Villas at Knoxville Place Cond

Key facts from Villas at Knoxville Place Cond's documents

Community type

Condominium

Legal name

THE VILLAS AT KNOXVILLE PLACE CONDOMINIUMS

Units / lots

Set forth on Exhibit C; exact number not stated in text (Section 2.01(a): 'listed on Exhibit C')

Developer / declarant

KNOXVILLE PLACE, LLC (Preamble: 'made and entered into by KNOX)

Governing law

Condominium Property Act of the State of Illinois (WHEREAS clause: 'submit the Property...t)

Special assessments

Cost of additions, alterations, or improvements to Common Elements may be paid out of a special assessment (Section 4.09(a): 'The cost of any such w)

Collections & liens

Association has a lien for Common Expenses under the Act; Board may bid for and purchase any Unit Ownership at a foreclosure of the lien for Common Expenses (Section 5.07(j): 'The Board shall have t)

Reserves & fees

Authorized provisions for reasonable reserves for repair or replacement of Property are excluded from the 115% budget increase computation (Section 5.06(b): 'any authorized provisi)

Architectural approval

Prior written consent of Board required for additions, alterations, or improvements to Common Elements by a Unit Owner, or to a Unit if such work alters the structure or increases insurance cost (Section 4.09(b): 'no additions, alterati)

Maintenance

Association (Section 4.06(a): 'Association shall main)

Insurance

Board may select substantial deductibles; expenses within deductible may be treated as Common Expenses (Section 5.08(k): 'Board shall have the r)

Use restrictions

Unit designed and intended for a one-family dwelling (with possibility of other uses permitted by Declaration) (Section 1.19: 'Unit...designed and inten)

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; if 30% or fewer Units own 50%+ of votes, then percentage vote specified requires percentage by number of Un (Section 5.03(a): 'total number of votes )

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