Cambridge Homeowners

Key facts from Cambridge Homeowners's documents

Community type

Cambridge 441-447 Homeowners Association, an Illinois not-for-profit corporation (Declaration preamble and §1.2)

Legal name

Cambridge 441-447 Homeowners Association

Units / lots

Four (4) total votes intended (Bylaws §3.4)

Developer / declarant

Cambridge 441-447 Homeowners Association, an Illinois not-for-profit corporation (Declaration preamble)

Governing law

Illinois General Not-For-Profit Corporation Act (Declaration §6.6(j); Bylaws §5.15)

Assessments & dues

Board estimates annual budget on or before January 1, notifies each Townhome Owner on or before February 1; common expenses assessed according to percentages in Exhibit B, prorated for less than full year (Declaration §7.1(a))

Special assessments

Board may levy special assessments for repair, replacement, maintenance, service, labor or materials not in annual budget (Declaration §7.2)

Collections & liens

Assessments are a lien upon the Townhome from date of assessment until paid; after recording notice and 30-day notice to other lienholders, lien may be foreclosed under Illinois law; owner waives right of redemption (Declaration §7.5)

Reserves & fees

Board may build up and maintain reasonable reserve for contingencies and replacements; extraordinary expenditures charged against reserve (Declaration §7.1(c))

Pets

Number of household pets per Townhome shall not exceed two (2) (Declaration §4.2(f))

Parking & vehicles

Vehicles of Townhome Owners shall only be parked in garage or driveway; no owner may park in visitor/guest parking; guest parking governed by Homeowners' Association documents (Declaration §3.5)

Setbacks / home size

Lot defined as land under Dwelling Unit plus all land within five (5) feet of foundation (Declaration §1.9)

Maintenance

Townhome Maintenance Areas include roof; Association has continued responsibility for maintenance in perpetuity; reserves established; repair/replacement sole responsibility of Association unless document amended (Declaration §1.17; §5.4)

Insurance

Board acquires fire/casualty insurance for at least 80% of full replacement cost of improvements if Lot contains such improvements; comprehensive public liability, D&O, property damage insurance; workers' compensation; other insurance Board (Declaration §8.1)

Voting & meetings

Each Townhome entitles its owner to one (1) vote, regardless of number of owners (Declaration §1.20)

Amendments

Definitions and certain core provisions require amendment signed/acknowledged by authorized officers of Association and all Townhome Owners; all other provisions require officers' signature and certificate that at least 75% of Townhome Owne (Declaration §11.3)

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