Is Condominium Reserve Funding Mandatory?

Located in downtown Chicago, Illinois, The Columbian Condominiums are in the heart of the wealthy cultural and artistic life of Chicago. However unlike the condominium, the townhouse complex’s HOA owns not one of the constructing or the land underneath it. It’s basically beneath contract to the townhouse house owners to take care of the parts of the building which can be arduous to divide.condo

F. If the unit house owners’ association is not in existence or doesn’t have officers on the time of the creation of the condominium, the declarant shall, until there may be such an affiliation with such officers, have the ability and the responsibility to behave in all situations the place this chapter requires motion by the unit house owners’ association, its govt organ, or any officer or officers.

“Conversion condominium” means a condominium containing constructions which earlier than the recording of the declaration, have been wholly or partially occupied by persons other than those that have contracted for the acquisition of condominium units and those who occupy with the consent of such purchasers.condo

(3) A time limit, not exceeding 10 years from the recording of the declaration, upon which the option to contract the condominium shall expire, along with a statement of the circumstances, if any, which will terminate that choice previous to the expiration of the time restrict so specified.condo

If the condominium can not be expanded by the addition of additional land, then the proprietor of the land not a part of the condominium shall subdivide such land prior to its conveyance, until such land is topic to an authorized site plan as provided in subsection B of this section, or previous to modification of such authorised website plan.