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Condominium & Community Association News



Deciding whether to borrow and what criteria should be used when evaluating and negotiating terms for the loan


The Board of Directors of a Condominium or Common Interest Community Association, under most recorded Declarations, have delegated the authority to the Board of Directors to borrow an amount to pay for maintenance expenses or capital repairs and to pledge future assessments and other funds of the Association as security for the loan. Some Declarations limit the authority of the Board to pledge assessments to something less than substantially all the assets without a vote by the Owners. The Board should be aware of their authority before negotiating terms of a loan with a bank. To read more, click here.



Sales of condominium properties pursuant to
Section 15 of the Condo Act

The current real estate market and landscape has led to a great deal of activity regarding Section 15 sales. Developers and other investors are looking to acquire condominium buildings for use as rental buildings, initiating multiple condominium “de-conversions” throughout the Chicago area.

Chuhak & Tecson has been regularly advising Boards and purchasers in connection with these kinds of sales, from the solicitation of potential offers through closing of multiple sales. Principal David Bloomberg recently has spoken to groups of real estate professionals and attorneys regarding the representation of Associations and purchasers.

Click here to read more about moving forward with the sale of a building.
Recent Appellate Opinions
Appellate Court decides issue of post-judgment collection fees for condominium orders for possession
Appellate ruling rejects attempts to limit condominium leasing through rules



Collecting delinquent Assessments from units and owners


Boards and managers alike often have questions on how best to collect unpaid Assessments from Unit Owners. There are some finer details and advanced techniques we employ, but if your Association is considering starting the process there are some key issues you should know before getting started with the collection process. To read more, click here.
Management Corner

Cyber insurance 101: what you need to know

In a data breach, damage can be extensive. Networks and servers can be damaged; data can be lost; and third parties could have their private information compromised. These broad-ranging risks can generally be put into two categories of losses: first-party losses and third-party losses. 

To read more about these categories, click here.
 

U.S. Department of Labor announces new rule to expand overtime eligibility 

Under direction given in 2014 by President Obama, the U.S. Department of Labor issued a new Rule updating the salary threshold required to exempt administrative, executive and professional employees (“white collar” employees) from overtime pay.

Click here to read about the new rule.
Featured Attorneys
Steven Bloomberg
Steven P. Bloomberg,
Principal and Practice Group Leader
sbloomberg@chuhak.com
James Arrigo
James P. Arrigo, Principal
jarrigo@chuhak.com
Jeralyn Baran
Jeralyn H. Baran, Principal
jbaran@chuhak.com
David Bloomberg
David J. Bloomberg, Principal
dbloomberg@chuhak.com
Kristen Hudson
Kristen E. Hudson, Principal
khudson@chuhak.com
James Stevens
James R. Stevens, Principal
jstevens@chuhak.com
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This newsletter is provided as an advertisement and for informational purposes only, and is not, nor is intended to be, legal advice. You should consult an attorney for advice regarding your individual circumstances. Contacting Chuhak & Tecson, P.C. does not create an "attorney-client" relationship. Please do not send any confidential information until such time as an "attorney-client" relationship has been established. If you wish to stop these emails, please click the unsubscribe link below.

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