Maxam Building

Key facts from Maxam Building's documents

Reflects the 2011 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Maxam Building Condominium

Developer / declarant

MORTON COMMUNITY BANK (First paragraph of Declaration)

Governing law

Condominium Property Act of the State of Illinois (as amended) (WHEREAS clauses and Article 2.01)

Assessments & dues

Board estimates annual budget and assesses each owner's proportionate share based on percentage of Common Elements ownership (By-Laws Article VIII, Section 8.01(h))

Special assessments

Board may levy special assessments for certain maintenance of units if owner fails to do so after notice (By-Laws 8.02(i)); also for increased insurance premiums due to dangerous conditions in a unit (By-Laws 8.02(b)) (By-Laws Article VIII, Sections 8.02(b) a)

Signs & flags

No exterior signs without written Board approval; exception for existing Daktronic sign on third floor owned by Unit 2, which may be maintained and not limited by amendment without Unit 2's consent (Declaration Article VI, Section 6.01(d))

Use restrictions

No unlawful, immoral, noxious, or offensive activity; nothing that becomes an annoyance or nuisance to other owners or occupants (Declaration Article VI, Section 6.01(e))

Voting & meetings

One Voting Member per Unit Ownership; total votes = 100; each owner votes percentage of ownership in Common Elements; Property Owner may vote for unsold units; proxy allowed for specific meeting (By-Laws Article II, 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.