Le Parc Condo II Le Parc Condo

Key facts from Le Parc Condo II Le Parc Condo's documents

Community type

Condominium

Legal name

Le Parc Condominium II

Units / lots

156 (Section 9.01(c), page 26)

Developer / declarant

South Country Corp., a California corporation (Recitals, page 3)

Governing law

Illinois Condominium Property Act (the 'Act') (Recitals and Section 1.01)

Assessments & dues

Variable; determined by Board budget based on estimated Common Expenses, reserves, and other receipts. (Section 6.03, page 19)

Special assessments

Allowed; if aggregate greater of $300 or 5x most recent monthly assessment, must be approved by affirmative vote of at least 2/3 of votes cast at a meeting. (Section 6.06, page 20)

Collections & liens

Assessments are a lien on the Unit Ownership, subordinate to first mortgages. Board may foreclose lien. (Sections 6.01, 6.09, 6.10, page 19, 21)

Reserves & fees

Capital Reserve account required for capital expenditures and replacements. Funded by annual or special assessments. (Section 6.07, page 21)

Pets

Yes, but no more than 2 pets per Dwelling Unit. (Section 3.09, page 14)

Leasing & rentals

Yes, but not for transient or hotel purposes (less than 30 days, or more than 30 days with hotel services). (Section 2.11, page 11)

Architectural approval

Prior written consent of Board required for alterations, additions, improvements that alter structure or increase insurance cost. (Section 3.03(b), page 12)

Home business

Allowed to maintain personal professional library, keep business records, handle calls/correspondence. (Section 3.05, page 13)

Maintenance

Roof of any atrium serving a Dwelling Unit is maintained by Board as Common Element. (Section 3.01(a), page 11)

Insurance

Board obtains fire insurance on Condominium Property (Common Elements and Dwelling Units) and comprehensive general liability insurance of at least $1,000,000 per occurrence. (Sections 5.01, 5.03(a), pages 15, 16)

Use restrictions

Each Dwelling Unit shall be used only as a residence. (Section 3.05, page 13)

Voting & meetings

Each Voting Member (one per Dwelling Unit) has one vote. (Section 4.04, page 14)

Amendments

Developer may amend Exhibits B, C, D by Supplemental Declaration within 7 years (Article Nine); amendments by Owners require vote (Article Ten, details not fully legible but see Section 10.02); unanimous written approval required to change (Sections 9.02, 10.02, 2.04, pages 26, 24)

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