Rainbow Pnte W Condo

Key facts from Rainbow Pnte W Condo's documents

Reflects the 1992 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Title, 1.07)

Governing law

Illinois Condominium Property Act (Art. 1 Sec. 1.01)

Assessments & dues

Board proposes annual budget; each Owner pays 1/12 of Annual Assessment multiplied by Undivided Interest (6.03, 6.04)

Special assessments

Allowed; requires approval by 2/3 vote if aggregate exceeds greater of $300 or 5 times most recent monthly assessment (6.06)

Collections & liens

Unpaid assessments constitute a lien on the Unit Ownership; may be foreclosed; personal obligation of Owner (6.01, 6.10, 6.11)

Reserves & fees

Capital Reserve required; segregated account for capital expenditures and replacements; funded by annual or special assessments (6.08)

Pets

Yes, but no more than two (2) pets per Dwelling Unit; no commercial raising; Board may adopt rules governing species, weight, removal of nuisance pets (3.09)

Leasing & rentals

Yes, but only entire Dwelling Unit (not less than all) (2.12)

Parking & vehicles

Boats, trucks, recreational vehicles, trailers not permitted on property for more than 24 hours unless expressly permitted by Board (3.17(b))

Home business

Permitted: personal professional library, business records, calls/correspondence; day care allowed to extent permitted by law (3.05(b),(c))

Signs & flags

"For Sale" or "For Rent" signs allowed subject to reasonable Board rules; other signs prohibited (3.08)

Use restrictions

Each Dwelling Unit shall be used only as a residence, with exceptions for personal professional activities and licensed day care (3.05)

Voting & meetings

One vote per Dwelling Unit, cast by Voting Member or proxy (1.29, 4.04)

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