Studio

Key facts from Studio's documents

Reflects the 2010 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Name: "STUDIO 29 CONDOMINIUM")

Legal name

STUDIO 29 CONDOMINIUM ASSOCIATION

Developer / declarant

ROECKER'S CABINET AND MILLWORK, an Illinois General Partnership (Definition 1.07 and opening paragraph)

Governing law

Condominium Property Act of the State of Illinois, as amended (WHEREAS paragraph, page 1)

Assessments & dues

Board shall estimate total amount needed for ensuing calendar year (including reserves and repairs), notify Unit Owners, and assess each Unit Owner according to percentage of ownership in Common Elements as set forth in Exhibit B. Annual bu (Section 6.01)

Special assessments

Board may approve a supplemental budget and levy a special or separate assessment for deficiencies or nonrecurring expenses. If proposed expenditure results in a total payment assessed to a Unit greater of 5x the most recent monthly assessm (Section 6.02)

Reserves & fees

The Association shall segregate and maintain a special Capital Reserve for capital expenditures. The Board shall determine appropriate level based on periodic reviews. Each budget shall disclose the percentage of annual assessment added to (Section 6.02)

Maintenance

Structural Components include roof and roof supports (Definition 1.17), therefore Association is responsible for maintenance, repair, replacement of roof (as part of Common Elements). (Definitions 1.17 and Section 4.06(a))

Insurance

Board may select substantial deductibles if economic savings justifies additional risk and if permitted by law. Expenses within deductible arising from insurable loss or damage may be treated as Common Expenses. (Section 5.08(k))

Use restrictions

false (Section 7.01(a): "Each Unit shall be use)

Voting & meetings

One Voting Member per Unit Ownership; number of votes equal to percentage of ownership in Common Elements as set forth in Exhibit C; total votes 100. Multiple owners of a unit may vote by majority agreement. (Section 5.03)

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