Barrington Sq Imp Association

Key facts from Barrington Sq Imp Association's documents

Reflects the 1988 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Barrington Square Improvement Association

Governing law

Illinois Condominium Property Act (Ill.Rev.Stat. (1983), ch.30, Par. 327, effective July 1, 1984) (Recitals: Section 18.5(a) of the Illinoi)

Assessments & dues

Board prepares budget on or before January 1 each year including itemized accounting of Common Expenses for preceding year, tabulation of amounts collected, net excess/deficit plus reserves; each lot owner receives proposed budget at least (Exhibit B, Article VI, Section 7(b), (c))

Reserves & fees

Budget includes reserves; resale disclosure includes statement of status and amounts of any reserve for replacement fund and any portion earmarked for specific project. (Exhibit B, Article VI, Section 7(b) (bud)

Voting & meetings

Lot owners have right to reject board's amendment action by majority vote; contract purchasers under installment contract have right to vote for election of Board members, be counted toward quorum, and be elected to Board unless seller expr (Recitals (lot owner rejection); Exhibit )

Amendments

Adopted pursuant to Section 18.5(a) of Illinois Condominium Property Act by two-thirds vote of Board of Directors; action may be rejected by majority vote of lot owners at meeting called within 30 days after board action upon written petiti (Recitals and Section: two-thirds vote of)

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