat)

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