Roselle Commons II Condo

Key facts from Roselle Commons II Condo's documents

Reflects the 1999 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

commercial condominium (Paragraph 10a: 'lawful commercial purpos)

Legal name

Roselle Commons II Condominium

Developer / declarant

Dearborn Construction and Development, LTD., an Illinois corporation (Opening and Paragraph 1j)

Governing law

Illinois Condominium Property Act (Paragraph 1a: 'Act - The Condominium Pro)

Collections & liens

Association may lien for unpaid assessments and attorneys fees, enforceable under Section 9 of the Act. Lien junior to first mortgage. Also may terminate ownership rights through judicial sale after hearing and 10-day notice. (Paragraph 11)

Reserves & fees

Sums separately maintained by Board for purposes specified by Board or Condominium Instruments. (Paragraph 1u)

Signs & flags

One sign per unit on outside front face: individual letters (not box sign unless limited), max 24 inches height, width not more than 2/3 of unit width. One 'For Sale' or 'For Rent' sign in window only. Developer and mortgagee have additiona (Paragraph 10b and 10c)

Maintenance

Association (roof is part of Common Elements) (Paragraph 1g: Common Elements include ro)

Insurance

Insurance required by Act and additional as deemed advisable; must comply with FHLMC, FNMA, HUD, FHA, VA requirements if applicable. (Paragraph 8a(1))

Voting & meetings

Until first annual meeting, no voting rights (Board appointed by Developer). Thereafter, total 100 votes, each member votes equal to percentage ownership interest in Common Elements times 100. (Bylaws Article II, Section 2a and 2b)

Amendments

Certain paragraphs (1-6,16) require unanimous Board, all Unit Owners, and all mortgagees of record. Other provisions require Board and 75% Unit Owners, with 66 2/3% vote, and notice to mortgagees. Material amendments affecting listed items (Paragraph 16)

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