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

Mon Jun 01 @ 6:00PM - 07:30PM
Fundamentals of Association Living
Tue Jun 02 @ 7:00PM - 08:30PM
Budgeting in Difficult Times
May 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
31

"Ask the Expert"

A buyer wants to add a washer/dryer to the unit. Can the board prevent this?

Q. An owner is selling her unit and a prospective buyer has asked if she can vent the existing dryer through the wall, and if a washer/dryer can be installed into the existing pantry.

Can a board choose not to carry Directors & Officers liability coverage?

Q.What happens when the association board decides to go without Directors & Officers coverage?