Friars Cove Service 1

Membership

Friars Cove Lodge, Inc is a voluntary not-for-profit association of people who live in Friars Cove, a single-family home subdivision in Addison, IL.

Benefits of membership:

	Use of the facilities — swimming pool (with a lifeguard), tennis courts, playground, pond & park area. It’s all within easy walking distance from your home.
	Social events — such as Oktoberfest or the Christmas party on the first Saturday of December — are only open to members of the Lodge.
	It is an easy way to get to know your neighbors and be a part of a community. Much has been written about the lack of community in the United States today. Here is an easy way to get to know your neighbors and be part of a community.

If you are not a member, you may not use the facilities or come to most events (one exception, the Fourth of July) sponsored by the Friars Cove Lodge. You may not be a guest of a member either. In other words, you are not able to use the wonderful facilities or participate in most of the parties happening with your neighbors in your own neighborhood.

The cost to join is:

	$750 per year payable by March 31. Or you can pay in 3 payments on March 15, April 15 and May 15 for an additional $25 fee. New members are pro-rated for the year.
	A one-time fee of $1000 makes you an equity member (with voting privileges), as long as your yearly dues are up to date. Equity members must also pay the yearly fee of $750. You can pay the equity fee over time (up to 4 years, though an additional fee is added.)
	Pay your check payable to "Friars Cove Lodge, Inc." and get it to the treasurer.

Equity Members

Equity members all own an equal share of the common property: lodge grounds, swimming pool, tennis courts, playground, pond and park area, etc. Te become an equity member one must own a home within Friars Cove. Each home has a single equity position (i.e. husband and wife do not own two shares unless they own two houses). An equity member can hold a position on the Board and can vote at meetings. In addition to voting privileges, equity members can also claim a tax credit for their portion of the real estate taxes paid on the property.

Equity memberships are currently optional. The cost of an equity membership is presently a one-time fee of $1000. Persons purchasing the home an equity member can purchase the equity membership from the seller at a mutually agreed upon price. The seller should surrender the equity certificate to the buyer. The seller’s dues must be current in order to transfer the equity certificate. (Contact the Board secretary or president to transfer the certificate into the name[s] of the new owners.) Residents who do not an equity membership with their home or those that have let their equity membership expire, can purchase one. Contact the Board treasurer for information.

Equity members must remain current with annual dues to retain their equity position. Those equity members in arrears will have annual dues deducted from their equity position until the balance reaches 50%. The balance of the equity account is then forfeited.