Pin Oak Condominium As

Key facts from Pin Oak Condominium As's documents

Reflects the 2003 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Pin Oak Condominium

Developer / declarant

Matthies Family Enterprises, Inc., a corporation of Illinois (Page 3, WITNESSETH)

Governing law

Illinois Condominium Property Act (765 ILCS 605/) (Preamble, passim)

Assessments & dues

Board estimates annual budget before July 1 each year. Assessments based on each unit's percentage of ownership in Common Elements, except that costs billed on fixed charge per unit may be assessed accordingly. 1/12th of assessment due mont (Paragraph 8(p)(i))

Special assessments

Board may levy further assessment if annual budget inadequate; must give written notice, assessment effective with month payment due more than 10 days after delivery/mailing. (Paragraph 8(p)(i))

Collections & liens

Unpaid assessments constitute a lien on the unit, may be perfected and foreclosed as provided in Section 9 of Condominium Property Act. Costs, legal interest, and reasonable attorney fees added. (Paragraph 8(s))

Reserves & fees

Board shall build up and maintain reasonable reserve for contingencies and replacements. (Paragraph 8(p)(i))

Leasing & rentals

Rental or leasing of units is generally prohibited except (i) Board may grant permission for min 6 months, max 24 months; (ii) existing leases in force on date of recording this Amendment grandfathered until transfer of unit; (iii) rental t (Paragraph 7(p)(i)-(vii))

Insurance

Board may pay deductible as common expense, assess against owners who caused damage, or require unit owners of affected units to pay, after notice and hearing. (Paragraph 9(e)(vi))

Voting & meetings

Voting on percentage basis based on unit's interest in Common Elements. If multiple owners, votes not divided; if one present, casts all; if more than one present, by majority agreement. When 30% or fewer units have over 50% of total votes, (Paragraph 8(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.