Lakewood Crossing Homeowners A

Key facts from Lakewood Crossing Homeowners A's documents

Reflects the 1993 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Lakewood Crossing Homeowners Association

Developer / declarant

Lakewood Crossing Limited Partnership

Governing law

765 ILCS 605/18.5 (Illinois Condominium Property Act) and Dwelling Unit Installment Contract Act (Article XI Section 1; Article VIII Secti)

Assessments & dues

Initially not more than $60.00 per Unit per year until calendar year beginning January 1, 1994. (Article IV Section 3)

Special assessments

Board may levy special assessment without member assent to pay excess real estate taxes. Also for capital contributions with 2/3 vote of each class. (Article IV Section 3 (tax excess) and Se)

Collections & liens

Unpaid assessments, interest, late charges, attorneys' fees, costs become a lien on the Unit. Association may record notice of lien and foreclose. Personal obligation of owner also exists. Lien subordinate to first mortgages recorded prior (Article IV Sections 9 and 10)

Reserves & fees

Capital contributions may be used for reserves against future expenses (Article IV Section 4(c)). Article X requires disclosure of reserve status on resale. (Article IV Section 4(c); Article X(4))

Voting & meetings

Class A (Unit Owners): one vote per Unit. Class B (Developer): three votes per Unit, until conversion upon 4 months after 75% Units conveyed or 3 years after first Unit conveyed (whichever earlier). (Article III Section 2)

Amendments

Termination or amendment by vote of Owners of not less than 67% of Units. Material amendments require prior written approval of Eligible Mortgage Holders representing at least 51% of votes of Units subject to mortgages. Termination for othe (Article XII Section 4 and 5; Article XI )

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