Maxam Building

Key facts from Maxam Building's documents

Reflects the 2011 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Maxam Building Condominium

Developer / declarant

MORTON COMMUNITY BANK (First paragraph of Declaration)

Governing law

Condominium Property Act of the State of Illinois (as amended) (WHEREAS clauses and Article 2.01)

Assessments & dues

Board estimates annual budget and assesses each owner's proportionate share based on percentage of Common Elements ownership (By-Laws Article VIII, Section 8.01(h))

Special assessments

Board may levy special assessments for certain maintenance of units if owner fails to do so after notice (By-Laws 8.02(i)); also for increased insurance premiums due to dangerous conditions in a unit (By-Laws 8.02(b)) (By-Laws Article VIII, Sections 8.02(b) a)

Voting & meetings

One Voting Member per Unit Ownership; total votes = 100; each owner votes percentage of ownership in Common Elements; Property Owner may vote for unsold units; proxy allowed for specific meeting (By-Laws Article II, Section 2.04)

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