Villas Red Top Condo 4

Key facts from Villas Red Top Condo 4's documents

Reflects the 1987 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Villas of Red Top Condominiums

Developer / declarant

Interlacken Construction

Governing law

Condominium Property Act of the State of Illinois (Article 1(a) (Section 1(a)))

Assessments & dues

Board estimates total necessary expenses each year by Dec 1, notifies owners by Dec 15, allocates by percentage ownership in Common Elements per Exhibit C, payable in monthly installments. (Section 6(a) (page 15-16))

Special assessments

Extraordinary expenditures not in annual estimate may be charged to reserve; if reserve insufficient, Board may levy further assessment served by written notice, effective with next monthly payment due more than 10 days after mailing. (Section 6(b) (page 17))

Collections & liens

Unpaid assessments after 30 days become a lien that may be foreclosed; lien subordinate to first mortgages; lien may be extinguished on foreclosure but personal liability remains for prior assessments. (Section 6(g) (pages 18-19))

Reserves & fees

Board shall build up and maintain a reasonable reserve for contingencies and replacements. (Section 6(b) (page 17))

Pets

Except one (1) cat or bird per unit, no animals, rabbits, livestock, fowl, or poultry allowed. (Section 20(e) (page 31))

Home business

Permitted: personal professional library, records, telephone calls, correspondence customarily incident to residential use. (Section 20(a) (page 30))

Maintenance

Roof is Common Element; maintenance by Board as part of common expenses. (Section 1(f) and Section 15 (page 5 for )

Insurance

Board shall obtain fire and other hazard insurance for full insurable replacement cost of Common Elements and Units; also comprehensive public liability insurance. (Section 14(a) and (b) (pages 23-24))

Use restrictions

Each Unit used as residence for a single family. (Section 20(a) (page 30))

Voting & meetings

Each Unit Owner entitled to votes equal to percentage of ownership in Common Elements; total votes=100. (Section 5(c) (page 9))

Amendments

By instrument signed by Unit Owners having at least 3/4 of total vote, certified by secretary, recorded in Lake County; provided that if Act requires unanimous consent, then all Unit Owners and lienholders must sign. Amendment effective upo (Section 23 (page 37))

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