Colonial Pk Condo

Key facts from Colonial Pk Condo's documents

Community type

Condominium

Legal name

Colonial Park Condominiums

Developer / declarant

Bank of Waukegan as Trustee

Governing law

Condominium Property Act of the State of Illinois, as amended (Preamble and Section 1.01)

Special assessments

Board may levy special assessments for certain expenses; capital improvements over $3,000 require 2/3 vote of Unit Owners unless funded from reserve (Section 14.02(c))

Collections & liens

Unpaid common expenses shall constitute a lien on the Unit Owner's interest in the Property (Section 5.01)

Reserves & fees

Board may maintain Reserves for contingencies and replacements as a Common Expense (Sections 1.13, 1.14)

Leasing & rentals

Yes, a Unit Owner may lease or sublease the entire Unit (Section 9.01)

Maintenance

Board (Common Element) (Section 3.01 (roof included in Common El)

Insurance

Each Unit Owner responsible for physical damage insurance on personal property and additions/alterations, personal liability, and additional living expenses (Section 6.08(a))

Use restrictions

Common Elements use for purposes incident to residence; Unit use as a place of residence (Section 3.02)

Voting & meetings

Board meetings: majority of total number of members constitutes quorum (Section 14.01(b))

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