The 400 Condominium Association

Key facts from The 400 Condominium Association's documents

Community type

Condominium

Legal name

The 400 Condominium Association

Units / lots

940 apartments (plus commercial units) (Plan of Organization, pg 1)

Developer / declarant

Nationwide Condominium Corporation

Governing law

Condominium Property Act of the State of Illinois (Declaration §1a)

Assessments & dues

Board of Directors fixes monthly maintenance charges annually based on operating budget adopted within 90 days after beginning of fiscal year. Each owner's proportionate share based on percentage interest in common elements. (Plan of Organization, pg 4; Declaration )

Collections & liens

Association has a lien for unpaid assessments, may be foreclosed as a mortgage. Lien subordinate to prior recorded first mortgage except for assessments due after mortgagee takes possession or forecloses. (Plan of Organization, pg 6; Declaration )

Leasing & rentals

Leasing allowed. Lessee bound by Declaration and By-Laws. Owner must furnish copy of lease to Board and remains liable. (Declaration §19)

Parking & vehicles

Garage provided, lease to Outer Drive East Garage, Inc. until July 31, 1998. Charges competitive. Guest and resident parking facilities exist. (Declaration §10; Plan of Organization, p)

Maintenance

If owner's act or neglect damages Common Elements or other units, owner pays to extent not covered by Association's insurance. (Declaration §15)

Insurance

Board shall obtain insurance for full insurable replacement cost of Common Elements and Units against fire and other hazards. (Declaration §14)

Use restrictions

Units on Levels 1-7 and 40 may be used for purposes other than housing. Common elements used for access etc. (Declaration §21)

Voting & meetings

Aggregate number of votes is 100, divided among unit owners according to percentage interest in common elements. (Declaration §5a)

Amendments

Declaration may be amended by 80% of owners in writing, recorded, with notice to lien holders. By-Laws amendment requires 2/3 vote of members. (Declaration §23; Plan of Organization, p)

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