King Drive Condominium Association

Key facts from King Drive Condominium Association's documents

Community type

condominium (Doc title: 'Declaration of Condominium O)

Legal name

3100 S. Martin Luther King Drive Condominium Association (Doc 162343, page 3, preamble and Section)

Developer / declarant

A.J. 5900, L.L.C., an Illinois Limited Liability Company (Page 1, opening paragraph)

Governing law

Condominium Property Act of the State of Illinois (the 'Act') (Page 1, recitals)

Assessments & dues

Each Unit Owner pays proportionate share of Common Expenses based on percentage of Ownership in Common Elements (Exhibit C). (Doc 162343, Section 10 (page 9))

Special assessments

Implied: provision for reconstruction (Section 14) states special assessments may be made against Unit Owners for reconstruction costs. (Doc 162343, Section 14(b) (page 11): 'sp)

Collections & liens

Unpaid assessments (including interest) constitute a lien on the unit owner's interest in the Property, subordinate to prior recorded mortgages of institutional investors, except for assessments due after mortgagee takes possession or files (Doc 162343, Section 10 (page 9))

Reserves & fees

Implied: insurance provisions require fidelity bond covering reserve funds; Section 13(e)(viii) requires bond for full amount of association funds and reserves. (Doc 162343, Section 13(e)(viii) (page 13)

Pets

Implied allowed; reference to 'household pet' in maintenance provision (Section 15(b)). (Doc 162343, Section 15(b) (page 12): 'du)

Leasing & rentals

Yes, but subject to Board's right of first refusal and leasing requirements. (Doc 162343, Section 19 (pages 15-17))

Use restrictions

Not explicitly stated; but declaration implies residential condominium. (Common Elements include lobby, laundry, )

Voting & meetings

Aggregate votes = 100; divided among unit owners according to their percentage of ownership in Common Elements (Exhibit C). (Doc 162343, page 7, 'The aggregate numbe)

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