111 East Chestnut Condominium

Key facts from 111 East Chestnut Condominium's documents

Reflects the 2009 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Art. 1 (definitions), Art. 2 submission )

Legal name

111 East Chestnut Condominium Association

Governing law

Illinois Condominium Property Act, 765 ILCS 605/27 (Recitals, Section 1(a) definition of "Ac)

Assessments & dues

Common expenses determined as provided in By-Laws; each owner pays proportionate share based on ownership percentage (Section 13)

Reserves & fees

Fidelity bond required to protect Association reserve fund (Section 17(e)). No explicit reserve study requirement. (Section 17(e): "maintain a fidelity bond)

Leasing & rentals

6 months for Residential Units (Section 22(d)(i): "No Residential Unit, )

Insurance

Unit owners must obtain insurance for contents, additions, improvements, furnishings, personal property, and personal liability (optional additional). (Section 17(f))

Use restrictions

Residential Units shall be used as a residence for a single family or such other uses permitted by Declaration; no other purpose. (Section 23(a)-(b))

Voting & meetings

100 votes total, allocated to Unit Owners in proportion to their percentage ownership in Common Elements (Exhibit B) (Section 5(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.