Mistee Ridge Townhome

Key facts from Mistee Ridge Townhome's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Mistee Ridge Townhome Owner's Association

Units / lots

3 (current), up to 75 including Future Development Parcel (Exhibit B; Section 9.01)

Developer / declarant

Cole Taylor Bank, not personally, but solely as Trustee under trust agreement dated January 25, 1995 and known as Trust No. 95-2007 (Preamble; Section 1.6)

Governing law

General Not-For-Profit Corporation Act of the State of Illinois (By-Laws Article I)

Assessments & dues

Not fixed; determined annually by Board based on Estimated Cash Requirement (Section 6.3)

Special assessments

Permitted if Contingency Reserve inadequate; assessed equally among Owners; effective 10 days after notice (Section 6.4(b))

Collections & liens

Assessment becomes lien on Townhome; may be foreclosed like mortgage; also forcible detainer remedy (Sections 6.9, 6.10)

Reserves & fees

Contingency and Replacement Reserve; built up by Board; expenditures over $2,000 require 2/3 member vote; initial funding from three months assessment deposit (Section 6.4)

Use restrictions

All Townhomes used only for Townhome Dwellings (Section 3.1)

Voting & meetings

Each Owner one vote per Townhome owned; co-owners only one vote (Section 5.4(b); By-Laws Section 3.1(b))

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