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

No events
May 2016
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"

How may renters is too many in a condo building?

Q: I’m looking to buy a condo and my lender told me we should steer clear of associations with too many renters. How many renters is too many? What is standard?

Can a condo owner sue board members for building maintenance negligence?

Q: One of our owners is threatening to sue the board for negligence because the common areas need maintenance that hasn't been done. We are doing our best as volunteer board members but because owners don't want to increase assessments and we have a lot of delinquencies, we just don't have the money to do everything we want to do. Can the owner sue the board members?