Penthouses at Laurel Terrace Condo

Key facts from Penthouses at Laurel Terrace Condo's documents

Reflects the 2007 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Recital F: 'name of the Condominium'; De)

Governing law

Condominium Property Act of the State of Illinois, as amended (Recital D; Article I, Section (a))

Assessments & dues

Each Unit Owner pays proportionate share of Common Expenses equal to its percentage ownership in Common Elements; amounts determined by Board in manner provided in By-Laws (Article V, Section 1)

Special assessments

Not expressly defined in provided text, but Board may assess for Common Expenses including Reserve contributions

Collections & liens

If Unit Owner fails to pay Common Expenses, the amount constitutes a lien on its interest in the Property as provided in the Act (Article V, Section 1)

Reserves & fees

Reserves are sums paid by Unit Owners separately maintained by Board for purposes specified by Board or Condominium Instruments; management company must maintain separate accounts for each association's reserve funds (Article I, Section (x); Article VI, Sect)

Leasing & rentals

Implied; Occupant defined as a person lawfully in possession of one or more Units. Parking section references lease between Unit Owners for exclusive parking use. Full leasing terms not specified. (Article I, Section (q); Article IV, Sect)

Architectural approval

Prior written approval of Declarant or Association required for patios, fixtures, and other improvements on Terraces; Board approval required for other alterations as per Article VIII, Section 3 (Article IV, Section 7 (Terraces); Articl)

Signs & flags

Declarant has blanket easement to install and maintain signs advertising residences in the Property and directing potential purchasers to sales office (Article IV, Section 9)

Maintenance

Association responsible as part of Common Elements (roof included in list of Common Elements) (Article III, Section 1 ('roof' listed as)

Insurance

Board may select deductibles not exceeding the lesser of $10,000 (or $5,000 for flood insurance) or 1% of the face amount of the policy. Deductibles shall be part of Reserves. (Article VI, Section 10)

Use restrictions

Units are designed and intended for a single-family dwelling; the building also contains Commercial Property (Recital C; Article I, Section (aa))

Voting & meetings

Each Unit Owner entitled to exercise voting power with respect to each Unit; Majority = owners of more than 50% aggregate in interest of undivided ownership interest in Common Elements (Article I, Sections (o), (cc); Article I)

Amendments

Amendments to Declaration required for transfer of Limited Common Elements (Article IV, Section C). Power of attorney reserved to Declarant and Association to amend plat for utility easements (Article IV, Section 3(b)). General amendment pr (Article IV, Section C; Article IV, Secti)

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