Lakewood Streams HOA

Key facts from Lakewood Streams HOA's documents

Reflects the 1996 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

single family home development (WHEREAS: 'develop a residential single f)

Legal name

LAKEWOOD STREAMS HOMEOWNERS ASSOCIATION

Units / lots

138 (Exhibit A: 'LOTS 1 THROUGH 138')

Developer / declarant

LAKEWOOD STREAMS LIMITED PARTNERSHIP

Governing law

765 ILCS 605/18.5 (Illinois Condominium Property Act reference) and 735 ILCS 5/9-102 (Article 9.5 and Article 5.10)

Assessments & dues

Not more than $196.00 per Unit until January 1, 1998 (Section 5.4)

Special assessments

Board may levy special assessment for excess real estate taxes; also capital contributions require 2/3 vote of each class (Sections 5.4, 5.5)

Collections & liens

Delinquent assessments become a lien on the Unit; Association may record notice of lien and foreclose (Sections 5.1, 5.10)

Reserves & fees

Association shall establish and maintain an adequate reserve fund for maintenance, repair, and replacement of Common Areas and Facilities (Section 5.4)

Leasing & rentals

Yes, with written agreement for at least 6 months, subject to Covenants (Section 13.5)

Maintenance

Owners: maintenance of Unit and improvements in easements; Association: maintenance of Common Areas and Facilities (including landscaping, wetlands, detention, insurance, taxes) (Sections 3.2, 4.7)

Insurance

Association shall maintain fire and extended coverage on Common Facilities, comprehensive public liability insurance, fidelity bond; may also carry master hazard insurance covering all Units (Sections 4.7(e), 5.3)

Use restrictions

Yes, implied by purpose of creating a harmonious single family home community (Article 2.1: 'to provide a harmonious si)

Voting & meetings

Two classes: Class A (Owners) one vote per Unit; Class B (Developer) three votes per Unit until Turnover Date (Section 4.5)

Amendments

By 67% vote of Owners; material amendments require 51% of Eligible Mortgage Holders; Developer may amend for compliance purposes until latest date initial members meeting held (Section 13.3, 13.2) (Article 13.2, 13.3)

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