Condo Living Made Easy.

What mortgagee approvals are required in regards to an amendment?

Print
Category: Ask The Expert Q&A
Created on Saturday, 17 September 2011 Written by Lauren Peddinghaus

Q. What sorts of mortgagee approvals are used and needed as stated in the following excerpt? (See within the double quotations):

The IL Condo Act states:

27. (a) If there is any unit owner other than the developer, the condominium instruments shall be amended only upon the affirmative vote of 2/3 of those voting or upon the majority specified by the condominium instruments, together with the approval of any mortgagees required under the provisions of the condominium instruments, ""except in cases where this Act provides different methods of amendment or with respect to property whose declaration is recorded on or after July 1, 1984,""

A. The portion of the Act that you are quoting is incomplete.  The complete text is as follows:

This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.

2011. Copyright 2009-2013 Haus Financial Services, LLC
By: Joomla Free Templates