Madison Avenue

Key facts from Madison Avenue's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Declaration title, submission to Illinoi)

Legal name

Madison Avenue Condominium Association

Governing law

Illinois Condominium Property Act (Recitals, Section 2.1)

Assessments & dues

Determined annually by Board based on estimated cash requirement (Section 9.1(a))

Special assessments

Board may levy further assessment if estimate inadequate; also for emergencies (Section 9.2, Section 9.1(c))

Reserves & fees

Board shall build and maintain a reasonable reserve for contingencies and replacements (Section 9.2)

Parking & vehicles

Designated: Unit 2 one space, Unit 3 one space, all remaining to Unit 1. Unit 2's space must accommodate disabled. Changes require consent of affected Unit Owner. Board may make rules. (Section 4.5)

Architectural approval

No architectural review committee mentioned; alterations of Common Elements require prior written Board approval (Section 4.13, Section 6.1(h))

Home business

Not prohibited, but must comply with zoning and other restrictions; no specific home business prohibition (Section 6.1(a))

Signs & flags

Not allowed on exterior walls or roof without written approval of Board (Section 6.1(d))

Insurance

Unit Owner responsible for insurance on contents, additions/improvements, and personal liability; Board not responsible for obtaining insurance on alterations (Section 4.9)

Use restrictions

false; units may be used for any purpose permitted by zoning laws and other restrictions (Section 6.1(a))

Voting & meetings

One vote per Unit Ownership, votes equal to percentage of ownership in Common Elements (Exhibit B), cumulative voting for Directors (Section 2.4, Section 6.1)

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