Bridlewood Homeowners

Key facts from Bridlewood Homeowners's documents

Reflects the 1991 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Homeowners Association (Article I, Section 1.1: 'Association sha)

Legal name

Bridalwood Homeowners Association

Governing law

Illinois (state law governing Illinois not-for-profit corporation and referenced Illinois statutes) (Page 1: 'an Illinois not for profit corp)

Assessments & dues

Not fixed; determined annually by Board as Estimated Cash Requirement (Article VI, Section 6.3: 'Each year on o)

Special assessments

Allowed if Contingency and Replacement Reserve inadequate; requires written notice with amount and reasons, payable 10 days after notice. Also, capital improvements from reserve exceeding $10,000 require approval of two-thirds (2/3) of vote (Article VI, Section 6.4(a) and (b) (page)

Collections & liens

Delinquent assessments become a lien on the Lot or Unit; Association may foreclose in the name of the Board. Lien is subordinate to any mortgage placed on the Lot or Unit. Foreclosure deed takes title free of assessment liens that arose pri (Article VI, Sections 6.9, 6.11 (pages 11)

Reserves & fees

Contingency and Replacement Reserve established by Board. Amount determined by Board. Expenditures over $10,000 require 2/3 owner vote. Developer transfers reserve funds to Association on Turnover Date. (Article V, Section 5.6(b) (page 7); Arti)

Maintenance

Association responsible for maintenance of Common Area including Stormwater Detention Facilities. Each Owner bears proportion of cost. Until Turnover Date, Developer maintains Common Area. Owner responsible for own Lot/Unit improvements imp (Article V, Section 5.5 (pages 6-7): 'It )

Insurance

Comprehensive public liability insurance (including injury, death, property damage), workers compensation, and property insurance on Common Area against fire, extended coverage, vandalism, malicious mischief. (Article V, Section 5.7 (pages 7-8): 'The)

Voting & meetings

Class A members (all owners except Declarant): one vote per Lot or Unit. Class B member (Declarant): six (6) votes for each parcel that a Unit or Lot could be built on. Class B membership converts to Class A when eighty (80) percent of Lots (Article III (page 3-4) and Article V, Se)

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