Chestnut HOA

Key facts from Chestnut HOA's documents

Community type

Condominium (Title)

Legal name

Parc Chestnut Condominium Association (Section 1.03)

Governing law

Illinois Condominium Property Act (765 ILCS 605/27) (Preamble and Section 1.02)

Special assessments

Board may levy special assessment for extraordinary expenses, major repairs, additions, or to cover deficit. (Section 6.06)

Reserves & fees

Excess tax amounts may be added to Capital Reserves; special assessments may build up reserves. (Sections 2.12(d)(ii) and 6.06)

Pets

Yes, but no more than two (2) pets per Dwelling Unit; no commercial keeping; Board may adopt rules including species and weight limits. (Section 3.09)

Leasing & rentals

Yes, but subject to restrictions. (Section 2.13(a))

Insurance

Board may require Unit Owners to obtain personal liability insurance covering deductible and damages. (Section 5.04)

Use restrictions

Each Dwelling Unit shall be used only as a residence; no industrial business, trade, occupation, or profession permitted. (Section 3.05(a))

Voting & meetings

Each Voting Member has vote equal to the Undivided Interest of the Dwelling Unit they represent. (Section 4.04)

Amendments

This amendment approved by two-thirds of Board under Act Section 27(b)(1); Exhibit D (Undivided Interests) cannot be changed without unanimous approval of all Owners and First Mortgagees except as provided in Sections 5.06, 5.07, Article Ei (Preamble and Section 2.04)

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