Leisure Village

Key facts from Leisure Village's documents

Community type

Condominium

Governing law

Illinois Condominium Property Act, 765 ILCS 605/1 et seq.

Special assessments

Board may levy special assessments for e.g., maintenance of Unit if owner fails after notice (Section 6(j)), or for discharging lien where owner responsible (Section 6(i)). Also, limited common elements maintenance may be assessed in whole (Article V, Sections 6(i), 6(j), 6(y))

Reserves & fees

Not explicitly mentioned as a separate fund, but fidelity bond must cover Association's reserve fund (see fidelity bond requirement). (Article V, Section 6(e))

Insurance

Board may (i) pay deductible as common expense, (ii) after notice and hearing assess deductible against Owner who caused damage or from whose Unit damage originated, or (iii) require Unit Owners of affected Units to pay deductible. (Article V, Section 6(f)(v))

Voting & meetings

Voting on a percentage basis; each Unit’s percentage vote equals its percentage interest in undivided ownership of Common Elements (Exhibit D). Multiple owners: if only one present, he casts all votes; if multiple present, vote cast accordi (Article V, Section 1)

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