St James Townhome

Key facts from St James Townhome's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Townes of St. James Townhome Association

Developer / declarant

Townes of St. James Townhome Association (Preamble)

Governing law

Illinois General Not For Profit Corporation Act (Section 1.01)

Assessments & dues

Board adopts budget on or before December 1; Common Assessment equals estimated Common Expenses plus reserves minus net cash receipts; divided equally among all Parcels. (Section 6.02)

Special assessments

Board may levy special assessment for specific purpose or unanticipated deficit; levied equally among Parcels; must segregate funds if for specific purpose. (Section 6.05)

Collections & liens

Each Charge is a continuing lien on the Parcel and personal obligation of Owner; Association may foreclose lien. (Section 7.01, 7.03)

Reserves & fees

Capital Reserve required for capital expenditures; budget discloses percentage of Common Assessment added to reserve. (Section 6.06)

Voting & meetings

Each Voting Member has one vote per Parcel; action by majority of Votes present at meeting with quorum. (Section 5.05)

Amendments

Amendment requires affirmative vote of Voting Members representing at least 75% of total votes or instrument executed by Owners of at least 75% of Parcels; certain amendments require all Owners and all Mortgagees; must be recorded; prior wr (Article Nine, Section 9.01)

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