Daytona Drive

Key facts from Daytona Drive's documents

Reflects the 2011 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Daytona Drive Condominium Association (Section 1.02; Section 5.02)

Developer / declarant

SCOTT RODGERS

Governing law

Condominium Property Act of the State of Illinois (Preamble; Section 4.01)

Assessments & dues

Board prepares estimated budget on or before November 1 each year; notifies Unit Owners within 15 days (Section 6.01)

Special assessments

Allowed for additions, alterations, improvements to Common Elements; also for maintenance if Unit Owner fails to perform (Section 4.09(a); Section 5.07(h)(vi))

Reserves & fees

Board must include amounts for adequate reserves, including a Capital Reserve (Section 6.01)

Signs & flags

Declarant reserved right to install signs advertising Condominium and adjacent property (Section 4.03(c)(iv)-(v))

Maintenance

Association (Section 4.06(a) - 'Association shall mai)

Insurance

Board may select substantial deductibles; deductible expenses may be treated as Common Expenses (Section 5.08(k))

Use restrictions

Units designed and intended for one-family dwelling (Section 1.19)

Voting & meetings

One Voting Member per Unit Ownership; votes equal to percentage of ownership in Common Elements (Exhibit C); total votes 100 (Section 1.22; 5.03(a))

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