Euclid Lake Villas

Key facts from Euclid Lake Villas's documents

Community type

homeowners_association (Doc preamble: 'Euclid Lake Villas Homeow)

Legal name

Euclid Lake Villas Homeowners Association

Units / lots

Not explicitly stated; 31 addresses listed in Exhibit A? (Exhibit A (pages 27-28))

Governing law

Illinois General Not For Profit Corporation Act (Page 35: 'subject to all of the terms an)

Assessments & dues

Not fixed; set annually by Board based on budget (Common Assessment) (Section 6.02)

Special assessments

Board may levy special assessment for specific purpose; if total special assessments in a calendar year exceed 1/3 of current Common Assessment, requires affirmative vote of 2/3 of Owners casting votes (Section 6.05)

Collections & liens

All Charges constitute a continuing lien on the Residence and personal obligation of Owner; Association may enforce lien via foreclosure and also bring forcible entry and detainer action (Sections 7.01, 7.02)

Reserves & fees

Association shall maintain capital and contingency reserves for Common Area; budget discloses percentage added to Reserve; each Owner deemed to make capital contribution equal to that percentage of assessment paid (Section 6.06)

Pets

Yes (implied by reference to 'household pet' causing damage in Section 3.09) (Section 3.09)

Leasing & rentals

Prohibited except existing leases in effect on effective date of 2003 amendment may run to expiration; no new leases or renewals (Article XI added 11/12/2003) (Article XI, Section 11.01 (page 24))

Parking & vehicles

Each Owner has exclusive right and easement to park automobiles in designated parking area (Section 3.02); no on-street parking rules stated (Section 3.02)

Architectural approval

Association Board (or authorized committee) has right to adopt rules governing architectural design and exterior finish of all structures on Premises (Section 4.01); no specific ARC committee named but Board approval implied (Section 4.01)

Home business

Prohibited (Section 3.13 prohibits any business, trade, occupation or profession on any part of Premises) (Section 3.13)

Insurance

Association shall obtain fire and all risk coverage on Common Area improvements (full insurable replacement value); comprehensive public liability insurance; fidelity bonds (Section 3.11) (Section 3.11)

Use restrictions

All construction shall be single-family residences (3.16(a)); no business, trade, occupation or profession conducted on Premises (3.13) (Sections 3.13, 3.16(a))

Voting & meetings

One vote per Residence; Voting Member designated by Owner(s); majority vote of Voting Members present at meeting with quorum decides actions (Sections 5.02, 5.04)

Amendments

Declaration may be amended by instrument executed by not less than a majority of the Board of Directors and 2/3 of voting members; amendment must be recorded (Section 9.01). Also earlier amendment (1989) required majority of Board and 2/3 o (Section 9.01; also page 35 (1989 amendme)

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