HomeMy WebLinkAboutORDINANCE - 2280 - 12/8/1992 - SPECIAL USE/REGENCY SQUARENO. 2280
AN ORDINANCE AMENDING A SPECIAL USE PERMIT FOR THE REGENCY SQUARE
DEVELOPMENT (MEADOW GROVE APARTMENTS PORTION) TO PERMIT A
PLAT OF SUBDIVISION CREATING FIFTEEN (15) SEPARATE LOTS,
INDIVIDUAL OWNERSHIP OF FOURTEEN (14) OF SAID LOTS AND GRANTING
SUBDIVISION VARIATIONS WITH RESPECT TO PUBLIC ACCESS AND WATER USAGE
WHEREAS, the Petitioner American National Bank and Trust Com-
pany of Chicago as Trustee under Trust Agreement dated June 8, 1992
and known as Trust Number 115634-00 and Meadow Mart Limited Partner-
ship (herein collectively referred to as "Owners") have filed a
Petition with the Village requesting an amendment to a Special Use
Permit previously granted pursuant to Ordinance No. 1195 to permit
the filing of a revised Plat of Subdivision of fifteen (15) lots
and individual ownership thereof; and
WHEREAS, the Plan Commission of the Village of Elk Grove
Village at a public meeting duly called and held according to law
considered the question of the amendment to the Special Use Permit
as well as the request for approval of the Plat of Subdivision; and
WHEREAS, the property was formerly developed and known as
The Regency Square Apartment Complex of which the subject property
is a portion thereof, said property being fully developed under
the previous Special Use Permit; and
WHEREAS, the amendments requested would permit individual
ownership of six (6) unit portions of buildings, which buildings
will be separate lots under a Revised Plat of Subdivision; and
WHEREAS, the President and Board of Trustees of the Village
after having reviewed the recommendation and findings of said Plan
Commission find and believe it to be in the best interest of the
Village that the Special Use Permit be amended as requested and
that the Plat of Subdivision be approved by the Village.
NOW, THEREFORE, BE IT ORDAINED by the President and Board
of Trustees of the Village of Elk Grove Village, Counties of Cook
and DuPage, Illinois as follows:
Section l: That the Special Use Permit previously issued
for the subject property and adjacent property be amended with
respect to that portion of the subject property identified as
Meadow Grove Apartments to permit the creation of fifteen (15)
separate lots, fourteen (14) of which will be privately owned and
one (1) to be owned by a homeowners association to be hereinafter
established by the Owner.
Section 2: That the Village hereby acknowledges and approves
the Declaration of Covenants, Conditions, Easements, Restrictions
and Party Wall Rights for the Meadow Grove Apartments a copy of
said Declaration of Covenants being on file in the office of the
Village Clerk.
Section 3: That variations of Section 8-12 B-1-lAl of the
Municipal Code pertaining to convenient access from public streets
to private property being subdivided and Sections 8-12 B -1-2D5
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and 7-2-3-D of the Municipal Code pertaining to separate water
service lines and shutoff valves be granted to permit the property
to be subdivided as currently developed.
Section 4: That the President and Board of Trustees hereby
approve the Plat of Subdivision for Meadow Grove Apartments copies
of which are on file in the office of the Village Clerk and the
Village Clerk is hereby directed to cause the recording of said
Plat of Subdivision.
Section 5: That as a condition of the amendment to the Spe-
cial Use Permit, the Owner shall make all necessary repairs to the
access driveways and parking areas of the subject property.
Section 6: That this Ordinance be in full force and effect
from and after its passage and approval according to law.
VOTE:
AYES:
6
NAYS: 0
ABSENT: 0
PASSED
this 8th
day of
December
1992.
APPROVED
this 8th
day of
December
, 1992.
ATTEST:
Patricia S. Smith
VILLAGE CLERK
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APPROVED:
Charles J. Zettek
VILLAGE PRESIDENT
..s ,IGJ V
DEC 9i
DECLARATION OF COVENANTS CONDITIONS
EASEMENTS, RESTRICTIONS AND PARTY WALL RIGHTS^.is�;'S �`:'
FOR MEADOW GROVE OWNERS ASSOCIATION
THIS DECLARATION OF COVENANTS, CONDITIONS, EASEMENTS,
JICTIONS ANP PAR W RI S (this "Declaration") made this
day of aGfM► , 19iby American National Bank and Trust
ompany of Chicago, not personally but as Trustee under Trust
Agreement dated June 8, 1992, and known as Trust Number 115634-00
(hereinafter referred to as "Declarant").
W I T N E S S E T H:
WHEREAS, Declarant is the record owner and Meadow -Mart Limited
Partnership, an Illinois limited partnership ("Developer"), is the
beneficiary of the above described land trust holding title to the
real estate legally described on Exhibit "A" attached hereto and
made a part hereof, and situated in Cook County, Illinois (the
"Property") which Declarant wishes to submit to the provisions of
this Declaration; and
WHEREAS, the Property is developed with apartment buildings,
private streets, driveways, parking area, landscaping, paved
walkways and other common facilities and improvements; and
WHEREAS, Developer has formed or shall form an Illinois not-for-
-profit corporation known as Meadow Grove Owners Association for
the purpose of maintaining and administering those portions of the
Property containing the private streets, driveways, parking areas,
paved walkways, private sanitary, storm and potable water mains and
appurtenances, landscaping (including all landscaping and paved
walkways within those portions of the Property conveyed by Declarant
with any Six -Flat Parcel (as hereinafter defined), all of which
shall be for the common use, benefit and enjoyment of all residents
of the Property, to acquire from Declarant and own a portion of said
Property, and for the other purposes hereinafter set forth. In
addition to the foregoing, the Association shall maintain the
painting of the exterior of the Buildings; roof, downspout, gutter
and exterior window repair and replacement, and shall be responsible
for payment of all water bills issued by the Village with respect to
all Buildings, Six -Flat Parcels and the Common Area on the Property.
NOW THEREFORE, Declarant, as Trustee as aforesaid and not
individually, as the legal titleholder of the Property, hereby
declares that all of the Property shall be held, sold, and conveyed
subject to the following covenants, conditions, easements and
restrictions, all of which shall run with the Property and be
binding on all parties having or acquiring any right, title or
interest in the Property or any part thereof, and shall inure to the
benefit of each Owner thereof.
ARTICLE 1
The following words, when used in this Declaration or in any
amendment or supplement hereto shall, unless the context shall
prohibit, have the following meanings:
1.01 Association. The Meadow Grove Owners Association, an
Illinois not-for-profit corporation, its successors and assigns.
1.02 Apartment. Any individual living space contained within a
Unit and designed for single family residential purposes.
1.03 Building. Any building on the Property containing two (2)
Units sharing a common party wall.
1.04 By -Laws. The By -Laws of the Association attached hereto
as Exhibit "C" and made a part hereof.
1.05 Common Area. That portion of the Property owned or to be
owned by t ee Aston, including all improvements and facilities
thereon legally described in Exhibit "B" attached hereto and made a
part hereof.
1.06 Declarant. American National Bank and Trust Company of
Chicago, not personally but as Trustee under Trust Agreement dated
June 8, 1992, and known as Trust Number 115634-00 its successors and
assigns.
1.07 Developer. Meadow Mart Limited Partnership , an Illinois
limited partnership, its successors and assigns.
1.08 Occupant. Any person or persons occupying an Apartment.
1.09 Owner. The record owner, whether one or more persons,
individuals, or entities, of a fee -simple title to any Six -Flat
Parcel which is a part of the Property, including contract sellers,
but excluding those having such interest merely as security for the
performance of an obligation.
1.10 Property. The real estate described in Exhibit "A"
attached hereto and made a part hereof.
1.11 Subdivision Lots. The lots of record comprising the
Property as established by that certain Plat of Subdivision (the
"Plat") recorded in the Office of the Recorder of Deeds of Cook
County, Illinois on as Document No.
Each Subdivided Lot shall constitute a freehold estate, subject to
the terms and conditions of this Declaration.
1.12 Rules and Regulations. The rules and regulations of the
Association, as amended from time to time.
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1.13 Unit. Any structure which is part of a
subdivided Tor use and occupancy as six dwellings,
Apartments and situated on a Six -Flat Parcel.
contains two (2) Units sharing a common party wall.
Building and is
containing six
Each Building
1.14 Six -Flat Parcel. One (1) Unit situated on a separately
designated S ivision Lot for use and occupancy with six (6)
dwelling units and including all real estate comprising said
Subdivision Lots.
1.15 Turnover Date. The date of the initial meeting of
members as defined in Paragraph 3.02 hereof.
1.16 Village. The Village of Elk Grove Village, an Illinois
municipal corporation.
1.17 Voting Member. Each member entitled to vote at meetings
of members pursuant to Paragraph 2.02 hereof.
ARTICLE 2
MEMBERSHIP
2.01 Membership. The Association shall have one class of
membership. Membership in the Association shall be appurtenant to
and shall not be separated from the ownership of a Six -Flat Parcel.
Every Owner shall be a member of the Association and such membership
shall automatically terminate upon the sale, transfer, or other
disposition by such member of his Six -Flat Parcel, at which time the
new Owner shall become a member.
2.02 Voting Rights. Commencing on the Turnover Date, each
member shall have one vote for each Six -Flat Parcel such member
owns, provided that in no event shall more than one (1) vote be cast
with respect to any Six -Flat Parcel. If more than one person owns a
Six -Flat Parcel, the vote for that Six -Flat Parcel shall be
exercised as all such Owners of that Six -Flat Parcel shall
determine. If a Six -Flat Parcel is owned by a trustee, corporation,
partnership, or other legal entity, the vote for such Six -Flat
Parcel shall be exercised as the Owner of that Six -Flat Parcel shall
from time to time designate in writing to the Board (as hereinafter
defined), subject to such applicable provisions as may from time to
time be contained in the By -Laws. The person entitled to vote with
respect to each Six -Flat Parcel shall be the Voting Member. Prior
to the Turnover Date all voting rights shall be lodged exclusively
in the Developer and the members shall have no voting rights.
ARTICLE 3
BOARD OF DIRECTORS
3.01 General. The business and affairs of the Association
shall be manag by the Board of Directors (the "Board"). From -and
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after the Turnover Date (as defined in the following paragraph) the
number of members of the Board and their method of election shall be
as provided in the By -Laws.
3.02 Appointment by Developer. Until the directors are elected
by the Voting Members at the initial meeting of members, the Board
shall consist of such persons, but not less than three (3), as
Developer shall from time to time designate. The initial meeting of
members shall be held on such date (the "Turnover Date") as
Developer shall designate, provided that in no event shall it be
later than sixty (60) days after the first to occur of the following
events:
(a) Developer has sold and caused to be conveyed to individual
purchasers ninety percent (908) of the Units on the
Property; or
(b) The expiration of seven (7) years from the date this
Declaration is recorded.
Developer may, from time to time, by written notice to the
Association, elect to relinquish its right to appoint any one or
more directors (in which event such members of the Board shall be
elected by the Voting Members) and continue to exercise its right to
appoint the remaining members of the Board for the period
hereinabove specified.
3.03 Election by Members. The members shall elect a new Board
at their initial meeting which shall be called by Developer or, if
Developer fails to do so within thirty (30) days after the Turnover
Date, by any three members. Such meeting shall be called by notice
sent pursuant to the By -Laws.
3.04 Director and Officer Liabil't Neither the directors nor
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the officers of the Associatn sha 1 be personally liable to the
Owners or the Association for any mistake of judgement or for any
other acts or omissions of any nature whatsoever as such directors
or officers except for any acts or omissions found by a court to
constitute gross negligence or fraud. The Association shall
indemnify and hold harmless the directors and officers, their heirs
and legal representatives, against all contractual and other
liabilities to others arising out of contracts made by or other acts
of the directors and officers on behalf of the Owners or the
Association or arising out of their status as directors and officers
unless any such contract or act shall have been made fraudulently or
with gross negligence. The foregoing indemnification shall include
indemnification against all costs and expenses (including, but not
limited to attorneys' fees, judgments, fines and amounts paid in
settlement) actually and reasonably incurred in connection with the
defense of any claim, action, suit or proceeding, whether civil,
criminal, administrative, investigative, or otherwise, in which any
such director or officer may be involved by virtue of being or
having been such director or officer; provided, however, that such
indemnity shall not be operative with respect to any acts or
omissions in the performance of his duties as such director or
officer found by a court to constitute gross negligence or fraud.
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ARTICLE 4
EASEMENTS AND PROPERTY RIGHTS
01
4.01 Easements of Access, Use and Enjoyment. All current
easements with respect to the Property as designated on the Plat are
incorporated herein by reference as if fully restated herein. Every
Owner shall have a right and easement of use and enjoyment and a
right of access to and of ingress and egress on, over, across, in,
upon and to the Common Area (but not the Six -Flat Parcels) which
right and easement shall be appurtenant to and shall pass with title
to every Six -Flat Parcel. In addition, the Association shall have a
right and easement to enter upon the Six -Flat Parcels for the
purposes of maintenance, repairs, and replacements of the roofs,
downspouts, gutters, exterior windows, landscaping and paved
walkways thereon (including, without limitation, lawn mowing and
snow removal) and the painting of the exterior of the Units in
accordance with its obligations under this Declaration. The
foregoing rights and easements are subject to the following:
(a) The right of the Association, in accordance with its By -
Laws, to adopt Rules and Regulations governing the use,
operation, maintenance, conservation and beautification of the
Common Area and the Six -Flat Parcels, and for the health,
comfort and safety and general welfare of the Owners and
occupants of the Property, including, without limiting the
generality of the foregoing: (i) regulations governing the use
of the private streets, driveways, and parking areas, and the
removal of vehicles to facilitate snow removal; (ii) imposing
and assessing Owners reasonable fines for violation of the Rules
and Regulations.
(b) The right of the Association, in accordance with its By -
Laws, to borrow money for the purpose of improving the Common
Areas and facilities located thereon and the landscaping and
paved walkways located on the unimproved portions of the
Subdivision Lots, and in aid thereof to mortgage the Common
Area, provided that the rights of any such mortgagee in and to
the Common Area and facilities located thereon shall, in the
event of default, be limited to a right, after taking possession
of such properties, to charge fees for the use of any
recreational facilities thereon as a condition to continued use
and enjoyment by the members until the mortgage debt is
satisfied, whereupon the possession of such properties shall be
returned to the Association and all rights of the members
hereunder shall be fully restored. Notwithstanding the
foregoing, no mortgage shall be placed upon the Common Area
unless approved by the Board and by the VotingMembers (other
than Declarant) having at least two-thirds (23) of the total
votes at a duly convened general or special meeting, provided
that as long as Declarant owns a Six -Flat Parcel, Developer's
written consent to any such mortgage shall also be required.
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(c) The right of the Association to dedicate or transfer all or
any part of the Common Area, or any utility system thereon, to
any public agency, authority, or utility system thereon, for
such purposes and subject to such conditions as may be approved
by the Board, by Voting Members (other than Declarant) having at
least two-thirds (2/3) of the total votes at a duly convened
general or special meeting, and by mortgagees as required in
Article 6, provided that as long as Developer owns a Six -Flat
Parcel, Developer's written consent to any such dedication or
transfer shall also be required; provided further that until the
Turnover Date the right is vested exclusively in Declarant,
without approval of any other party, to dedicate a portion of
the Common Area for public streets free and clear of the
provisions of this Declaration, in which event the provisions of
this Declaration shall be null and void with respect to the
portion of the Common Area so dedicated.
4.02 Rights of Occupants. Any Occupant shall have the same
rights to use and enjoy the Common Area as the Owner of a Six -Flat
Parcel.
4.03. Utility Easements. All current sewer and water and
public utility easements in, across, over, upon and under the
Property as designated on the Plat are incorporated herein by
reference as if fully restated herein. In addition, the Illinois
Bell Telephone Company, Commonwealth Edison Company, Northern
Illinois Gas Company, Cook County Public Works Department, The
Village of Elk Grove Village, Continental Cablevision and all other
present suppliers of utilities serving the Property are hereby
granted the right to install, lay, construct, operate, maintain,
renew, repair, and replace conduits, cables, pipes, wires,
transformers, mains, switching apparatus and other equipment,
including housing for such equipment, into, over, under, on and
through the Common Area and other portion of the Property for the
purpose of providing utility services to any portion of the
Property, and Declarant reserves the right to grant, execute and
cause to be recorded such utility easements to such suppliers of
utilities and services as may be necessary or desirable in
connection with the foregoing.
4.04 Easement for Overhang and Encroachment. In the event
that, by reason of location, construction, reconstruction, repair,
settlement, shifting or movement, any Unit, Building or other
improvement (or portion thereof) originally constructed on the
Property or constructed with the approval of Developer encroaches or
shall hereafter encroach upon the Common Area or upon any Six -Flat
Parcel owned by a party other than the owner of such Unit, Building
or other improvement or any improvement, structure or facility
situated on the Common Area encroaches or shall hereafter encroach
upon any Six -Flat Parcel, such encroachment and its maintenance and
use are hereby established and shall exist for the benefit of such
Unit, Building, or other improvement or the Common Area as the case
may be, so long as the encroachment exists; provided, however, that
in no event shall any encroachment upon the Common Area be created
in favor of any Owner if such encroachment occurred due -to the
wilful, intentional, or negligent conduct of such Owner or his
agent; provided further that if such Unit, Building, or other
improvement is partially or totally destroyed and thereafter
repaired or rebuilt, the same permissible encroachment may be
reestablished and the easements herein granted shall continue in
force.
4.05 Rights of Developer. As long as Declarant or Developer
owns or controls a Six -Flat Parcel, the right is reserved to
Developer and its agents to engage in sales and leasing activities
on the Property in connection with such Units, and for that purpose
to place and maintain on the Property model Apartments or Units,
sales and leasing offices, advertising signs, banners, lighting and
other forms of advertising in connection therewith, at such
locations and in such forms as Developer shall determine. There is
also reserved to Developer, its agents, prospective purchasers and
lessees, if any, the right of ingress, egress and transient parking
over, through and upon the Property in connection with such sales or
leasing activities and during construction of improvements or
alterations to the Property by Developer, the right of ingress and
egress over and through the Property in connection therewith,
together with the right to store on the Property equipment and
materials used in connection with such work. The provisions of this
paragraph shall inure to the benefit of any assignee or successor of
Developer.
4.06 Transfer of Common Area to Association. Declarant will,
no later than sixty (60) days after the Turnover Date, convey title
to the Common Area to the Association by trustee's or quit claim
deed.
4.07 Maintenance of Common Area Prior to Conveyance to
Association. Prior to conveyance by Declarant of title to the
Common Area to the Association, the Association shall be liable for,
and from the assessments against members collected by it the
Association shall pay or reimburse Developer for, all costs and
expenses with respect to the Common Area, to the same extent as if
said Common Area was owned by the Association.
4.08 Village Rights. An irrevocable license and non-exclusive
easement is hereby granted to the Village and police, fire, water,
health and other authorized officials, employees and vehicles of the
Village, to go upon the Common Area (and, to the same extent granted
to the Association with respect thereto, the Six Flat Parcels) at
any time and from time to time for the purpose of performance of
official duties and for the purpose of enforcing this Declaration
and all Village ordinances, rules and regulations, and the statutes
of the State of Illinois and the United States. In addition, duly
designated officials and employees of the Village are hereby granted
a non-exclusive easement to enter upon, on and over the Common Area
for the purposes of maintaining all or any part of the drainage
systems, storm and sanitary sewers, water mains, and any other
utility or public service and to correct or eliminate nuisances or
violations resulting from the failure to exercise maintenance
responsibilities by the Developer or its successors and assigns,.any
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Owner or the Association. Except in the event of emergency
situations, the Village shall serve written notice upon the
Association setting forth the manner in which the Association has
failed to comply with its obligations under this Declaration under
any source of law. Said notice shall include a demand that such
deficiency be cured as soon as possible, but in no event later than
30 days from the date such notice is received. If such deficiency
has not been cured within said time period or any extension thereof
granted by the Village, the Village may (but shall not be obligated
to) exercise said easement by entering the Common Area and
performing such maintenance or repair. The Association shall
reimburse the Village for all expenses incurred by it in performing
such maintenance or repair. If the Association has not reimbursed
the Village in full for all such expenses incurred within 90 days
after receipt of a bill detailing such expenses, then the cost of
such maintenance or repair not so reimbursed, together with interest
and all reasonable costs of collections, including attorneys' fees,
shall be assessed in equal shares against the Six Flat Parcels, and
shall become a lien thereon. Such lien may be enforced by all
methods generally available for the enforcement of liens including
foreclosure by an action brought in a like manner as a mortgage or
deed of trust lien on real property. Said easement shall be
exercised only to the extent and for such period of time that the
maintenance or repair is required to accomplish the purpose
hereinabove mentioned. The Village shall be under no obligation to
exercise the rights herein granted except as it shall determine to
be in its best interest. No failure to exercise any right herein
granted to the Village shall be construed as a waiver of that or any
other rights.
4.09 Easements to Run with the Land. All easements and rights
described herein are easements appurtenant, running with the land,
perpetually in full force and effect, and at all times shall inure
to the benefit of and be binding upon any Owner, purchaser,
mortgagee or other person having any interest in the Property or any
part or portion thereof. Reference in the respective deeds of
conveyance or in any mortgage or trust deed or other evidence of
obligation to the easements and rights described in any other part
of this Declaration shall be sufficient to create and reserve such
easements and rights to the respective grantees, mortgagees and
trustees of such Six -Flat Parcels as fully and completely as though
such easements and rights were recited and set forth in their
entirety in such documents.
ARTICLE 5
COVENANT FOR ASSESSMENTS
5.01 Creation of the Lien and Personal Obli ation for
Assessments. Each Owner o a Six -F at Parce acceptance o a
deedterefore, whether or not it shall be so expressed in any such
deed or other conveyance, for each Six -Flat Parcel owned by such
Owner, hereby covenants and agrees and shall be deemed to covenant
and agree to pay to the Association all assessments, special
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assessments and charges levied pursuant to this Declaration. Such
assessments, together with such late charges thereon and costs of
collection thereof, as hereinafter provided, shall be a charge and a
continuing lien upon the Six -Flat Parcel against which such
assessment is made and shall also be the continuing personal
obligation of the person who was the Owner of such Six -Flat Parcel
at the time when the assessment fell due.
5.02 Purpose of Assessments. The assessments levied by the
Association shall be used for the purpose of promoting the
recreation, health, safety and welfare of the members of the
Association and, in particular, for the following: the expenses of
administration, maintenance, repair and replacement of, and
improvements and additions to the Common Area and the landscaping
and paved walkways located on the unimproved portions of the
Subdivision Lots, including, without limiting the generality of the
foregoing, snow removal, lawn mowing and landscape maintenance;
scavenger service for the entire Property, including all Units;
parking lot and roadway repairs; painting of the exterior of the
Buildings; roof, downspout, gutter and exterior window repair and
replacement, insurance, real estate taxes for the Common Area, if
any, payment of all water bills issued by the Village with respect
to all Buildings, Six -Flat Parcels and the Common Area on the
Property; and all other expenses incident to or arising out of the
ownership of the Common Area; management and professional fees,
wages, materials, services and supplies in connection with any of
the foregoing; equipment or other personal property acquired by the
Association; and for otherwise carrying out the duties and
obligations of the Association and the Board of Directors stated
herein and in the By -Laws.
5.03 AnnualBudget and Assessments. Each year on or before
November 1 or such other date as may be provided in the By -Laws, but
in no event later than December 1, the Board shall adopt a budget
for the ensuing calendar year for the estimated costs and expenses
of the Association and such reasonable sums as the Board determines
for capital reserves and operating reserves. The annual budget may
also take into account the estimated net available cash income of
the Association for the year, if any. Each Owner shall be furnished
a copy of said budget at least thirty (30) days prior to the
adoption thereof by the Board of the Association together with the
amount of each Owner's annual assessment and monthly installments
due thereunder, which shall be charged and assessed equally against
each Six -Flat Parcel subject to assessment hereunder, and each Owner
thereof, jointly and severally.
5.04Pa ent of Annual Assessment. On or before January 1 of
the ensuing year an on or before the first day of each and every
month thereafter of said year, each Owner, jointly and severally, of
a Six -Flat Parcel subject to assessment hereunder shall pay to the
Association, or as it may direct, one -twelfth (1/12) of such annual
assessment, and any increase pursuant to the following paragraph.
5.05 RevisedBudget and Assessments. If the amount provided
for in the budget proves inadequate or any reason (including non -
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payment of any Owner's assessment), the Board may increase the
assessment equally against each Six -Flat Parcel by giving written
notice thereof, together with a revised budget and explanation for
the increase, to each Owner and such revised assessment shall
become effective with the monthly assessment that is due not less
than ten (10) days after the mailing or delivery of such revised
assessment.
5.06 Failure to Pre are Bud etThe failure or delay of the
Board to prepare or serve the annua. or revised budget and notice of
assessment on any Owner shall not constitute a waiver or release in
any manner of such Owner's obligation to pay the costs, expenses and
necessary reserves as herein provided, whenever the same shall be
determined, and in the absence of any annual or revised budget, the
owner shall continue to pay the monthly assessment at the then
existing monthly rate established for the previous period until the
monthly installment which is due more than ten (10) days after such
new annual or revised budget and assessment shall have been mailed
or delivered to the Owners.
5.07 S ial Assessments for Ca ital Im rovements. In addition
to the annua assessments authoriz above, the Board may from time
to time levy a special assessment for the purpose of defraying, in
whole or in part, the cost of specific capital alterations,
additions, or improvements to the Common Area or to the landscaped
areas or paved walkways located on the unimproved portions of the
Subdivision Lots, or for the purchase of specific equipment or other
personal property, provided that, except as may otherwise be
provided in the By -Laws, each such special assessment which exceeds
fifteen percent of the most recent annual budget for the Association
shall first be approved by a majority of the Board and thereafter by
a majority of the votes cast by the Voting Members at a general or
special meeting duly called for that purpose or, in lieu of such
members' meeting, by an instrument signed by the members owning two-
thirds (2/3) of the Six -Flat Parcels. Assessments collected
hereunder shall be segregated from and used only for the specific
purpose of which such special assessment was levied. The provisions
of this Paragraph shall not apply to, restrict or limit the right,
power and obligation of the Board to assess and pay for the
maintenance, restoration and replacement of existing improvements on
the Common Area or on said landscaped areas and paved walkways,
painting of the exterior of each Building, roof, gutter, downspout
and exterior window repair and replacement and of any equipment or
other personal property then owned by the Association.
5.08 Capital Reserves. To the extent the annual budget
includes an amount designated as a capital reserve, each Owner
shall, as to each monthly installment of the annual assessment paid
by him, be deemed to make a non-refundable capital contribution to
the Association in the proportion that the amount of such designated
capital reserve bears to the total annual budget. Such proportion
of each monthly installment paid to the Association- shall be
segregated and maintained by it in a special capital reserve account
to be used solely for making major repairs and replacements to the
Common Area, to the landscaping and paved walkways within the
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Subdivision Lots, painting of the exterior of the Buildings, roof,
gutter, downspouts and exterior window repair and replacement and
for the purchase of equipment to be used by the Association in
connection with its duties hereunder, provided that if the budget
includes a reserve for a specified capital expenditure, a
proportionate share of each monthly assessment shall be separately
maintained and used solely for that purpose.
5.09 Uniform Assessments. Both annual and special assessments
pursuant to this Article must be fixed at a uniform rate for all
Six -Flat Parcels.
5.10 Commencement of Annual Assessments. Annual assessments
shall commence upon the date the first Six -Flat Parcel is conveyed
by Declarant to a purchaser for value.
5.11 Assessments in First Year. Notwithstanding anything
herein to the contrary, for the period ending one year from the date
annual assessments commence, the monthly assessments for each Six -
Flat Parcel subject to assessment hereunder shall be as set forth in
the initial budget prepared by Developer.
5.12 Due Dates and Collection of Assessments. All assessments
shall be due and payable at such time or times and in such manner as
set forth herein or as shall be fixed by the Board.
5.13 Initial Ca ital Contribution b Bu ers. At the closing of
the first sae o eac Six -F at Parce by Developer, the Owner
purchasing such Six -Flat Parcel will be required to make a capital
contribution to the Association in an amount equal to twice the
initial monthly assessment established by Developer for all Six -Flat
Parcels, to be held and used as the Board shall from time to time
determine. Such payments shall not be refundable or credited
against any assessments. Developer shall not be liable to the
Association for payment of said amounts if not collected from the
Owners at closing, but each Owner shall be liable for payment of
said initial capital contribution and the Association is hereby
authorized and empowered to collect the same in the same manner as
it is authorized and empowered herein to collect delinquent
assessments. Any successor and assign of Developer's rights as
Developer under this Declaration shall not be required hereunder to
pay such initial capital contribution but shall endeavor to collect
such initial capital contribution from the Owner purchasing a Six -
Flat Parcel at closing in the same manner as Developer shall
endeavor to collect such initial capital contribution at the initial
closings.
5.14 Remedies for Delinquent Assessments. All assessments and
charges due from an owner pursuant to his Declaration or the By -Laws
which are not paid when due shall be deemed delinquent. Any
assessment or charge or any installment thereof not paid within
fifteen (15) days from the date due shall bear a late charge of
$100.00 per month (or such greater sum as the By -Laws or Rules and
Regulations may from time to time provide) for each calendar month
or fraction thereof that it remains unpaid. If any such assessments
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or charges are delinquent for thirty (30) days, the Association may:
(i) accelerate payment of the remaining installments of any annual
or special assessment against such Owner, and in such event the
entire amount thereof shall become due and payable; (ii) bring suit
to enforce collection of all assessments and charges due; (iii)
foreclose the lien therefore as hereinafter provided; and/or (iv)
take possession of such defaulting Owner's Six -Flat Parcel, together
with his interest in the Property, and maintain an action for
possession in the manner prescribed in the "Code of Civil
Procedure," approved August 19, 1981, as amended, or as may
otherwise now or hereafter be permitted by law. If any Owner is
delinquent in the payment of assessments or charges, there shall be
added to and assessed against such Owner such late charges, together
with attorneys' fees and all other costs and expenses, including
court and deposition costs, if any, reasonably incurred by the
Association in connection with such delinquency and its collection.
5.15 Subordination to Mortgages. The lien on a Six -Flat Parcel
provided for in this Article for assessments and charges shall be
subordinate to the lien of any bonafide first mortgage on such Six -
Flat Parcel recorded prior to the date such assessment or charge
became due, and each holder of a first mortgage lien on a Six -Flat
Parcel who acquires title of such Six -Flat Parcel pursuant to a
decree of foreclosure or by deed or assignment in lieu of
foreclosure, will take such Six -Flat Parcel free of any claims for
unpaid assessments and charges against the Six -Flat Parcel which
became due prior to the date such first mortgagee acquires title or
comes into possession of the Six -Flat Parcel, whichever occurs
first, except for claims for a prorata share of such assessments or
charges resulting from a prorata allocation of such assessment or
charges to all Six -Flat Parcels, including the mortgaged Six -Flat
Parcel and except for any installments of annual or special
assessment which became due prior to such date solely by reason of
having been accelerated by the Board pursuant to (i) of the
preceding paragraph. Notwithstanding anything contained in this
Declaration to the contrary, the lien rights provided to the Village
and the Association shall also be subordinate and subject to the
loan made by Developer's lender and any renewals, extensions,
increases in the amount of and additional advances of such loan
which loan is secured by a collateral assignment of the beneficial
interest of Declarant.
5.16 No Waiver of Owner's Liabilit . No Owner may waive or
otherwise escape liability or t e assessments and charges provided
herein by non-use of the Common Area or abandonment of his Six -Flat
Parcel.
ARTICLE 6
RIGHTS OF FIRST MORTGAGEES
6.01 Writte. n Ap�oval. In addition to the consent of Owners
required by tis Dec tion or the By-laws, without the prior
written approval of holders of two-thirds (2/3) of the first
mortgages (based upon one vote for each Six -Flat Parcel encumbered
with a first mortgage) on the individual Six -Flat Parcels, the
Association shall not:
(a) By act or omission seek to abandon, partition, subdivide,
encumber, sell or transfer the Common Area except as provided in
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paragraph 4.01 (c) hereof. The granting of easements for public
utilities or for other purposes consistent with the intended use of
such property by the Association shall not, for purposes of the
foregoing, be deemed to be a transfer.
(b) Change the method of determining the obligations,
assessments or other charges which may be levied against a Six -Flat
Parcel and the Owner thereof as provided in Article 5.
(c) Fail to maintain fire, liability and extended coverage on
the insurable portions, if any, of the Common Area on a current
replacement cost basis in an amount not less than 100% of the
insurable value (based on current replacement cost).
(d) Use hazard insurance proceeds for losses to any
Association property for other than the repair, replacement or
reconstruction thereof.
6.02 Examination of Books and Records. First mortgagees of
Six -Flat Parcels shall have the right to examine the books and
records of the Association at reasonable times during normal
business hours.
6.03 Vent of Taxes and Other Char es in Default. First
mortgagees of Six -Flat Parcels may, joint y an severally, pay taxes
or other charges which are in default and which may or have become a
charge against any Common Area or other common property owned by the
Association, and may pay overdue premiums on hazard insurance
policies, or secure new hazard insurance coverage on the lapse of a
policy, for Common Area or other common property, and first
mortgagees making such payments shall be owed immediate
reimbursement from the Association.
6.04 Documents and Notices. Upon written request sent to the
Board by the holder of a first mortgage on a Six -Flat Parcel, such
first mortgagee shall be entitled to the following, provided,
however, that the failure of the Association to furnish any of the
following to any first mortgagee who has so requested same shall not
effect the validity of any action or decision related to any of the
following:
(a) Copy of any financial statement of the Association which
is prepared for the Association and distributed to the Owners;
(b) Written notice of all meetings of the Association and the
right to designate a representative to attend all such meetings;
. (c) Notice of any material amendment to the Declaration, By -
Laws or Articles of Incorporation of the Association;
(d) Notice of the decision of the Association to terminate
professional management and assume self-management;
(e) Notice of any substantial damage to or destruction of any
part of the Common Area or the facilities thereon;
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(f) Notice of any condemnation or eminent domain proceeding
with respect to any portion of the Common Area;
(g) Notice of any default in the Six -Flat Parcel Owner's
obligations hereunder not cured within thirty (30) days after a
written notice of default has been sent to such owner by the
Association.
6.05 Insurance Proceeds and Condemnation Awards.
Notwithstanding anything herein the to contrary, no Owner or other
party shall have priority over any rights of the first mortgagee of
a Six -Flat Parcel, pursuant to its mortgage, in the case of a
distribution to the Owner of such Six -Flat Parcel of insurance
proceeds or condemnation awards for losses to or a taking of the
Common Area or any other Association property.
6.06 OtherRights. The provisions of this Article are in
addition to all other rights of first mortgagees pursuant to this
Declaration or under law and apply notwithstanding any other
provisions hereof to the contrary.
ARTICLE 7
INSURANCE
7.01 (a) The Association shall be responsible for procuring and
maintaining comprehensive public liability insurance, including
liability for injuries to and death of persons in an amount not less
than one Million Dollars ($1,000,000.00) per occurrence, and
property damage, in such limits as it shall deem desirable, and
other liability insurance as it may deem desirable, insuring the
Association from liability in connection with the ownership and/or
use of the Common Area. The Association shall be further
responsible for maintaining such policies of insurance for the
Common Area against loss or damage by fire and such other hazards
contained in a customary "all risk" policy provided that such
policies shall (i) provide that such policies may not be cancelled
or substantially modified without at least thirty (30) days' written
notice to the Association and all mortgagees of record of the Common
Area; (ii) provide that all mortgagees of record of the Common Area
shall have the right to pay overdue insurance premiums and to obtain
new coverage in the event the existing insurance policy lapses;
(iii) provide for coverage in the amount of one hundred percent
(100%) of current full replacement value; and (iv) contain standard
mortgage clause endorsements in favor of the mortgagee(s) of the
Common Area, as their respective interests may appear. The
liability policy shall also name as insureds the Association's
agents, officers, employees, each Owner and the Village, its agents,
officers and employees.
(b) The Association shall be responsible for procuring and
maintaining a fidelity bond insuring the Association, the Board and
the owners against loss of funds as a result'of the fraudulent or
dishonest acts of any employee of the Association or its management
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agent or of any other person handling the funds of the Association,
the Board or the Owners in such amounts as the Board shall deem
necessary but not less than 150% of the annual operating expenses of
the Association, including reserves. Such bond shall contain
waivers of any defense based on the exclusion of persons who serve
without compensation from any definition of "employee" or similar
expression. Such bond shall provide that it may not be cancelled
for non-payment of any premiums or otherwise substantially modified
without thirty (30) days' prior written notice to all holders of
first mortgages of record.
(c) The Association may also obtain such other kinds of
insurance as the Association shall from time to time deem prudent in
such amounts as the Association shall deem desirable including, but
not limited to, the following: Earthquake and Flood Risk;
Directors' and Officers' Liability; Workmen's Compensation and
Employer Liability; and Non -Owned or Hired Automobile Insurance.
7.02 Each Owner shall procure and maintain in full force at all
times insurance covering his Unit consisting of, or providing all
the protections afforded by, the insurance now generally described
in an "all risk" policy to one hundred percent (100%) of the full
insurable value thereof, with loss payable on the basis of the cost
of replacement without deduction for depreciation, less a deductible
amount of no more than one thousand ($1,000.00) dollars and naming
the Association as an additional insured on each policy. Such
insurance shall be written by companies reasonably acceptable to the
Association. A certificate of insurance evidencing such coverage
shall be furnished to the Association and new certificates
evidencing the renewal of each expiring policy of insurance shall be
furnished to the Association in each case at least ten (10) days
prior to the expiration date of the expiring insurance. In the
event a Unit or any portion thereof shall be damaged or destroyed by
fire or other casualty and the Owner thereof shall cause it to be
repaired, restored or reconstructed, as the case may be, the
repairs, restoration or reconstruction shall be in the same
architectural style and design as was originally constructed and
shall conform in all respects to all applicable laws or ordinances
in force at the time of such repair, restoration or reconstruction.
In the event of the total or substantial destruction of all of the
Units and Buildings, the architectural design of the Units and
Buildings to be rebuilt and the materials to be used in constructing
the same shall be agreed upon among the Owners thereof, and in the
absence of agreement, the rebuilt Units and Buildings shall be
substantially similar in architectural design as the original Units
and Buildings and shall be constructed of comparable materials and
quality of construction.
7.03 Upon the failure of any Owner to procure and maintain the
insurance required in Section 7.02 hereof or, in the event the
Board, in its sole discretion, determines that the Unit is
underinsured, the Board shall have the authority to procure such
insurance and/or additional insurance, as the case may be, and the
costs thereof shall become a lien upon the Six Flat Parcel in the
same manner as provided herein for nonpayment of maintenance
assessments.
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k, t.
7.04 All repair, restoration or rebuilding pursuant to the
provisions of this Article 7 shall be carried out under such
supervision and direction as the Board shall deem appropriate in
order to assure the expeditious and correct completion of the work
concerned, and the Owner or Owners of each Unit which shall have
been damaged or destroyed shall fully cooperate with, and abide by
all instructions and directions of, the Association in connection
therewith.
7.05 In the event of such damage or destruction of a Unit, the
holder of the mortgage encumbering said Unit or Six Flat Parcel
shall cause the proceeds of any insurance required pursuant to
Section 7.02 hereof to be utilized in restoring the Unit or Building
pursuant to the terms of this Article.
7.06 In any case in which the Owner or Owners concerned shall
fail to perform or cause to be performed the repair, restoration or
rebuilding required by the provisions of this Article 7, the
Association shall cause such repairs or rebuilding to be furnished,
provided and installed in the manner as set forth in Section 7.03
hereof; provided, however, that to the extent the insurance proceeds
referred to in Section 7.02 are insufficient as to any Unit, the
particular Owner shall be responsible to the Association for such
deficiency, and the Association shall have, and is hereby granted, a
continuing lien on the Six Flat Parcel for which any such repairs or
rebuilding are furnished by the Association in the aggregate amount
of (a) the amount that cost thereof exceeds insurance proceeds, (b)
interest at the rate of twelve percent (128) per annum from the date
of the Association's payment of such costs, and (c) reasonable
attorney's fees and any court or other costs incurred by the
Association in connection therewith, which lien shall bind such Six
Flat Parcel. In the event such Owner does not forthwith fully repay
the Association therefore, as aforesaid, such lien shall be
foreclosed against the Six Flat Parcel by the Association in the
same manner as herein provided in connection with unpaid
assessments. The Association's lien in this Section 7.06 provided
for shall be subordinate to the lien of any first mortgage now or
hereafter placed upon the Six Flat Parcel.
7.07 In the event of any damage or destruction to the exterior
portion of a Unit and the loss is covered by policies of insurance,
the Board shall have the authority to settle and adjust any claim
under such policies without the consent of the respective Owner.
ARTICLE 8
LEASES
No Six -Flat Parcel or any Apartment located therein shall be
leased for hotel or transient purposes. Any agreement between an
Owner and a lessee for the lease of a Six -Flat Parcel or,Apartment
shall be in writing and shall provide that it is subject in all
respects to the provisions of this Declaration and the Articles of
Incorporation, By -Laws and Rules and Regulations of the Association,
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and that failure by the lessee to comply with the terms thereof
shall be a default under such lease. Other than the foregoing,
there is no restriction imposed by this Declaration on the right of
an Owner, including Declarant or Developer, to lease ,any Six -Flat
Parcel or Apartment it owns.
ARTICLE 9
In the event there is a taking or condemnation by a competent
authority of all or any portion of the Common Area, the proceeds
awarded in such condemnation shall be paid to the Association and
either: (i) used to replace on the existing Common Area any facility
or improvements so taken; (ii) used to acquire other real estate as
additional Common Area and to replace any such facility or
improvement so taken; or (iii) shall be distributed to the Owners
and their respective mortgagees, as their respective interests may
appear, in equal shares. If any real estate is acquired hereunder,
it shall promptly be added to the Common Area by the recording of a
supplement to this Declaration, legally describing said real estate
and executed by the Association by its duly authorized officers.
ARTICLE 10
PARTY WALLS
10.01 All dividing walls between the two (2) Units in any
Building which straddle the boundary line between Subdivision Lots
and which stand partly upon one Subdivision Lot and partly upon
another, and all walls which serve two or more Units, shall at all
times be considered party walls, and each of the Owners of the Six
Flat Parcels upon which any such party wall shall stand shall have
the right to use said party wall below and above the surface of the
ground and along the whole length or any part of the length thereof
for the support of said Units and for the support of any Building
currently constructed or hereafter constructed to replace the same,
and shall have the right to maintain in or on said wall any pipes,
ducts or conduits originally located therein or thereon, subject to
the restrictions hereinafter contained.
10.02 No Owner of any Six Flat Parcel nor any successor in
interest to any such Owner shall have the right to extend said party
wall in any manner, either in length, height or thickness.
10.03 In the event of damage to or destruction by fire or other
casualty of any party wall, including the foundation thereof, the
Owner of any Subdivision Lot upon which such party wall may rest
shall have the obligation to repair or rebuild such wall and the
owner of each Subdivision Lot upon which such wall shall rest, be
served or benefited by, shall pay his aliquot portion of thecost of
such repair or rebuilding. All such repair or rebuilding shall be
-17-
done within a reasonable time, in a good and workmanlike manner with
materials comparable to those used in the original wall and shall
conform in all respects to the laws or ordinances regulating the
construction of buildings in force at the time of such repair or
reconstruction. Whenever any such wall or any portion thereof shall
be rebuilt, it shall be erected in the same location and on the same
line and be of the same size as the original wall.
10.04 The foregoing provisions of this Article 10
notwithstanding, the Owner of any Six Flat Parcel, or other
interested party, shall retain the right to receive a larger
contribution from another or others under any rule or law regarding
liability for negligent or willful acts or omissions. The right of
any Owner, or other interested party, to contribution from any other
Owner under this Article 10 shall be appurtenant to the land and
shall pass to such Owner's or other applicable person's successors
in title.
10.05 The title of each Owner to the portion of each party wall
within a Unit is subject to a cross easement in favor of the
adjoining Owner for joint use of said wall.
ARTICLE 11
ARCHITECTURAL CONTROL; EXTERIOR MAINTENANCE AND REPAIR
11.01 Changes to Building Structure and Exterior Additions or
Alterations. Nothing shall be done in any Building or Unit or in,
on, or to N Property which will impair the structural integrity of
any Building or Unit or which would structurally change any Building
or Unit except as otherwise provided herein. Except as constructed
or approved by Developer, no exterior addition, alteration or change
in design, color, material, finish or otherwise shall be made to any
Building or Unit or to the Property, and no sign, canopy, shutters
or antenna shall be affixed to or placed upon the exterior walls or
roof of any Building or Unit without, in each case, the written
consent of the Board.
11.02 Maintenance Re air and Reconstruction. Each Unit and
Six -Flat PA shal be kept and maintained in good condition and
repair and in a clean and sightly condition. All repairs to the
Units or other improvements originally installed by Developer on any
Six -Flat Parcel shall be made in a good and workmanlike manner, with
materials comparable to those used in the original structure, and
shall conform in all respects to the laws or ordinances regulating
the construction and repair of such structures in force at the time
of such repair. All such repairs shall be made so as not to change
the architectural design, color, material, or finish of any Building
or Unit. In the event of damage to or destruction of any of the
Units or Building or other improvements originally installed by
Developer on any Six -Flat Parcel, the Owner or Owners from time to
time of any such improvements covenant and agree that they will,
within a reasonable time after such damage or destruction, repair or
rebuild the same in a substantial and workmanlike manner-, with
materials comparable to those used in the original structure, and
shall conform in all respects to the laws or ordinances regulating
the construction of such structures in force at the time of such
repair or reconstruction. The exterior of such structure, when
rebuilt, shall be substantially the same as and of architectural
design conformable with the exterior of said structure immediately
prior to such damage or destruction.
11.03 Association and Owner Rights. In the event any Owner
shall fail to perform such maintenance, repairs, or reconstruction,
or in the event such maintenance, repairs, or reconstruction is
necessary to protect the Common Area or any of the Units or other
improvements on the Property, or to maintain the general character,
appearance and condition thereof, and the same is not done within a
reasonable time after written notice of the necessity thereof, or,
in the case of an emergency, without notice, the Association may
enter upon any Six -Flat Parcel and cause such maintenance, repairs
or reconstruction to be done and the costs thereof shall be assessed
and charged to such Owner as his personal obligation and shall be a
lien upon such Owner's Six -Flat Parcel and enforceable as provided
in Article 5. Additionally, any Owner adversely affected by the
failure of another Owner or the Association to comply with the
provisions of Sections 11.01 and 11.02 shall have the right to seek
enforcement thereof as provided in Section 13.02.
ARTICLE 12
COVENANTS AND RESTRICTIONS AS TO USE AND OCCUPANCY
12.01 Use of Residence. Except as provided in Paragraph 4.05,
none of the Apartments shall be used other than as a residence.
12.02 Obstruction. There shall be no obstruction of the
streets, driveways, parking areas or other portions of the Common
Area, nor shall anything be stored in or upon the Common Area
(except in areas designed for such purposes, if any) without the
prior consent of the Board.
12.03 Unsi htses The Property shall be
cearo Nan
kept free and debris,
and other unsightly
materials and no waste shall be committed thereon. No clothes,
sheets, blankets, laundry or other articles may be hung out or
exposed on any portion of any of the Apartments, Units or Six -Flat
Parcel. No noxious or offensive activity shall be carried on in any
portion of the Property, a Building, a Six -Flat Parcel, a Unit or
any of the Apartments nor shall anything be done therein, either
willfully or negligently, which may be or become an unreasonable
disturbance or nuisance to other Owners or occupants. No Owner
shall permit anything to be done or kept within his Six -Flat Parcel,
the Common Area, or other portion of the Property which will
increase the rate charged for or cause cancellation of insurance
carried by the Association on the Common Area, or which would be in
violation of any law.
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12.04 Pets. No animals of any kind shall be raised, bred, or
kept in any7 of the Units or on any Six -Flat Parcel or in the
Buildings except that dogs, cats, or other household pets may be
kept in an Apartment subject to the Rules and Regulations, provided
they are not kept, bread, or maintained for any commercial purpose;
and provided further that any such pet causing or creating a
nuisance or unreasonable disturbance shall be permanently removed
from the Property upon three (3) days' written notice from the
Board.
12.05 Siqns, Etc. Except as provided in Paragraph 4.05, no
"For Sale" or "For Rent" signs, advertising, or other displays shall
be maintained or permitted on any part of the Property, except at
such locations and in such form as may be authorized by the Board.
12.06 No Business Activities. No industry, business, trade,
occupation or profession of -any kind, commercial, religious,
education or otherwise, designated for profit, altruism,
exploitation or otherwise shall be conducted, maintained or
permitted in any of the Apartments, Units or Buildings except as
provided in Paragraph 4.05.
12.07 Window Coverings. The covering of the interior surfaces
of the windows of the Units, whether by shades, draperies or other
items visible from the exterior of the Buildings, may be made
subject to the rules and regulations of the Board.
12.08 PersonalProperty. There shall be no parking or storage
of baby carriages, bicycles, motorcycles, wagons, toys, vehicles, or
other personal property on any part of the Property except as
permitted by the rules and regulations of the Board.
12.09 Use of Water. The Association shall have the right to
use water from the taps or spigots which are attached to Buildings
for the purpose of watering the landscaped areas and otherwise
maintaining the portions of the property to be maintained by the
Association. If the costs of the use of such water is not
separately charged or metered to the Association, the Association
shall reimburse the Owner who pays for such water on a reasonable
basis as agreed upon between the Association Board and Owner.
12.10 Permitted Activities. The restriction of this Article
shall not, however, be constru in such a manner as to prohibit any
Owner from: (a) maintaining his personal professional library within
his Unit; (b) keeping his personal business records or accounts
within his Unit; or (c) handling his personal or professional
telephone calls or correspondence from his Unit. Such uses are
expressly declared customarily incident to the principal residential
use of a Unit and not in violation of this Article.
_20_
k
ARTICLE 13
MISCELLANEOUS
13.01 Managing Agent. Developer reserves the right, directly
or through an affiliate, to act as managing agent for the
Association and to . receive reasonable compensation for such
services, provided that such services shall be subject to
termination by Developer or the Association without notice at any
time after the Turnover Date.
13.02 Enforcement. In addition to all other rights and
remedies herein granted to the Association and the Owner, the
Association or any aggrieved or adversely affected Owner may seek to
enforce the provisions of this Declaration, its By -Laws, Articles of
Incorporation and Rules and Regulations by any proceeding at law or
in equity against any person or persons violating or attempting to
violate any such provisions. All rights and remedies of the
Association or any such Owner may be exercised at any time and from
time to time, cumulatively or otherwise, and failure by the
Association or any such Owner to enforce any such provision shall in
no way be deemed a waiver of the right to do so thereafter. All
expenses incurred by the Association or any such Owner in connection
with any such proceedings, including attorneys' fees and court and
deposition costs, and the amount of any money judgment entered
against an Owner shall, together with interest thereon at the
maximum legal rate, be charged to and assessed against any Owner
violating any such provisions and shall be added to and deemed a
part of his assessment and constitute a lien on his Unit and be
enforceable as provided in Article 5.
13.03 Severabilit . Invalidation of any provisions of this
Declaration judgment or court order shall not affect any other
provisions hereof, all of which shall remain in full force and
effect.
13.04 Title in Land Trust. In the event title to any Six -Flat
Parcel is conveyed to a title -holding trust, under the terms of
which all powers of management, operation and control of the Six -
Flat Parcel remain vested in the trust, beneficiary or
beneficiaries, then the beneficiary or beneficiaries thereunder from
time to time shall be responsible for the performance of all
agreements, covenants and undertakings chargeable or created under
this Declaration against such Six -Flat Parcel. No claim shall be
made against any such title -holding trustee personally for payment
of any lien or obligation hereunder created and the trustee shall
not be obligated to sequester funds or trust property to apply in
whole or in part against such lien or obligation. The amount of
such lien or obligation shall continue to be a charge or lien upon
the Six -Flat Parcel and the beneficiaries of such trust
notwithstanding any transfers of the beneficial interest of any such
trust or any transfer of title to such Six -Flat Parcel.
13.05 Notices. Any notice required
under the prow s oiionns of this Declaration
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or desired to be given
to any member or Owner
shall be deemed to have been properly given when either delivered
personally, deposited in the United States mail, postage prepaid,
addressed to such member or Owner at his last known address, all as
shown on the records of the Association at the time of such mailing,
or if such address is an Apartment in a Unit, when deposited in the
mailbox for that Apartment.
13.06 BindingEffect. The easements created by this
Declaration shall be of perpetual duration and the covenants and
restrictions of this Declaration shall run with and bind the land,
and shall inure to the benefit of and be enforceable by the
Association, or the Owner of any Six -Flat Parcel subject to this
Declaration, their respective legal representatives, heirs,
successors and assigns, for a term of twenty-one (21) years from the
date this Declaration is recorded, after which time said covenants
shall be automatically extended for successive periods of ten (10)
years unless an instrument signed by the Owners of not less than
seventy-five percent (75%) of the Six -Flat Parcels has been
recorded, agreeing to amend said covenants and restrictions in whole
or in part.
13.07 Successors and Predecessors of Declarant orereuDevelo r
r .
No party exercising rights as Declarant or Developen er s
have or incur any liability for the acts of any other party which
previously exercised or subsequently shall exercise such rights.
13.08 Amendments to Declaration. Subject to the provisions of
Article 6 and the provisions set forth below, the provisions of this
Declaration may be amended by an instrument in writing setting forth
such amendments and signed by the Owners of at least two-thirds
(2/3) of the Six -Flat Parcels, or that is approved at a general or
special meeting of members by the affirmative vote of a majority of
the votes cast by the Voting Members, in person or by proxy, and
containing a certification by an officer of the Association that
said instrument was duly approved as aforesaid; except that (i) this
Paragraph 13.08 may not be amended without the written consent of
all Owners; (ii) Article 6 may not be amended without the written
consent of holders of two-thirds (2/3) of the first mortgages (based
upon one vote for each Six -Flat Parcel encumbered with a first
mortgage) on the individual Six -Flat Parcels; (iii) no provision in
Article 8 and no other provision relating to the rights granted
hereunder to Declarant or Developer may be amended without the
written consent of Developer; and (iv) until the Turnover Date, no
amendment to this Declaration shall be effective without the written
consent of Developer.
Notwithstanding any language to the contrary contained in this
Declaration, Declarant reserves the right and power, to be exercised
without the consent of any Owner or his First Mortgagee, to record a
special amendment ("Special Amendment") to this Declaration and to
the Plat at any time and from time to time which causes this
Declaration or the Plat (i) to comply with requirements of the
Federal National Mortgage Association, the Government National
Mortgage Association, the Federal Home Loan Mortgage Corporation,
the Department of Housing and Urban Development, the Federal Housing
-22-
Association, the Veteran's Administration, or any other governmental
agency or any other public, quasi-public, or private entity which
performs (or may in the future perform) functions similar to those
currently performed by such entities, (ii) to induce any of such
agencies or entities to make, purchase, sell, insure, or guarantee
first mortgages covering Six Flat Parcels or Units, (iii) to correct
clerical or typographical errors in this Declaration or the Plat or
any Exhibit hereto or any supplement or amendment thereto, or (iv)
to change or modify any of the terms or conditions of this
Declaration and the Plat based upon Declarant's determination, made
in good faith, that such change or modification is in the best
interests of the Premises and is consistent with the intent and
purposes of this Declaration and the Plat. In furtherance of the
foregoing, a power coupled with an interest is hereby reserved and
granted to the Declarant to vote in favor of, make, or consent to a
Special Amendment on behalf of each Owner as proxy or attorney-in-
fact, as the case may be. Each deed, mortgage, trust deed, other
evidence of obligation, or other instrument affecting a Six Flat
Parcel, and the acceptance thereof shall be deemed to be a grant and
acknowledgment of, and a consent to the reservation of, the power of
the Declarant to vote in favor of, make, execute and record Special
Amendments. The right of the Declarant to act pursuant to rights
reserved or granted under this Section 13.08 shall terminate at such
time as the Declarant no longer holds or controls title to any Six
Flat Parcel.
No amendment shall be effective until duly recorded in the
Office of the Recorder of Deeds of Cook County, Illinois.
13.09 Trustee Exculpation. It is expressly understood and
agreed by and between the parties hereto, anything herein to the
contrary notwithstanding, that each and all of the representations,
covenants, undertakings and agreements of said Declarant are
nevertheless, each and every one of them, made and intended not as
personal representations, covenants, undertakings and agreements by
Declarant or for the purpose of with the intention of binding said
Declarant personally, but are made and intended for the purpose of
binding only that portion of the trust property specifically
described herein, and this instrument is executed and delivered by
said Declarant not in its own right, but solely in the exercise of
the powers conferred upon it as Trustee, as aforesaid, and that no
personal liability or personal responsibility is assumed by nor
shall at any time be asserted or enforceable against Declarant or
any of the beneficiaries under the Trust Agreement, on account of
this instrument or on account of any representation, covenant,
undertaking or agreement of the said Declarant in this instrument
contained, either express or implied, all such personal liability,
if any, being expressly waived and released. It is understood and
agreed by the parties hereto, anything to the contrary
notwithstanding, that Declarant will act only on the direction of
the beneficiaries.
IN WITNESS WHEREOF, the said American National Sank and Trust
Company of Chicago, as Trustee as aforesaid and not individually,
-23-
t
has caused its corporate seal to be affixed hereunto and has caused
its name to be signed by these presents by its
President and attested by its __the y an year
first above written.
AMERICAN NATION.AND TRUST COMPANY OF CHICAGO
not individuaO*/,7 .O Trustee as aforesaid
By: ! / l/ ATTEST:
Its:
�E£� fpEbStrEiQ�l .�-v_��
QSS!S;fu' SECRETARY
Return to:
Bert K. Bittourna
c/o The Inland Group, Inc.
2901 Butterfield Road
Oak Brook, Illinois 60521
-24-
STATE OF ILLINOIS)
)ss
COUNTY OF )
I, Pamela A. Sin , a Notary Public in and for the County
and State a oresai , do hereby certify that_ MICYAYL f9HLLSF
`iu- President of American National Bank and Trust Company of
Chicago and �j� C�ILIV _'• ,'
thereof, persona y own to me to bethe same persons w ase names
are subscribed to the foregoing instrument as such Cy
President and _ _:..::.: ,: , respectively, appeared ore me this
day in person and acknowledged that they signed and delivered the
said instrument as their own free and voluntary act and as the free
and voluntary act of said Bank, for the uses and purposes therein
set forth.
GIVEN under my hand and Notarial Seal thisDEC O 9 19* of
1992.
My Commission Expires:
,5 / RP
/ Iti i �i[ / A
- —
"OFFICIAL SEAL"
ANN CSIROS
My Comm ss,a' S ,te if Illinois
n Expires 5/1/96
-25-
EXHIBIT "A"
LEGAL DESCRIPTION OF THE PROPERTY
LOTS 1 THROUGH 15, INCLUSIVE, IN MEADOW GROVE SUBDIVISION, BEING
A SUBDIVISION IN THE EAST HALF OF THE. NORTHWEST QUARTER OF
SECTION 27, TOWNSHIP 41 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL
MERIDIAN, IN COOK COUNTY, ILLINOIS, ACCORDING TO THE PLAT THEREOF
RECORDED IN THE OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY,
ILLINOIS ON December 22 . 1992 AS DOCUMENT NO. 92 963376
DLR 1152 19/13/92 1135
EXHIBIT "B"
LEGAL DESCRIPTION OF THE COMMON AREA
LOT 15 IN MEADOW GROVE SUBDIVISION, BEING A SUBDIVISION IN THE
EAST HALF OF THE NORTHWEST QUARTER OF SECTION 27, TOWNSHIP 41
NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK
COUNTY, ILLINOIS, ACCORDING TO THE PLAT THEREOF RECORDED IN THE
OFFICE OF THE RECORDER OF DEEDS OF COOK COUNTY, ILLINOIS ON
-no ... her 22 , 1992 AS DOCUMENT NO. 92 963376
DLR 1152 10/13/92 1135
EXHIBIT "C"
BY-LAWS
OF
MEADOW GROVE OWNERS ASSOCIATION
ARTICLE 1
NAME OF ASSOCIATION
The name of this Association is Meadow Grove Owners
Association (the "Association").
ARTICLE 2
All terms used in these By -Laws shall have the same
definitions as set forth in the Declaration of Covenants,
Conditions, Easements, Restrictions and Party Wall Rights for
Meadow Grove Owners As$ociation, as amended from time to time
(the "Declaration"), to the extent such terms are defined
therein.
ARTICLE 3
PURPOSES AND POWERS
3.01 Purposes. The purposes of this Association are to own,
maintain and administer the Common Area and facilities and
improvements thereon, certain other improvements within the
Property which lie outside the Common Area, to maintain and pay
for certain equipment, services and expenses for the entire
Property, and to promote the health, safety and welfare of, and
the common use and enjoyment thereof by, its members, all on a
not-for-profit basis, subject to and in accordance with the terms
and provisions of the Declaration and these By -Laws.
3.02 Powers. The Association shall have and exercise all
powers as are now or may hereafter be granted by the General Not -
For -Profit Corporation Act of the State of Illinois, the
Declaration and these By -Laws.
ARTICLE 4
OFFICES
4.01 Registered Office. The Association shall have and
continuous y m t n the State of Illinois a registered
office and a registered agent whose office shall be identical
with such registered office, and may have such other offices
within or without the State of Illinois as the Board of Directors
may from time to time determine.
4.02 Princi al Office. The principal office of the
Association s a e maintained on the Property.
ARTICLE 5
MEMBERSHIP, VOTING RIGHTS AND MEETINGS OF MEMBERS
5.01 Membership. As provided in Article 2 of the
Declaration, every Owner of a Six -Flat Parcel shall be a member
of the Association and such membership shall automatically
terminate upon the sale, transfer or other disposition by such
member of his Six -Flat Parcel, at which time the new Owner shall
become a member.
5.02 Voting Rights. As provided in Article 2 of the
Declaration, commencing on the Turnover Date each member shall
have one vote for each Six -Flat Parcel such member owns, provided
that in no event shall more than one (1) vote be cast with
respect to any Six -Flat Parcel. If more than one person owns a
Six -Flat Parcel, the vote for that Six -Flat Parcel shall be
exercised as all such Owners of that Six -Flat Parcel shall
determine. If a Six -Flat Parcel is owned by a trustee,
corporation, partnership or other legal entity, the vote for such
Six -Flat Parcel shall be exercised as the Owner of that Six -Flat
Parcel shall from time to time designate in writing, subject to
such applicable provisions as may from time to time be contained
in the By -Laws. The person entitled to vote with respect to each
Six -Flat Parcel shall be the Voting Member. Prior to the
Turnover Date, all voting rights shall be lodged exclusively in
the Developer and -the members shall have no voting rights.
5.03 Manner of Actin . Unless otherwise expressly provided
by law, in t Dec oration or in these By -Laws, any action that
may be taken by the members may be taken at any duly convened
meeting at which a quorum of the Voting Members is present, upon
the affirmative vote of a majority of the Voting Members voting
at such meeting.
5.04 Initial Meeting (Turnover Date); Annual Meetings. The
date of the dial meeting of members (the Turnover Date) shall
be as provided in Paragraph 3.02 of the Declaration. Thereafter
there shall be an annual meeting of members (one of the purposes
of which shall be to elect directors), on the second Tuesday of
September of each succeeding year at 7:30 p.m., or at such other
reasonable time or date (not more than thirty (30) days before or
after such date) at such place as designated by the Boards of
Directors.
5.05 -special Meetin e. Special meetings of the members may
be called at any time to consider matters which by the terms of
the Declaration of these By -Laws require the approval of the
members, or for any other reasonable purpose. Such meetings may
be called by the President of the Association, by a majority of
the Board of Directors, or after the Turnover Date, upon the
written request of Voting Members having twenty-five percent
(25%) of the total votes.
5.06 Notice of Meetin s. Written notice shall be given to
each member oT any meeting of members (including the initial
meeting) not less than ten (10) nor more than thirty (30) days
before the day of such meeting. Notices shall be given by the
Secretary at the direction of the President or
other persons calling the meeting, and shall state the place, day
and hour of the meeting and the purpose or purposes of the
meeting. Notices shall be sent to the members at the address
furnished by them to the Association for the purpose of service
of notices or, if no such address has been furnished, to the Six -
Flat Parcel owned by such member. Notices addressed as above
shall be deemed delivered when deposited in the United States
mail, postage prepaid, or when personally delivered to that
address.
5.07 Place of Meetings. All meetings of members shall be
held on the Property or such other convenient location as shall
be specified in the notice of such meeting.
5.08 Quorum. The presence of any meeting, in person and by
proxy, of Voting Members having twenty-five percent (258) of the
total votes shall constitute a quorum for any action to be taken
by the members except as may otherwise be provided in the
Declaration, these By -Laws, or by law. If a quorum is not
present at any meeting, a majority of the Voting Members present
may adjourn the meeting at any time, without further notice. At
any adjourned meeting at which a quorum shall be present, any
business may be transacted which might have been transacted at
the original meeting. withdrawal of Voting Members from any
meeting shall not cause failure of any duly constituted quorum at
that meeting.
5.09 Proxies. At all meetings of members, a Voting Member
may vote eit r in person or by proxy. All proxies shall be in
writing and filed with the Secretary. Every proxy shall be
revocable and shall automatically be void upon termination by the
member of his interest in the Unit.
ARTICLE 6
OF DIRECTORS
6.01 In General. The affairs of the Association shall be
managed byt�� of Directors, which' commencing with the
election of directors on the Turnover Date, shall consist of five
(5) persons elected as hereinafter provided.
6.02 h2pointmient by Developer. As provided in.Paragraph
3.02 of the Dec arat n, anti the directors are elected by the
Voting Members on the Turnover .Date, the Board shall consist of
such persons, but not less than three (3), as Developer shall
from time to time designate.
6.03 Votin and Election b Members Number and Term. In
all elections or rectors, eac Voting M r s all be entitled
to vote on a cumulative voting basis, and the candidates
receiving the highest number of votes with respect to the number
of offices to be filled shall be deemed to be elected. On the
Turnover Date, five (5) directors shall be elected who shall
serve until the first annual meeting of the members following the
Turnover Date. At the first annual meeting, and at all
succeeding annual meetings, the five (5) persons receiving the
highest numbers of votes shall be elected to the Board for a term
of one (1) year and shall thereafter_ continue in office until his
successor shall have been elected and qualified, provided that
any director may succeed himself in office.
6.04 Qualifications. Each director (except those appointed
by the Deve oper) sha1�be an Owner, provided that if any Owner
is a trustee of a trust, a director may be a beneficiary of such
trust, and if any Owner or such a beneficiary is a corporation or
partnership, a director may be an officer, partner or employee of
such Owner or beneficiary. If any director shall cease to meet
such qualification during his term, he shall thereupon cease to
be a director and his place on the Board shall be deemed vacant.
6.05 Annual Meetings. The first meeting of the elected
Board shall be on the Turnover Date, held without further notice
other than this By -Law, immediately after and at the same place
as the initial meeting of members. Therefore, there shall,
without further notice other than this By -Law, be an annual
meeting of directors immediately after and at the same place as
each annual meeting of members.
6.06 Regular Meetings. In addition to its annual meeting,
regular meet gs o t Board shall be held at the Property or at
such other place and at such time as a majority of the Board
shall by resolution from time to time determine, provided that
there shall be not less than one regular meeting each calendar
quarter. Notice of such regular meetings of the Board shall be
given to each director at least five (5) days prior to the
meeting.
6.07 Wial Meetings. Special meetings of the Board may be
called by the President or a majority of the directors and shall
be held at the Property and at such time as the person or persons
calling such special meeting may determine. Notice of any
special meeting of the Board shall be given at least three (3)
days prior to any such meeting.
6.08 Notice of Meetin s• Contents. Notice of all board
meetings a ma or de Iver to all Owners at least
forty-eight (48) hours prior thereto, unless a written waiver is
signed by the person or persons entitled to such notice before
the meeting is convened. Notices of all Board meetings, stating
the time and place thereof, shall be given to each Owner and
director personally, by mail, or, if the director resides in an
Apartment, by depositing a copy in the mailbox of such Apartment.
Such notices, if mailed, shall be deemed given two (2) days after
they have been deposited in the United States mail, postage
prepaid, addressed to the Owner and director at his address as
shown on the records of the Association. Notices deposited in
the mailbox of the Unit in which an Owner or director resides
shall be deemed given when so deposited. Neither the business to
be transacted at, nor the purpose of, any regular or special
meeting of the Board need be specified in the notice of such
meeting, unless specifically required by law or these By -Laws.
Copies of notices of meetings of the Board shall be posted at
such conspicuous places on the Property as are designated by the
Board at least forty-eight (48) hours prior to the meeting of the
Board.
6.09 Notice of Meeting: Annual Budget or Special
Assessment. Each Owner shall receive written notice in the
manner prescribed in 6.08 herein no less than ten (10) days and
no more than thirty (30) days prior to any meeting of the board
concerning the adoption of the proposed annual budget or any
increase of establishment of an assessment.
6.10 Waiver of Notice. Any Owner or director may waive
notice of any meeting prior to the time the meeting is convened.
The attendance of an Owner or director at any meeting shall
constitute a waiver of notice of such meeting, except where an
Owner or director attends a meeting for the express purpose of
objecting to the transaction of any business because the meeting
is not lawfully called or convened.
6.11 Quorum. A majority of the directors serving from time
to time on the Board shall constitute a quorum for the election
of officers and for the transaction of business at any meeting of
the Board, provided that if less than a quorum is present, a
majority of the directors present may adjourn the meeting from
time to time without further notice.
6.12 Manner of Actin . Except as otherwise expressly
provided by-law, the Dec aration of these By -Laws, any action of
the directors may be taken upon the affirmative vote of a
majority of the directors at which a quorum is present.
6.13 Compensation; Reimbursement for Expenses. Directors
shall receive no campensat on or it sery ces, but shall be
reimbursed for reasonable out-of-pocket expenses incurred in the
course of the performance of .their duties upon presentation of
receipts or other appropriate evidence of such expense.
6.14 Removal of Resicanation of Directors. Any director
elected on or—aft—erIT5 Turnover Date may be removed from office,
with or without cause, by the affirmative vote of at least two-
thirds (2/3) of the Voting Members at any meeting of members
called for such purpose. Any director may resign at any time by
submitting his written resignation to the Board. If a director
ceases to be a member of the Association, he shall be deemed to
have resigned as of the date his membership ceased.
6.15 Vacancies. Any vacancy occurring in the Board of
Directors shall be filled by election at the next annual meeting
of members or at a special meeting of members that may be called
for that purpose and held prior to such annual meeting. Any
director elected by the members to fill a vacancy shall serve for
the balance of the unexpired term of his predecessor in office.
Prior to the filling of such vacancy by the members, directors
may elect a director to temporarily fill any vacancy, provided
that any director so elected shall serve only until such vacancy
is filled by election by the members, as provided herein.
6.16 Open Meings. Meetings of the Board shall be open to
any owner excep et0 the portion of any meeting held (i) to
discuss litigation when an action against or on behalf of the
Association has. been filed and is pending in a court or
administrative tribunal, or when the Board finds that such an
action is probable or imminent, (ii) to consider information
regarding appointment, employment or dismissal of an employee, or
(iii) to discuss violations of rules and regulations of the
Association or unpaid common expenses owed to the Association.
Any vote on the foregoing matters shall be taken at a meeting or
portion thereof open to any owner. Any owner may record the
proceedings at meetings required to be open by tape,.film or
other means; provided, however, that the Board may prescribe
reasonable rules and regulations to govern the right to make such
recordings.
ARTICLE 7
POWERS AND DUTIES OF
BOARD OF DIRECTORS
7.01 The Board shall have and exercise all the powers,
duties and authority vested in the Association By -Law, the
Declaration and these By -Laws, except those expressly reserved to
the members. without limiting the generality of the foregoing,
the Board shall:
(a) Prepare, adopt and distribute to Owners an annual budget
and any revisions thereto and to distribute same to each Owner in
accordance with and as more fully set forth in the Declaration.
(b) Levy and collect assessments from the Owners.
(c) Pay the expenses of the Association, including all real
estate and other taxes on the Common Area and all facilities and
improvements thereon.
(d) Procure and maintain fire and extended coverage
insurance on the Common Area facilities as provided in the
Declaration, and such public liability, workmen's compensation,
fidelity, directors and officers liability, and other insurance
in such amounts and insuring against such risks as the Hoard
deems desirable.
(e) Engage the services of a professional manager for the
Association and its property and such other personnel and
servicers, including accountants and attorneys, as the Board may,
in its discretion, deem necessary or desirable.
(f) Adopt and amend from time to time Rules and Regulations
as authorized under Paragraph 4.01 (a) of the Declaration.
Written notice of such Rules and Regulations and of any
amendments shall be given to all Owners, and the entire Property
shall at all times be maintained subject to such Rules and
Regulations, provided that with respect to any Rules and
Regulations or any amendment thereto adopted on or after the
Turnover Date, if within (30) days from the date of such written
notice to the Owners of the adoption thereof, the Voting Members
having at least one-fourth (1/4) of the total votes shall file
with the Board a written objection thereto, then such Rule or
Regulation shall be deemed rescinded until approved by the Voting
Members having at least a majority of the total votes.
(g) Keep detailed accurate records of the receipts and
expenditures affecting the use and operation of the Property.
(h) Borrow money and mortgage the Common Area as authorized
by and subject to the provisions of Paragraph 4.01 (b) of the
Declaration.
(i) Cause to be executed and delivered, in the name and on
behalf of the Association, such agreements in favor of mortgages
of Six -Flat Parcels or others as may be required to qualify said
mortgages for sale to the Federal Home Loan Mortgage Corporation
or the Federal National Mortgage Association.
(j) Maintain the following records of the Association
available for examination and copying at convenient hours of
weekdays by any Owners or their mortgagees and their duly
authorized agents or attorneys:
(1) Copies of the recorded Declaration, other duly
recorded covenants and By -Laws and any amendments, articles or
incorporation of the Association, annual reports and any rules,
and regulations adopted by the Association or the Board. Prior
to the organization of the Association, the Developer shall
maintain and make available the records -set forth in this
subsection (1) for examination and copying. -
(2) Detailed accurate records in chronological order of
the receipts and expenditures affecting the Common Areas,
specifying and itemizing the maintenance and repair expenses of
the Common Areas and any other expenses incurred, and'copies of
all contracts, leases, or other agreements entered into by the
Association shall be maintained.
(3) The minutes of all meetings of the Association and
the Board shall be maintained. The Association shall maintain
these minutes for a period of not less than seven (7),years.
(4) Ballots, if any, for any election held for the
Board and for any other matters voted on by the Owners shall be
maintained for a period of not less than one (1) year.
(5) Such other records of the Association as are
available for inspection by members of a not-for-profit
corporation pursuant to Section 25 of the General Not -for -Profit
Corporation Act shall be maintained.
(6) A reasonable fee may be charged by the Association
or its Board for the cost of copying.
(k) Standing of Board. The Board shall have standing and
capacity to act in a representative capacity in relation to
matters involving the Common Areas of the Association or more
than one Six -Flat Parcel on behalf of the Owners as their
interest may appear.
ARTICLE 8
OFFICERS
8.01 Officers. The officers of the Association shall be a
President, one or more Vice Presidents, a Secretary, a Treasurer,
and such other officers as the Board may deem appropriate. All
officers shall be elected at each annual meeting of the Board and
shall hold office at the pleasure of the Board.
8.02 Vacancy of Office. Any officers may be removed at any
meeting of the Board by the affirmative vote of a majority of the
directors in office, either with or without cause, and any
vacancy in any office may be filled by the Board at any meeting
thereof.
8.03 Powers of Officers. The respective officers of the
Association s ve suc powers and duties as are usually
vested in such office of a not-for-profit corporation, including,
but not limited to, the following:
(a) The President shall be the chief executive officer
of the Association and shall preside at all meetings of the
members and of the Board.
(b) The Vice President shall, in the absence or the
disability of the President, perform the duties and exercise the
powers of such office.
(c) The Secretary shall keep minutes of all meetings of
the members and of the Board and shall have custody of the
Association seal, and such other books, papers and documents as
the Board may prescribe.
(d) The Treasurer shall be responsible for Association
funds and securities and for keeping full and accurate accounts
of all receipts and disbursements in the Association books of
account kept for such purpose.
ARTICLE 9
COMMITTEES
9.01 Board Committees. The Board, by resolution adopted by
a majority o erectors in office, may designate one or more
committees, each of which shall consist of two or more directors.
Said committees, to the extent consistent with law and as
provided in said resolution, shall have and exercise the
authority of the Board in the management of the Association, but
the designation of such committees and the delegation thereof of
authority shall not operate to relieve the Board or any
individual director of any responsibility imposed on it or him by
law, nor shall such delegation impair the rights of Owners and
directors to notice of meetings of the Board.
9.02 Special Committees. Other committees not having and
exercising the authority of the Board in the management of the
Association may be designated by a resolution adopted by a
majority of the directors present at a meeting at which a quorum
is present. Except as otherwise provided in such resolution,
members of each such committee shall be members of the
Association, and the President of the Association shall appoint
the members thereof. Any member thereof may be removed by the
person or persons authorized to appoint such member whenever in
their judgement the best interests of the Association shall be
served by such removal.
9.03 Term. Each member of a committee shall continue as
such until Tie next annual meeting of the Board and until his
successor is appointed, unless the committee shall be sooner
terminated, or unless such member shall cease to qualify as a
member thereof.
9.04 Chairman. One member of each committee shall be
appointed 61
rman.
9.05 Vacancies. Vacancies in the mmmtbez'ship of any committee
may be fillga-W-a—ppointment made in the same manner as provided
in the case of the original appointments.
9.06 Quorum. Unless otherwise provided in the resolution of
the Board designating a committee, a majority of the whole
committee shall constitute a quorum and the act of a majority of
the members present at a meeting at which a quorum is present
shall be the act of the committee.
9.07 Rules. Each committee may adopt rules for its own
government -not with the Declaration, these By -Laws
or with rules adopted by the Board.
ARTICLE 10
CONTRACTS, CHECKS, DEPOSITS AND FUNDS
10.01 Contracts. The Board may authorize any officer or
officers, agent or agents of the Association, in addition to the
officers so authorized by these By -Laws, to enter into any
contract and to execute and deliver any instrument in the name of
and on behalf of the Association, and such authority may be
general or confined to specific instances. In the absence of any
such authorization by the Board, any contract or other instrument
shall be executed by the President or Vice President and attested
to by the Secretary or an Assistant Secretary of the Association.
10.02 Payments. All checks, drafts or other orders for the
payment of money, notes or other evidences of indebtedness issued
in the name of the Association shall be signed by such officer or
officers, agent or agents of the Association, and in such manner
as shall from time to time be determined by resolution of the
Board. In the absence of such determination by the Board, such
instruments shall be signed by the Treasurer or an Assistant
Treasurer and countersigned by the President or a Vice President
of the Association.
10.03 Bank Accounts. All funds of the Association not
otherwise employed shall deposited from time to time to the
credit of the Association in such banks, trust companies -or other
depositories as the Board may select.
10.04 Special Receei tss.. The Board may accept on behalf of
the Association any contribution, gift, bequest or devise for the
general purposes or for any special purpose of the Association.
ARTICLE 11
FISCAL MANAGE
11.01 Fiscal Year. The fiscal year of the Association shall
begin on theist may of January each year, except that the
first fiscal year shall begin at the date df incorporation, and
shall end on the last day of December of each year.
11.02 Financial Statements. On or before April 15 of each
year following the lia-tTa-1--m-eeting of directors after the
Turnover Date, the Association shall furnish its members with an
itemized accounting of the common expenses of the Association for
the preceding fiscal year, actually incurred or paid, together
with a tabulation of the amounts collected pursuant to the budget
or assessment and showing the net excess or deficit of income
over expenditures plus reserves.
11.03 Annual Assessments. The Board in its sole discretion
shall determine the annua monthly assessments in accordance with
the Declaration.
11.04 Special Assessments. Special assessments may be
authorized in accordance with the Declaration.
ARTICLE 12
BOOKS AND RECORDS
The Association shall keep correct and complete books and
records of account and shall also keep minutes of the proceedings
of its members, Board and committees having any of the authority
of the Board, and shall keep at the registered or principal
office a record giving the names and addresses of the members.
All books and records of the Association may be inspected by any
member or his agent or attorney, for any proper purpose at any
reasonable time.
ARTICLE 13
SEAL
The Board may provide for a corporate seal which shall be in
the form of a circle and shall have inscribed thereon the name of
the Association.
ARTICLE 14
WAIVER OF NOTICE
Whenever any notice what is required to be given under the
provisions of the General Not -For -Profit Corporation Act of
Illinois, the provisions of these By -Laws, or the Declaration, a
waiver in writing signed by the person or persons entitled tc
such notice, whether before or after the time stated therein,
shall be deemed equivalent to the giving us such notice.
ARTICLE 15
These By -Laws may be amended or modified at any time or from
time to time at any meeting of the members at which a quorum is
present, by the affirmative vote of a majority of the votes cast
by the Voting Members, provided that (i) no amendment affecting
the rights granted by these By -Laws to Developer shall be
effective unless consented to in writing by Developer; (ii) no
provisions of these By -Laws shall conflict with the Declaration;
and (iii) prior to the Turnover Date the directors may, without a
meeting or approval of members, make any amendments they deem
necessary or desirable, including any required by any mortgage
lender or insurer, or by the Federal National Mortgage
Association or the Federal Home Loan Mortgage corporation as a
condition to granting, insuring or acquiring any interest in a
mortgage on a Six -Flat Parcel, including any amendment which
increases the rights of mortgagees.
ARTICLE 16
I$z0VDi ga37 V;'41b M
In the case of any conflict between the Declaration and these
By -Laws, the Declaration shall control.