Oakbrook Park Villas

Key facts from Oakbrook Park Villas's documents

Community type

Condominium

Legal name

Oakbrook Park Villas Condominium

Units / lots

12 units initially (Units 1A, 1B, 1C, 1D, 2A, 2B, 2C, 2D, 4A, 4B, 4C, 4D) (Exhibit A and Exhibit C list these units)

Developer / declarant

Oakbrook Park Villas, L.L.C.

Governing law

The Condominium Property Act of the State of Illinois (Article I, Section (1))

Assessments & dues

Initial operating assessment based on percentage of undivided interest in Common Elements. Board may adjust and levy special assessments. (Article XII, Sections 1 and 2)

Special assessments

Board may levy special assessment if regular assessments inadequate, based on percentage of undivided interest in Common Elements. (Article XII, Section 2)

Collections & liens

Unpaid assessments plus 10% become a lien on the Unit, recorded, prior to other liens except taxes and prior encumbrances. Foreclosure allowed; Association may purchase at sale. (Article XIII, Section 1)

Reserves & fees

Association may but is not required to maintain Reserves. Reserves are sums separately maintained by the Board for purposes specified by the Board or Condominium Instruments. (Article I, Section (21); Article XII, Se)

Pets

Only dogs and cats permitted. (Article IX, Section 5)

Leasing & rentals

Yes, Unit Owner may lease a Unit. (Article VI, Section 1)

Parking & vehicles

Not permitted overnight. (Article IX, Section 6)

Architectural approval

Alterations to Common Elements require permission of Developer (before first annual meeting) or Association (after). Items affixed to exterior require written consent. Unit Owner may alter Common Elements separating adjoining units with Ass (Article IX, Sections 1, 3, and 9)

Maintenance

Association maintains and repairs all roofs. (Article VIII, Section 1(a))

Insurance

Property insurance on Common Elements, Limited Common Elements, perimeter walls (studs to exterior), bare floors and ceilings of Units, full insurable replacement cost, including code upgrade. Does not cover improvements and betterments ins (Article VIII, Section 2(a)(1)-(4))

Use restrictions

Each Unit shall be used as a residence for a single family. No part of the Property used for other than residential uses and related common purposes. (Article IX, Section 1)

Voting & meetings

One vote per Unit owned; Developer votes for units owned (Article VII, Section 2; By-Laws Article )

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