Baileys Crossing Association

Key facts from Baileys Crossing Association's documents

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

Community type

Covenant / Planned Community

Legal name

BAILEY'S CROSSING TOWNHOMES ASSOCIATION

Developer / declarant

Cole Taylor Bank, not individually, but as Trustee under Trust Agreement dated March 12, 1986, Trust No. 4533 (Preamble, Page 1)

Assessments & dues

Board prepares annual budget on or before Dec 1, setting estimated costs and reserves. Annual assessments are fixed at a uniform rate for all Units (excluding Declarant’s unoccupied Units) and each Owner pays the assessment in monthly insta (Sections 5.03, 5.08)

Special assessments

Board may levy special assessments for capital improvements. If such assessment in one year exceeds $1,000, it must be approved by a majority of the Board and then by a majority of votes cast at a meeting or by instrument signed by owners o (Section 5.04, Page 30-31)

Collections & liens

Assessments, together with interest and costs, constitute a continuing lien on the Unit and may be foreclosed by action brought in the name of the Association. (Sections 5.01, 5.11)

Reserves & fees

The annual budget may include an amount designated as a capital reserve, which shall be segregated in a special account and used solely for major repairs and replacements to the Common Area and Association-responsible portions of Units. (Sections 5.03(a), 5.05)

Pets

Dogs, cats or other customary household pets may be kept subject to rules and regulations adopted by the Board, provided they are not kept, bred or maintained for any commercial purposes. Any pet causing a nuisance or unreasonable disturban (Section 8.06, Page 42-43)

Leasing & rentals

There is no restriction on the right of any Owner, including Declarant, to lease any Unit. Each lease must be in writing, shall be subject to and comply with this Declaration, the By-laws, and rules and regulations, and failure by the lesse (Article 11, Page 48)

Voting & meetings

One vote per Unit, but no more than one vote per Unit. If more than one person is the record owner, the vote shall be exercised as such Owner of that Unit shall designate in writing to the Board. (Section 2.02, Page 5)

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