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.

Search Articles...

Member Login

Membership Plans

Subscribe to the Chicago Condo Resource to access our Members Only Content.

Subscribe to Newsletter

Seminars & Events

Sat May 02 @ 8:00AM - 11:00AM
Risk Management and Insurance of an Association
Thu May 07 @ 8:00AM - 06:00PM
Legal Forum
April 2015
S M T W T F S
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30

"Ask the Expert"

Can a board member remove a Late Fee?

Q. I’m a board member and I have a late fee that I feel is incorrect. Can I remove the late fee myself?

Is it acceptable for building work to be done after only one estimate by a contractor who works for a unit owner?

Q. Our association has only gotten one estimate for some work that needs to be done in the building and it was from someone who works for a unit owner. Is it appropriate to go forward with this contractor considering these circumstances?