|BARCODE0802234120Doc#: 0802239120 Fee:$42.00
Eugene “Gene” Moore RHSP Fee$10.00
Cook County Recorder of Deeds
Date: 01/22/2008 01:40 PM Pg:1 of 10
THIS DOCUMENT HAS BEEN
PREPARED BY, AND AFTER
RECORDING SHOULD BE
Kovitz Shifrin Nesbit
750 W. Lake Cook Road
Buffalo Grove, Illinois 60089
Attn: David M. Bendoff, Esq.
THE DECLARATION OF CONDOMINIUM
PARK TOWER CONDOMINIUM ASSOCIATION
This document is recorded for the purpose of amending the Declaration of Condominium (hereafter the “Declaration”) for Park Tower Condominium Association (hereafter the “Association”), which Declaration was recorded as Document No. 24874698 in the Office of the Recorder of Deeds of Cook County, Illinois, and covers the property (hereafter the “Property”) legally described in Exhibit “A”, which is attached hereto and made a part thereof.
This amendment is adopted pursuant to the provisions of Section 27(b)(1) of the Illinois Condominium Property Act (the “Act”), 765 ILCS 605/27. This section of the Act provides that, where there is an omission or error in the Declaration, By-Laws or other condominium instruments, the Association may correct the error or omission by an amendment in order to conform the instrument to the provisions of the Act. The amendment may be adopted by a vote of two-thirds (2/3) of the members of the Board of Managers unless the Board of Managers’ action is rejected by a majority of the votes of the unit owners at a meeting of the unit owners duly called for that purpose pursuant to a written petition of the unit owners having twenty percent of the votes of the Association filed within thirty (30) days after the action of the Board of Managers to approve the amendment.
WHEREAS, by the Declaration recorded in the Office of the Recorder of Deeds of Cook County, Illinois, the Property has been submitted to the provisions of the Act; and
WHEREAS, provisions of Section 12 of the Act establish certain requirements which the Association is required by law to follow, and with which the present Declaration is in conflict; and
WHEREAS, because of this conflict between the language of the Declaration and the Act, there is the likelihood that confusion, improper action, or that litigation could result imposing needless financial expense on the Association and individual unit owners and possibly also calling into question the validity of actions of the Board of Managers of the Association; and
WHEREAS, Section 27(b)(1) of the Act provides a procedure for amending the Declaration to correct omissions and other errors in the Declaration; and
WHEREAS, this amendment to the Declaration was approved by at least two- thirds (2/3) of the members of the Board of Managers of the Association at a duly called meeting held November 19, 2007; and
WHEREAS, the Board of Managers of the Association has given written notice of its action to all unit owners according to the procedures set forth in the Act; and
WHEREAS, the requisite number of unit owners failed to submit a written petition to the Board of Managers within thirty days of the Board of Managers’ action, as provided by Section 27(b)(3) of the Act.
NOW THEREFORE, Paragraph 9 of the Declaration of Condominium for the Park Tower Condominium is hereby amended in accordance with the text which follows (additions in text are indicated by double underline: deletions by strike outs):
“9. Insurance, (a) The Association shall acquire and pay for out of the Maintenance Fund herein provided for, the following:
(i) Such insurance as the Association is required to obtain under the provisions of Section 12 of the Act and such other insurance as the Association deems advisable in the operation, and for the protection, of the Property and the Units. Any losses under such policies of insurance shall be payable, and all insurance proceeds recovered thereunder shall be applied and disbursed in accordance with the provisions of this Declaration and the Act.
The Association may engage the services of any bank or trust company authorized to do business in Illinois to act as trustee or agent on behalf of the Association for the purpose of receiving and disbursing the insurance proceeds resulting from any loss, upon such terms as the Association shall determine consistent with the provisions of this Declaration. In the event of any loss resulting in the destruction of the major portion of one or more Units, occurring after the first annual meeting of the Unit Owners is held pursuant to the provisions of the By-Laws, the Association shall engage a corporate trustee as aforesaid upon the written demand of the mortgagee or owner of any Unit so destroyed. The fees of such corporate trustee shall be Common Expenses.
(ii) Property Insurance. No policy of insurance shall be issued or delivered to the Association, and no policy of insurance issued to the Association shall be renewed, unless the insurance coverage under the policy includes property insurance (i) on the Common Elements and the Units, including the Limited Common Elements and except as otherwise determined by the Board, the bare walls, floors, and ceilings of the Unit, (ii) providing coverage for special form causes of loss, and (iii) in a total amount of not less than the full insurable replacement cost of the insured property, less deductibles, but including coverage for the increased costs of construction due to building code requirements, at the time the insurance is purchased and at each renewal date. The insurance maintained under this subsection must include the Units, the Limited Common Elements except as otherwise determined by the Board, and the Common Elements. The insurance need not cover improvements and betterments to the Units installed by Unit Owners, but if improvements and betterments are covered, any increased cost may be assessed by the Association against the Units affected. If the insurance covers improvements and betterments, E (e)ach Unit Owner, other than the Trustee or the Developer, shall notify the Association in writing of any additions, alterations or improvements to his Unit and he shall be responsible for any deficiency in any insurance loss recovery resulting from his failure so to notify the Association. The Association shall use its reasonable efforts to obtain insurance on any such additions, alterations or improvements if such Unit Owner requests it to do so and if such Unit Owner shall make arrangements satisfactory to the Association to reimburse it for any additional premiums attributable thereto; and I (I)n the absence of insurance on such additions, alterations or improvements, the Association shall not be obligated to apply any insurance proceeds to restore the affected Unit to a condition better than the condition existing prior to the making of such additions, alterations or improvements. Common Elements include fixtures located within the unfinished interior surfaces of the perimeter walls, floors, and ceilings of the individual Units initially installed by the developer. Common Elements exclude floor, wall, and ceiling coverings. “Improvements and betterments” means all decorating, fixtures, and furnishings installed or added to and located within the boundaries of the Unit, including electrical fixtures, appliances, air conditioning and heating equipment, water heaters, or built-in cabinets installed by Unit Owners. All such policies of insurance shall contain standard mortgage clause endorsements in favor of the mortgagee of each Unit and shall provide that such policies shall not be terminated, cancelled or substantially modified without at least thirty (30) days’ prior written notice to the mortgagee of each Unit.
(ii) Comprehensive public liability and property damage insurance in such limits as the Association shall deem desirable provided that such limit shall not be less than $1,000,000.00 per occurrence, for personal injury and/or property damage, insuring the Association, the members of the Board, the managing agent, if any, and their respective agents and employees, and the Unit Owners from any liability in connection with those portions of the Common Elements not under the exclusive control or occupancy of the Unit Owners.
(iii) General Liability Insurance. No policy of insurance shall be issued or delivered to the Association, and no policy of insurance issued to the Association shall be renewed, unless the insurance coverage under the policy includes commercial general liability insurance against claims and liabilities arising in connection with the ownership, existence, use, or management of the property in a minimum amount of $1,000,000. or a greater amount deemed sufficient in the judgment of the Board, insuring the Board, the Association, the management agent, and their respective employees and agents and all persons acting as agents. The Unit Owners must be included as additional insured parties but only for claims and liabilities arising in connection with the ownership, existence, use, or management of the Common Elements. The insurance must cover claims of one or more insured parties against other insured parties.
(iv) Property and general liability insurance policies required to be carried by the Association must include each of the following provisions:
(a) Each Unit Owner and secured party is an insured person under the policy with respect to liability arising out of the Unit Owner’s interest in the Common Elements or membership in the Association.
(b) The insurer waives its right to subrogation under the policy against any Unit Owner of the condominium or members of the Unit Owner’s household and against the Association and members of the Board.
(c) The Unit Owner waives his or her right to subrogation under the Association policy against the Association and the Board.
(iii) (v) Such other forms of insurance as the Association shall elect to effect including such Workmen’s Compensation insurance as may be necessary to comply with applicable laws.
(vi) Adjustment of Losses: Distribution of Proceeds. Any loss covered by the property policy required to be maintained by the Association must be adjusted by and with the Association. The insurance proceeds for that loss must be payable to the Association, or to an insurance trustee designated by the Association for that purpose. The insurance trustee or the Association must hold any insurance proceeds in trust for unit owners and secured parties as their interests may appear. The proceeds must be disbursed first for the repair or restoration of the damaged Common Elements, the bare walls, ceilings, and floors of the Units, and then to any improvements and betterments the Association may insure. Unit owners are not entitled to receive any portion of the proceeds unless there is a surplus of proceeds after the Common Elements and Units have been completely repaired or restored or the Association has been terminated as trustee.
(vii) Directors and Officers Coverage. The Board must obtain directors and officers liability coverage at a level deemed reasonable by the Board, if not otherwise established by this Declaration or By-Laws. Directors and officers liability coverage must extend to all contracts and other actions taken by the Board in their official capacity as directors and officers, but this coverage shall exclude actions for which the directors are not entitled to indemnification under the General Not For Profit Corporation Act of 1986 or this Declaration and By-Laws of the Association.
(viii) Primary Insurance. If at the time of a loss under the Association’s policy there is other insurance in the name of a Unit Owner covering the same property covered by the policy, the Association’s policy is primary insurance.
(ix) Deductibles. The Board of the Association may, in the case of a claim for damage to a Unit or the Common Elements, (i) pay the deductible amount as a common expense, (ii) after notice and an opportunity for a hearing, assess the deductible amount against the Owners who caused the damage or from whose Units the damage or cause of loss originated, or (iii) require the Unit Owners of the Units affected to pay the deductible amount.
(iv) (x) A fidelity bond or bonds to protect against dishonest acts on the part of the officers, directors, trustees and employees of the Association and all others who handle, or are responsible for handling, funds of the Association. Such bond or bonds shall name the Association as an obligee and shall be in an amount at least equal to 150% of the estimated annual Common Expenses, including reserves, unless a greater amount is required by the Federal Home Loan Mortgage Corporation in the event such Corporation is a mortgagee with respect to any Unit. Such bond or bonds shall contain a waiver of defense based upon the exclusion of persons who serve without compensation from the definition of “employee.”
(b) Except as otherwise provided in this Declaration, premiums for all insurance obtained or maintained by the Association, and the cost of any appraisal which the Association deems advisable in connection with any insurance, shall be Common Expenses.
(c) The Association shall secure insurance policies that will provide for the following:
(i) with respect to the insurance provided for in (a)(ii) of this paragraph, for coverage of cross liability claims of one insured against another; and
(ii) a waiver of any rights to subrogation by the insuring company against any named insured.
(d) The Association may, but shall not be required to, secure policies providing:
(i) with respect to the insurance provided for in (a)(i) of this paragraph, that the policy cannot be cancelled, invalidated or suspended on account of the conduct of any one or more individual Unit Owners;
(ii) with respect to the insurance provided for in (a)(i) of this paragraph, that the insurer shall not have the option to restore the Property, if the Property is sold or removed from the provisions of the Act.
(e) Mandatory Unit Owner Coverage. The Board may require condominium Unit Owners to obtain insurance covering their personal liability and compensatory (but not consequential) damages to another Unit caused by the negligence of the Owner or his or her guests, residents, or invitees, or regardless of any negligence originating from the unit. The personal liability of a Unit Owner or Association member must include the deductible of the Owner whose Unit was damaged, any damage not covered by insurance required by this subparagraph, as well as the decorating, painting, wall and floor coverings, trim, appliances, equipment, and other furnishings. If the Unit Owner does not purchase or produce evidence of insurance requested by the Board, the directors may purchase the insurance coverage and charge the premium cost back to the unit owner. In no event is the Board liable to any person either with regard to its decision not to purchase the insurance, or with regard to the timing of its purchase of the insurance or the amounts or types of coverages obtained. Insurance coverage on the furnishings and other items of personal property belonging to a Unit Owner and insurance for his personal liability to the extent not covered by insurance maintained by the Association shall be the responsibility of each such Unit Owner.
(f) Upon the cancellation of any policy of insurance which the Association is required to obtain hereunder, the Association shall notify each party insured thereunder of such cancellation.
Except to the extent expressly set forth herein above, the remaining provisions of the Declaration and By-Laws shall continue in effect without change.
STATE OF ILLINOIS )
COUNTY OF COOK )
We, the undersigned, constitute at least two-thirds (2/3) of the members of the Board of Managers of the Park Tower Condominium Association established by the aforesaid Declaration of Condominium Ownership. By our signatures below, we hereby approve of and consent to this Amendment to the Declaration pursuant to Section 27(b)(1) of the Illinois Condominium Property Act. In witness, whereof we have cast our votes and signed this document in favor of this Amendment at a duly called meeting of the Board of Managers of Park Tower Condominium Association held on November 19, 2007.
[Signature] George Pauley
[Signature] Carlos E. Vargas
[Signature] Laura Cossa
[Signature] Sandra E. Goldberg
BOARD OF MANAGERS OF
ATTEST: [Signature] Sandra E. Goldberg
AFFIDAVIT OF SECRETARY
STATE OF ILLINOIS )
COUNTY OF COOK )
I, Sandra E. Goldberg, being first duly sworn on oath, depose and state that I am the Secretary of the Board of Managers of Park Tower Condominium Association and as such Secretary and keeper of the books and records of said condominium I further state that the foregoing amendment was approved by at least two-thirds (2/3) of the members of the Board of Managers of said condominium, at a meeting of the Board of Managers duly noticed and convened and held for that purpose on November 19, 2007 at which a quorum was present throughout, and such approval has not been altered, modified, or rescinded in any manner but remains in full force and effect, and that a copy of the foregoing Amendment either was delivered personally to each unit owner at the Association or was sent to each unit owner in the Association at the address of the unit or such other address as the owner has provided to the Board of Managers for purposes of mailing notices. I further state the unit owners did not file a petition with the Board, pursuant to the requirements of Section 27(b)(3) of the Illinois Condominium Property Act, objecting to the adoption of this Amendment to the Declaration.
[Signature] Sandra E. Goldberg
Secretary of the Park Tower
SUBSCRIBED AND SWORN to
before me this 19th day
of November, 2007
[Signature] SARA KACHERIS
Notary Public,State of Illinois
My Commission Expires 4-18-2011
Commonly Known As: 5415 N. Sheridan Road
Chicago, Illinois 60640
Permanent Index Number: 14-08-203-017-1001
through and including: 14-08-203-017-1401
Units 301 to 312, 314 and 315, 401 to 412, 414 and 415,501 to512.514 and515.601 to 612, 614 and 615, 701 to 712, 714 and 715, 801 to 812, 814 and 815. 901 to 9! 2. 914 and 915, 1001 to 1012, 1014 and 1015, 11 01 to 1112, 1114 and 1115, 1201 to 1212, 1214 and 1215, 1401 to 1412, 1414 and 1415, 1501 to 1512, 1514 and 1515, 160l to 1612, 1614 and 1615, 1701 to 1712, 1714 and 1715, 1801 to 1812, 1814 and 1815, 1901 to 1912, 1914 and 1915, 2101 to 2102, 2114 and 2115, 2201 to 2212, 2214 and 2215, 2301 to 2312, 2314 and 2315, 2401 to 2412, 2414 and 2415.2501 to 2512.2514 and 2515. 2601 to 2612, 2614 and 2615, 2701 to 2712, 2714 and 2715, 2801 to 2812, 2814 and 2815, 2901 to 2912, 2914 and 2915, 3001 to 3012, 3014 and 3015, 3101 to 3112, 3114 and 3115, 3201 to 3212, 3214 and 3215. 330! to 3312, 3314 and 3315, 3401 to 3412, 3414 and 3415, 3503 to 3512, 3514 and 3515, 3601 to 3612, 3614 and 3615, 3701 to 3712, 3714 and 3715, 3801 to 3812, 3814 and 3815, 3901 i0 3912, 3914 and 3915, 4001 to 4012, 4014 and 4015, 4101 to 4112, 4114 and 4115.4201 to 4212.4214 and 4215, 4301 to 4312, 4314 and 4315, 4401 to 4412, 4414 and 4415, 4501 to 4512, 4514 and 4515, 4601 to 4612, 4614 and 4615, 4701 to 4712, 4714 and 4715, 4801 to 4812, 4814 and 4815, 4901 to 4912, 4914 and 4915, 5001 to 5012, 5014 and 5015, 5101 to 5112, 5114 and 5115, 5201 to 5212, 5214 and 5215, 5301 to 5312, 5314 and 5315, 5401 to 5412, 5414 and 5415, 5501 to 5512, 5514 and 5515, and 1-C to 16-C and 20-C. as delineated on Plat of Survey or the following described parcel of real estate:
That part of the East fractional half of the Northeast 1/4 of Section 8. Township 40 North. Range 14 East of the Third Principal Meridian, lying West of the West boundary line of Lincoln Park, as established by decree entered July 6. 1908 in Case 285574 Circuit Court as shown on Plat recorded July 9. 1908 as Document Number 4229498 and South of a line that is drawn at right angles to the East line of Sheridan Road, through a point in said East line that is 1.090 feet South of the North line of said East fractional half of the Northeast 1/4 and North of the following described line: Beginning at u point in said East line of Sheridan Road, that is 1.406 50 feet South of the said North line of the East fractional half of the Northeast 1/4: thence East at right angles to the said East line 20S.08 feet: thence North at right angles to the last course. 60 feet; thence Fast at right angles to the last course. 88.01 feet to the said West boundary of Lincoln Park (except the West 47 feet of said East fractional half of the Northeast 1/4 condemned as part of Sheridan Road) all of the above situated in Cook County. Illinois, which Plat of Survey is attached as Exhibit D toDeclaration of Condominium made by American National Bank and Trust Company of Chicago, not personally but as Trustee under Trust Agreement dated August 17. 1971 and known as Trust Number 27802 and recorded in the Office of the Recorder of Deed:: of Cook County, Illinois as Document Number 24874698 .