Association By-Laws (Partially Processed Scan)

NOTE: This is a partially processed scan of a copy of the by-laws document.

DECLARATION OF CONDOMINIUM OWNERSHIP
AND OF EASEMENTS, RESTRICTIONS AND COVENANTSFOR
RIVER'S EDGE H CONDOMINIUMS

THIS DECLARATION is made and entered into by the PARKWAY BANK & TRUST COMPANY, not individually, but solely as Trustee under a certain Trust Agreement dated March 1, 1971, and known as Trust No.1502 (hereinafter for convenience referred to as the "TRUSTEE"):
WITNESSETH, THAT
WHEREAS, the TRUSTEE Is the legal title holder of record of all of the real estate located in the City of Chicago, County of Cook and State of Illinois, legally described on Exhibit "A" attached hereto; and
WHEREAS, the TRUSTEE desires and intends by this Declaration to submit the property (as hereinafter defined) to the provisions of the Condominium Property Act of the State of Illinois, as amended from time to time (hereinafter sometimes referred to as the "Act"), and is further desirous of establishing for its own benefit and that of all future owners or occupants of the property, or any part thereof (which shall be known as the "RIVER'S EDGE #1 CONDOMINIUMS"), certain easements and rights in, over and upon the Development Parcel and mutually beneficial restrictions and obligations with respect to the use and maintenance thereof; and
WHEREAS, the TRUSTEE desires and intends that the several owners, mortgages, occupants and other persons hereafter acquiring any interest in said, Properly shall at all times enjoy the benefits of, and shall hold their interests subject to the rights, easements, privileges and restrictions hereinafter set forth, all of which are declared to be in furtherance of a plan to promote, enhance and protect the common amenities and the co-operative aspect of ownership and to facilitate the Property administration of such Property, and are established for the purpose of enhancing and protecting the value, desirability, appearance and aesthetics of the Property; and

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NOW, THEREFORE, the TRUSTEE, as the title holder of the real estate (Development Parcel) hcremabovo described, and for the purposes 3.bo\set forth, DECLARES AS FOLLOWS:
ARTICLE IDEFINITIONS
For the purpose of brevity and clarity, certain words and terms used in this Declaration are defined as follows:
1.01. DECLARATION: This instrument, by which the Property as hereinafter defined is submitted to the provisions of the Act, and shall include such amendments, if any, to this instrument as from time to time may be adopted pursuant to the terms hereof.
1. 02. DEVELOPMENT PARCEL: The entire tract of real estate above described, which is hereby submitted to the provisions of the Act.

1. 03. PROPERTY: All the land, property and space comprising the Development Parcel, all improvements and structures constructed or contained therein or thereon, including the Building and all easements, rights and appurtenances belonging thereto, and all fixtures and property intended for mutual use, benefit or enjoyment of the Unit Owners, submitted to the provisions of the Act.
1. 04. UNIT: A part of the Property within the Building, including one or more rooms, occupying one or more floors or a part of or parts thereof, and designed and intended for independent use as a single-family residential dwelling and more specifically described hereafter in Article II, and having lawful access to a public way.
1. 05. COMMON ELEMENTS: All portions of the Property, except the Units.
1. 06. UNIT OWNERSHIP: A part of the Property consisting of one Unit and the undivided interest in the Common Elements appurtenant thereto.
1.07. PARKING AREA: Area provided for parking automobiles.
1.O8. PERSON: A natural Individual, corporation, partnership, trustee or other legal person or entity capable of holding title to real property.
1. 09: OWNER OR unit OWNER: The person or persons v/hosc estates or interest, individually or coUecUvely, aggregate fee simple absolute' ownership of a unit ownership.

Owners, without, regard to then.- number, who own more man ii.iLy pttrcE.-ni. {'30%) in the aggregate of the entire imcii.vi.ded ownership interest in the Common.
l':'k;:Tieai--s; any specified percentage oF Unit Ov/ners shall mean. those Ownerswho, in the aggregate, own such specified percentage of the entire undivided ownership Interest in the Common Elements.
1. 11. 'OCCUPANT: Person or persons, other than Owner or Unit Owner in possession.

1. 12. PLAT: The Plat of Survey of the Development Parcel and of all Units in the Property submitted to the provisions of the Act, which Plat is attached hereto as Exhibit "A" and by reference expressly incorporated herein and made a part hereof and recorded concurrently with the recordation of thisDeclaration with the Cook County Recorder of Deeds.

1. 13. BUILDING: The Building constructed by the TRUSTEE located on the Development Parcel and forming part of the Property and containing the Units as indicated upon the Plat attached hereto as Exhibit "A".

ARTICLE II
PROPERTY AND UNITS: SUBMISSION TO ACT
2.01. SUBMISSION OFPROPERTY TO THE ACT: The TRUSTEE hereby submits the Property to the provisions of the Condominium Property Act of the State of Illinois.

2.02. UNITS: DESCRIPTION AND OWNERSHIP: The legal description of each Unit shall consist of the identifying number or symbol of such Unit as shown on the Plat, attached hereto as Exhibit "A". Every deed, lease, mortgage or other instrument may legally describe a Unit by its identifying number or symbol as shown on the Plat, and every such description shall be, deemed good and sufficient for all purposes, as provided in the Act. Each Unit shall consist of the space enclosed and bounded by the horizontal and vertical planes set forth in the delineation thereof as shown on the Plat. Except as otherwise provided by the Condominium Property Act, no Unit Owner shall, by deed, plat or otherwise, subdivide or in any other manner cause his Unit to be separated into any tracts or parcels different from the whole Unit as shown on the Plat.
2. 03. CERTAIN STRUCTURES – NOT CONSTITUTINGPART OF A UNIT:
No Unit Owner shall own any pipes, wires, conduits, public utility lines or other structural components running through his Unit and serving more than his Unit, whether or not such items shall be located in the floors, ceilings or perimeter or interior walls of the Unit, except as a tenant-in-common with all otherUnit Owners.

ARTICLE IIICOMMON ELEMENTS

Individual Units. Without li.mi.ti.ng the generality of the torego'.ng, i.-u.-: ^.^nm.^^ Elements shall Include the land, outside walks and driveways.,, landscaping, courtyards,1' patios, balconies, roof, pipes, ducts, electrical wiring and conduits,' public utility lines and other -utility Installations to the outlets, floors, ceilings, and perimeter walls nob located within the Unit boundaries as shown on the Plat, and structural parts of the Building, Including structural columns located within the boundaries of a Unit.

3. 02. OWNERSHIP OF COMMON ELEMENTS: Each Unit Owner shall be entitled to and own an undivided Interest In the Common Elements as a tenant-in-common with all other Unit Owners of the Property, and, except as otherwise limited in this Declaration, shall have the right to use the Common Elements for all purposes incident to the use and occupancy of such Owner's Unit as a place of residence, and such other incidental uses permitted by this Declaration, which right shall be appurtenant to and run with his Unit. The extent or amount of such ownership shall be expressed by a percentage amount and, once determined, shall remain constant,' 'and may not be changed without unanimous written approval of all the Unit Owners. The TRUSTEE has so determined each Unite corresponding percentage of ownership in the Common Elements as set forth in the schedule attached hereto as Exhibit "B" and incorporated herein by reference, as though fully set forth herein. .
3.03. NO PARTITION OF COMMON ELEMENTS: There shall be no partition of the Common Elements through judicial proceedings or otherwise until this Declaration Is terminated and the Property is withdrawn from its terms or from the terms of any statute applicable to condominium ownership; provided, however, that if any Unit Ownership shall be owned by two or more Co-Owners as tenants-in-common or as joint tenants, nothing herein contained shall be deemed prohibit a voluntary or judicial partition of said Unit Ownership as between such Co-Owners.


ARTICLE IV
GENERAL PROVISIONS AS TO UNITS AND COMMON ELEMENTS
4.01. NO SERVERANCE OF OWNERSHIP: No Owner shall execute any deed, mortgage, lease or other instrument affecting title to his Unit Ownership without including therein both his interest in. the Unit and his corresponding percentage of ownership In the Common Elements, it being the. intention hereof to prevent any severance of such combined ownership. Any such deed, mortgage, lease or other instrument purporting to affect the one without including also the other shall be deemed and taken to include the interest so omitted even though the latter is not expressly mentioned or described therein, provided, however, that rights of said Co-Owners to partition is subject to compliance with the provision of this Declaration.
4:02. USE OF THE COMMON ELEMENTS; Subject to the provisions of Section 4.04, each Unit Owner shall have the right to use the Common Elements in common with all other Unit Owners, as may be required for the purposes of mingress and egress to, and use, occupancy and -enjoyment of, the respective Uni~."Mo^ 1-,-u. oap.h Unit Owner, and to the use and enjoyment of common facilities.

The use of the Common Elements and the rights of the Unit Owners with respect thereto shall be subject to and governed by the provisions of the Act, this Declaration and the By-Laws and rules and regulations of the Board ofManagers (hereinafter described and for convenience sometimes referred to as the "Board"). The Board of Managers shall have the authority to lease or rent or grant licenses or concessions with respect to parts of the Common Elements, subject: to the provisions of this Declaration and the By-Laws and rules and regulations of the Board.

4. 03. -MAINTENANCE OF COMMON ELEMENTS: COMMON EXPENSES: Except as otherwise provided herein, management, repair, alteration and improvement of the Common Elements shall be the responsibility of the Board. Each Unit Owner shall pay Ins proportionate share of the expenses of maintenance, repair, replacement, administration and operation of the Common Elements, which expenses are hereinafter referred to collectively as "Common Expenses". Such proportionate share shall be in the same ratio as his percentage of ownership in the Common Elements as set forth in Exhibit "B" attach hereto. Payment thereof shall be in such amount and at such times as may be provided by the By-laws and/or rules and regulations of the Board. In the event of the failure of a Unit Owner to pay such proportionate share when due, the amount thereof shall constitute a lien on the interest of such Unit 0wner, as provided by the Act.
4.04. EASEMENTS: (a) Encroachments: In the event that, by reason of the construction, settlement or shifting of the Building, or the design or construction of-any Unit, any part of the Common Elements encroaches or shall hereafter encroach upon any part of any Unit, or any part of any Unit encroaches or shall 'hereafter encroach upon any part of the Common Elements or any other Unit, or, if by reason of the design or construction of utility systems, any main pipes, ducts or conduits, serving more than one Unit encroach or shall hereafter encroach upon any part of any Unit, valid easements for the maintenance of such encroachment are hereby established and shall exist for the benefit of such Unit and the Common Elements, as the case may be, so long as all or any part of the Building containing such Unit shall remain standing; provided, however, that in no event shall a valid easement for any encroachment be created in favor of the Owner of any Unit or in favor of the Owners of the Common Elements if such encroachment occurred due to the willful conduct of said Owner or Owners.
(b) Balconies and Patios: All balconies and patios, if any, shall be a part of the Common Elements and not a part of any individual Unit; however, each Unit Owner shall be entitled to the exclusive use and possession of that balcony and patio or those balconies and patios, if any, direct access to which is provided from his respective Unit and which is or are located outside of and adjoining his respective Unit and unless and until such time as the Board as hereafter provided determines to the-contrary, each Unit Owner shall be responsible for repair, maintenance and appearance of the patios.

ureaKage, damage, malfunction and ordinary wear and tear. A Unit Owner shall not paint or otherwise decorate or adorn or change the appearance of any such balcony or pati-o, in any manner contrary to such rules and regulations as may be established by the said Board or Association (hereinafter referredto). In the event any such balcony or patio shall be appurtenant to more than one unit, then all rights and obligations of the Owners of each such Unit with respect to the use, maintenance and repair ofsuch balcony or patio shall be joint, common and indivisible, and shall not be subject to partition through judicial proceedings or otherwise.

(c) Easements for Utilities: The Illinois Bell Telephone Company, Commonwealth Edison Company and all other public utilities serving the Property are hereby granted the right to install, lay, construct, operate, maintain, renew, repair, or replace conduits, cables, pipes and wires and other equipment into, over, under, along and on any portion of the Common Elements for the purpose of providing the Property with utility services, together with the reasonable right of ingress to and egress from the Property for said purpose. The Board may hereafter grant other or additional easements for utility purpose for the benefit of the Property, over, under, along and on any portion of said Common Elements, and each Unit Owner hereby grants the Board an irrevocable power of attorney to execute, acknowledge and record or register for and in the name of said Unit Owner, such instruments as may be necessary or appropriate to effectuate the foregoing. Easements are also hereby declared and granted to install, lay, operate, maintain, repair and replace any pipes, wires, ducts, conduits, public utility lines or structural components running through the walls of a Unit, whether or not such walls liein whole or in part within the Unit boundaries.
(d) Easement for Ingress and Egress: An easement for ingress and egress, in perpetuity, is hereby declared, as a covenant binding and running with the land, upon those portions of the real estate designated as "driveway" and "cement walk" upon. the plat of survey attached hereto as Exhibit "A", for the benefit of any Unit Owner and Occupant in the Development Parcel described in Exhibit "A".

(e) Easements to Run with the Land: All easements and right's described herein are easements appurtenant, running with the land, perpetually in full force and effect, and at all times shall inure to thebenefit of and be binding on the undersigned, its successors and assigns, and any Unit Owner, purchaser, mortgage and other person having interest in the Property, or any part ox- portion thereof. Reference in any deed of conveyance or in any mortgage or trust deed or other evidence of obligation, to the ea.pexncnts and. rights descr'ib^'d in this Article, or described in any other narf- n-F thic

4. 05. PARKING AREA.; PARKING: Parking spaces will be auocaieu by the TRUSTEE which designation shall be binding on all units owners unless otherwise revised or reassigned by the Board.

4.06. STORAGE AREAS: The storage area for the Owners' personal property in the building outside of ll-ic: respective Units shall be part of the Common Elements, and the exclusive use and possession of such area shall be allocated among the respective Owners in such manner and subject to such rules and regulations as the Board may prescribe. Each Owner shall be responsible for his personal property in such storage area. The Board and the Association shall not be considered the bailee of such personal property and shall not be responsible for any loss or damage thereto whether or not due to the negligence of the Board and/or the Association.
4. 07. SEPARATE 3VIORTGAGES OF UNITS: Each Unit Owner shall have the right to mortgage or encumber his own respective Unit, together with his respective ownership interest in the Common Elements. No Unit Owner shall have the right or authority to mortgage or otherwise encumber inany manner v/hafcsoever the Property or any part thereof, except his ov/n Unit and his own respective ownership interest in the Common Elements as aforesaid.

4. 08. SEPARATE REAL ESTATE TAXES: It is intended- and understood that real estate taxes are to be separately taxed to each Unit Owner for his Unit and his corresponding percentage of ownership in the Common Elements as provided in the Act. In the event that, for any year, such taxes are not separately taxed to each Unit Owner, but are taxed on the Property a whole, then each Unit Owner shall pay his proportionate share thereof, in accordance with his respective percentage of ownership interest in the Common Elements.
4. 09. UTILITIES: Each Unit Owner shall pay for his own telephone, electricity and other utilities which are separately mete red or billed to each user by the respective utility company. Utilities which are not separately metered or billed shall be treated as apart of the Common Expenses.

4. 10. INSURAN CE; UNIT OWNERS: Each Unit Owner shall be responsible, for his own insurance on the contents of his own Unit, and his additions and improvements thereto and decorating and furnishings and personal property therein and his personal property stored elsewhere on the Property, and his personal liability, all to the extent not covered by the fire and liability insurance for all of the Unit Owners obtained as part of the Common Expenses as provided below in Section 5.08, hereof.
The Board shall not be responsible for obtaining insurance on any additions, alteration or improvements made by any Unit Owner to his Unit unless and until such Unit Owner shall request the Board in writing so to do shall make arrangements satisfactory to the Board to reirnDurse me .ouc-ui. U for any additional premiums attributable thereto; and upon the failure of such Unit Owner so to do, the Board shall not be obligated to apply any insurance proceeds to restore the affected TJnifc to a condition better than the condition existing prior to the making of such additions, alterations or Improvements.

Each Unit Owner hereby waives and releases any and all claims which he may have against any other Unit Owner, the Board, its officers, members of the Board, the TRUSTEE, the manager and managing agent of the Building, if any, and their respective employees and agents, for damage to the Common Elements, the Units, or to any personal property located in the Units or Common Elements, caused by fire or other casualty, to the extent that such damage is covered by fire or other form of casualty insurance.
4.11. MAINTENANCE. REPAIRS AND REPLACEMENTS OF UNITS:
(a) By the Board: The Board, at Its expense, shall be responsible for the maintenance, repair and replacement of those portions, if any, of each Unit which contribute to the support of the Building, excluding, however, interior wall, ceiling and floor surfaces. In addition, the Board shall maintain, repair and replaceall conduits, ducts, plumbing, wiring and other facilities for the furnishing of utility services which may be located within the Unit boundaries as specified in Sections 2.02 and 2.03, exclusive of any portions of the foregoing which may be located at or beyond the "wall outlets, or which may be the responsibility of an individual Owner under any other provision of this Declaration.
(b) By the Owner: Except as otherwise provided in Paragraph (a) above, each Unit Owner shall furnish, at his own expense, and be responsible for the following:

(1) all of the maintenance, repairs and replacements within his own Unit and all of the doors and windows appurtenant thereto, and all internal installations of such Unit such as refrigerators, ranges and other kitchen appliances, lighting fixtures and electrical fixtures, appliances, and heating, plumbing and air conditioning fixtures or installations, and any portion of any other utility service facilities locatedwithin the unit boundaries as specified in Sections 2.02 and 2.03, provided, however, such maintenance, repairs and replacements as may be/required for the bringing of water, and/or electricityto the Unit, shall be furnished by the Board as part of the Common Expenses. The Board may provide, by its rules and regulations for ordinary maintenance and minor repairs and replacements to be furnished to Units by Building personnel as a Common Expense.
a-n nf i-bfi decoratinp; within his own Unit from time to be required from time to ti-me, which saLci inainccnciin-t; c..xxi.. use shall be subject to the rentes and regulations of the Board. The interior surfaces of all windows forming part of a perimeter wall of a Unit shall be cleaned or washed at the expense of each respective Unit Owner, and the exterior surfaces of such windows shall be cleaned or washed as part of the Common Expenses by the Board at such time or times as the Board shall determine. The use of and the covering of the interior surfaces of such windows, whether by draperies,shades or other items visible on the exterior of the Building, shall be subject to the rules and regulations of the Board. Decorating of the Common Elements (other than interior surfaces within the Units as above provided), and any redecorating of Units to the extent made necessary by any damage to existing decorating of such Units caused by maintenance, repair or replacement work on the Common Elements by the Board, shall be furnished by the Board as part of the Common Expenses. Nothing' herein contained shall be construed to impose a contractual, liability upon the Board for maintenance, repair and replacement, but the Board's liability shall be limited to damages resulting from negligence. The respective obligations of the Board and Unit Owners set forth in this Declaration shall not be limited, discharged or postponed by reason of the fact that any such maintenance, repair or replacement is required to cure a latent or patent defect in material or workmanship in the construction of the property, nor because they may become entitled to the benefit of any construction guarantee or proceeds under policies of insurance.
4.12. NEGLIGENCE OF OWNER: If, due to the negligent act or omission of a Unit Owner, or of a member of-his family or household pet, or of a guest or other authorized occupant or visitor of such Unit Owner, damage shall be caused to the Common Elements or to a Unit or Units owned by others, ormaintenance, repairs or replacements shall be required which would otherwise be at the Common Expense, then such Unit Owner shall pay for such damage and such maintenance, repairs and replacements as may be determined by the Board, subject to the rules, regulations and By-Laws of the Board.
4.13. JOINT FACILITIES: To the extent that equipment, facilities and fixtures within any Unit or Units shall be connected to similar equipment, facilities or fixtures affecting or serving other Units or the Common Elements, then the use thereof by the individual Unit Owners shall be subject to the rules andregulations of the Board. The authorized representatives of the Board, or of the manager or managing agent for the Building, shall be entitled to reasonable access to the individual Units as may be required in connection with maintenance, repair or replacements of or to the Common Elements or any equipment, facilities or fixtures affecting or serving other Units or the Common Elements.
4. 14. ALTERATIONS, ADDITIONS AND IMPROVEMENTS: No alteraru-id hereinafter sometimes referred to as the "Board"), consisting 01 cnree['.]) persons who shall be elected In the manner hereinafter provided. The Unit Owners, as described in this Declaration and in the By-Laws hereinafterset forth, acl.i.ng collectively through the Board, shall be known as the RIVER'S EDGE #1 CONDOMINIUMS, an unincorporated association, subject to any subsequent incorporation as provided in Article XII below (hereinabove and hereinafter called the "Association"), Notwithstanding any other provision here contained to the contrary, all duties, functions and obligations herein imposed upon the Board are so imposed with the express understanding that the Board is the governing body and agent of the Unit Owners and the Association. The provisions of this Article V and VII below shall constitute the initial and basic By-Laws of the Board and/or Association, as referred to in the Act. Each member of the Board shall be one of the Unit Owners; provided, however, that in the event a Unit Owner is a corporation, partnership, trust or other legal entity other than a natural person or persons, then any director or officer of such corporation, partner of such partnership. Individual trustee or beneficiaryof such trust, or manager of such other legal entity, shall be eligible to serve as a member of the Board.
5.02. DETERMINATION OF BOARD TO BE BINDING: Notwithstanding that the words "Board" and "Association" may in some instance be used interchangeably in various sections of this Declaration. Matters of dispute or disagreement between Unit Owners relating to the Property or with respect tointerpretation or application of the provisions of this Declaration or the By-Law shall be determined by the Board, which determination shall be final and binding on the Association and on all Unit Owners.
5. 02. VOTING RIGHTS: There shall be one person with respect to each Unit Ownership who shall be entitled to vote at any meeting of the Unit Owners. Such person shall be known (and hereinafter referred to) as a "Voting Member", Such Voting Member may be the Owner or one of the group composed of all the Owners of a Unit Ownership, "or may be some person designated by such Owneror Owners to act as proxy on his or their behalf and who need not be an Owner, Such designation shall be made in writing to the Board and shall be revocable at any time by actual notice to the Board of the death or judicially declared incompetence of any designator, or by written notice to the Board by the Owner or Owners. Proxies shall be valid only for the particular meeting designated thor'on and must be filed with the Board before the scheduled time of the meeting to Any or all of such Owners may be present at any meeting of the Voting Member; and (those constituting a group acting unanimously) may vote or take any other action as a Voting Member, either in person or by proxy. The total number of votes of all Voting Members shall be one hundred^l^0)_and each Owner or graof Owners shall be eitet^TTo^tne-TTurn'oer o-t^ToTes equal to the total of the percentage of-^s-wTwTsWp i'h'-C'o'ri-urTon Elements appTi^abTeTo' hi^o^TlTeir^Un-it owner shTp-a^s-cTfol-th in-.E^tmTl-^^'B^^-aTCaTTtTe^ The TRUSTEE (or its nominee may exercise the voting rights with respect to any Unit owned by the TRUSTEE.

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5.04. MEETINGS:

(b'l Annual Meeting: The First Annual Mcc'ci.ng oi me vi-'LLiiyMembers shall be held upon Len (10) days written notice given by the'(' RUST El.;: v/hen at least fifty-one (51%) percent of the Units areoccupied. ThereaFter, there shall be an Annual Meeting or the VotingMembers on the first Tuesday of April of each succeeding year, at7:30 o'clock P.M., on the Property, or at such oilier reasonable placeor time: (not more than thirty (30) days before or after such date), asmay be designated by written notice of the Board delivered to the VotingMembers not less than ten (10) days prior to the date fixed for saidmeeting.
(c) Special Meetings: Special Meetings of the Voting Membersmay be calleTcTat any time for the purpose of considering matters whichby the terms of this Declaratloii 'require the approval of all or soine ofthe Voting Members, or for any other reasonable purpose. Said Meetingshall be called by written notice, authorized by a majority of the Board,or by the Voting Members having one-third (l/3rd) of the total votes, anddelivered not less than seven (7) days prior to the date fixed for saidMeeting. The Notices shall specify the date, time and place of theMeeting and the matters to be considered.
5.05. NOTICE OF MEETINGS: Notices of meetings required to begiven herein may be delivered either personally or by mall to the persons entltlecto vote thereat, addressed to each such person at the address given by him tothe Board for the purpose of service of such notice, or to the Unit or the UnitOwner with respect to which such voting right appertains, if no address has beengiven to the Board.
5.06. BOARD OF MANAGERS; ELECTION; MEETINGS:
(a) At each Annual Meeting, the Voting Members shall, by amajority of the total votes present at such Meeting, elec1 a Board ofManagers for the forthcoming year, consisting of three (3) Owners,all of whom must reside on the Property, except for Board Members nominated or designated by the TRUSTEE. Two (2) members shall constitutea quorum. Members of the Board shall serve, without compensation, fora term of one (1) year or until their successors are elected and qualify.If a Member of the Board of Managers shall cease to meet any qualifica-tion herein required for a Member of the Board, such Member shall.thereupon cease to be a Member of the Board and his place on the Board shallbe deemed vacant. Vacancies in the Board may be filled by unanimous vo'of the remaining Members thereof. Except as otherwise provided In the• Declaration, the Property shall be managed by the Board, and the Boardshall act by majority vote of those present at its meetings when a quorum.exists. Meetings of the Board may be called, held and conducted inaccordance with such regulations as the Board may adopt.
/
(b) The Board shall elect from among Its Members a Presidentwho shall preside over both Its meetings and those of the Voting Members(Association), a Secretary who shall keep the minutes of all meetings ofthe-. Ba^rd and of ths. Voting Members and.. who-shall,, in general, performall the duties Incident to the office of secretary, and a Treasurer to keepthp finnnr.lal records and books of account.





majority vote of the Voting Members at tlie same meecmg or anysubsequent meeting called for that purpose.
(d) An annual meeting of the Board shall be held immediately.following the annual meeting of the Unit Owners and at the same place,Special meetings of the Board shall be held upon call by the President orby a i-najority of the Board on not 'loss than forty-eight (48) hours noticeIn writing to each member, delivered personally or by mail or tele-gram. Any Board Member may i.n writing waive notice of a meeting,or consent to the holding of a meeting without notice, or consent to anyaction of the Board without a meeting.
(e) Board Members shall receive no compensation for theirservices, unless expressly provided for in resolutions duly adopted bythe Unit Owners.
5.07. GENERAL POWERS OF THE BOARD: Without limiting thegeneral powers which may be provided by law, this Declaration and the Act,the Board shall have the following general powers and duties:
(a) to elect the officers of this Association as hereinaboveprovided;
X(b) to administer the affairs of this Association and theProperty; ' '
(c) to engage the'services of a manager or managing agent''who shall manage and operate the Property and the Comm on. Elementsthereof for all of the Unit Owners, upon such terms and for suchcompensation and with such authority as the Board may approve (subjectto Section 5. 10(b) below):
(d) to formulate policies for the administration, management andoperation of the Property and the Common Elements thereof;
(e) to adopt administrative rules and regulations governing theadministration,, management, operation and use of the Property and theCommon Elements, and to amend such rules and regulations from timeto time;
(f) to provide for the maintenance, repair and replacement of the.Common Elements and payments therefor, and to approve paymentvouchers or to delegate such approval to the officers of the manager or-managing agent;
(g) to provide for the designation, hiring and removal of employeesand other personnel, including accountants, and to engage or contract forthe services of others, and to make purchases, for the maintenance, repair,replacement, administration, management and operation of the Property
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as exprey^ed in a resoluLi.oa duly adopted at pny Annual or SpecialMeeting of the Unit Owners; and
(j) to exercise all other powers and duties of the Board ofManagers or Unit Owners as a group referred to In the Act, and allpowers and duties of a Board of Managers referred to in the Declarationof these By-Laws.
5.08. SPECIFIC POWERS OF Trl.E BOARD: The Board, for the benefit.of the Board, the Association and all Unit Owners, shall provide and shall payfor out of the maintenance fund hereinafter provided, the following:
(a) Utility Service for Common Elements: Waste, water re-moval, electricity and telephone, heat, power and other necessaryutility service for the Common Elements (and. If not separately meteredor charged, for the Units);
'(b) Casualty Insurance: A policy or policies of insuranceInsuring the Common Elements from Insurance companies with ClassA+AAAA rating Insuring the Units agalnsfc loss or damage by the perils offire, lightning and those contained In the extended coverage, vandalismand malicious mischief endorsci-nents, for the full insurable replacementvalue of the Common Elements and the Units or such fire and casualtyinsurance as the Board shall determine gives substantially equal orgreater protection written in the name of, and the proceeds thereof shallbe payable to, the Members of the Board, as trustees for each of theOwners In the percentages established in Exhibit "B". Prior to obtainingany such policy or policies of insurance, or any renewal thereof, exceptwith the Initial policy or policies obtained by the developer, the Board, atits election, may from time to time obtain an appraisal from a qualifiedappraiser for the purpose of determining the full replacement value of theCommon Elements, and the Units for the amount of insurance 'to be effectedpursuant hereto. The cost of any and all such appraisals shall be commonexpenses. Each Owner shall notify the Board In writing of any additions .or alterations to his Unit resulting in increased value thereof and he shallbe responsible for any deficiency In any insurance loss recovery resultingfrom his failure to so notify the Board. All such policies of Insurance (1)shall contain standard mortgage clause endorsements in favor of themortgagee or mortgagees of each Unit, if any, as their respective Interestmay appear, (2) shall provide that the Insurance, as to the'interest of theBoard, shall not be Invalidated by any act or neglect of any Owner, (3), shalprovide that notwithstanding any provision thereof which gives the insureran election to restore damage in lieu of making a cash settlement therefor,such options shall not be exercisable in the event the Owners elect to sellthe Property or remove the Property from the provisioiis of ths Condomin-ium Property Act, (4) shall contain an endorsement to the effect that suchpolicy shall not be terminated for non-payment of premiums without at lcas<-ten (10) day's prior written notice .to the mortgagee of each Unit, (5) shall
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tins Declaration and the Condominium Property Act; provided,however, that If the Board falls to perform all of the conditionsprecedent required by the policy or policies of insurance, a.nd failsto collect the amount of the loss within the time required by law,and any mortgagee or mortgagees are required to avail themselves oftheir rights under the standard mortgage clause endorsement to collect ,the proceeds of the policy or policies or insurance, any amounts socollected through the efforts of said mortgagee or mortgagees shall beapplied and directed by said mortgagee or mortgagees. The Board mayengage the services of a bank or trust company authorized to do trustbusiness in Illinois and having a capital of not less than $1, 000, 000. 00to act as insurance trustee and to receive and disburse the insuranceproceeds resulting from any loss upon such terms as the Board shalldetermine consistent with the provisions of this Declaration. In theevent the lowest of three (3) bids from reputable contractors for makingall .repairs required by any such loss shall exceed $25, 000. 00, theBoard upon written direction of the mortgagee of any Unit shall engagethe services of an insurance trustee as aforesaid. The fees of suchinsurance trustee shall be Common Expenses;
(c) Liability Insurance: Comprehensive public liability insur-ance, including liability for injuries to and death of persons, and propertydamage, in such limits as it shall deem desirable, and other liabilityinsurance as it may deem desirable, insuring each Unit Owner, the Asso-ciation, its officers, members of the Board, the TRUSTEE, the rnanagerand managing agent of the Building, if any, and their respectiveemployees and agents, from liability in connection with the CommonElements and the streets and sidewalks adjoining the Property andinsuring the officers of the Association and members of the Board fromliability for good faith actions beyond the scope of their respectiveauthorities. Such insurance coverage shall include cross liability claimsof one or more insured parties against other insured parties. The prernuifor such insurance shall be Common Expenses;
(d) Workmen's Compensation: Workmen's compensationinsurance to the exten necessary to comply with any applicable laws;
(e) Wages and Fees for Services: The services of any personor firm employed by the Board, including, without limitation, theservices of a person or firm to act as manager or as managing agentfor the Property, the services of any person or persons required for'"maintenance or operation of the Property or the enforcement of thisDeclaration and for the organization, operation ane enforcement of therights of the Association;
^ C^e of Common Elements: Landscaping, gardening, snowremoval, painting, cleaning, tuckpointing, maintenaiice, decorating,repair and. replaccmen'.of the Common Elemen.ts (but not indud'.ng theinterior surfaces of the Units, which the Owner shall paint, clean, de-








(g) Additional Expenses: Any ocner uicii.t.;.i.i.d.ia, on^^i.^, ^.^.^^,-_.labor, services, maintenance, repairs, structural alterations. Insuranceor assessments which the Board Is required to secure or pay for pursuantto the terms of these restrictions or by law or which In Its opinion shall benecessary or proper for the maintenance and operation of the Property asa first class building or for the enforcement of this Declaration;
(h) Discharge of M e cha nl c' s Liens: Any amount necessary todischarge any m e chan I c' s 1 i e n o r other encumbrance levied against theentire Property or any part thereof which may In the opinion of the Boardconstitute alien against, the Property or against the Common Elements,rather than merely against the interests therein of any particular Unit Owneit being understood, however, that the foregoing authority shall not be Inlimitation of any statutory provisions relating to the same subject matter.Where one or more Owners are responsible for the existence of such lien,they shall" be jointly and serverally liable for the cost of discharging it andany costs incurred by the Board by reason of said lien or liens shall bespecially assessed to said Owners;
(i) Certain Maintenance of Units: Maintenance and repair of anyUnit as provided in this Declaration, and maintenance and repair of anyUnit if such maintenance or repair is necessary in the discretion ofthe Board to protect the Common Elements, or any portion of the Buildingand the Owner or Owners of said Unit have failed or refused to perform sal'maintenance or repair within a reasonable time after wri-tten notice of thenecessity of said maintenance or repair shall have been delivered by theBoard to said Owner or Owners, provided that the Board shall levy aspecial assessment against such Unit Owner for the cost of said main-tenance or repair. The Board of Its agents may enter any Unit whennecessary in connection with any maintenance or construction for v/hich theBoard or Association is responsible. It may Itkewise enter any balconyor patio for maintenance, repairs, construction or painting. Such entryshall be made with as little Inconvenience to the Owners as practicable,and any damage caused thereby shall be repaired by the Board, at theexpense of the maintenance fund. The Board reserves the right to retaina passkey to each Unit, and no locks or other devices shall be placed-onthe doors to the Units to obstruct entry through the use of such passkey.In the event of any emergeiicy originating in, or threatening, any Unit, orin the event of the Owner's absence from the Unit at a time when requiredalterations or repairs are scheduled, the management agent or his repre-sentative or any other person designated by the Board may enter the Unitimmediately, whether the Owner is present or not;
^
(j) Capital Additions and Improvements: The Board's powers hereinabove enumerated shall be limited to the extent that the Board shall haveno authority to acquire or provide or pay for out of the maintenance fundany capital additions, and irnprovern3.'';it.s (other than for purposes of
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(k) Certain Services to Units: The Board may pay from the•maintenance fund for water fca.Kes, waste removal and/or any utilitieswhich are not separately iTietered or otherwise directly charged toindividual Owners. However, the Board may discontinue such paymentsat any time, in which case each Owner shall be responsible for directpayment of his share of such expenses as determined by the Board. TheBoard reserves the right to levy additional assessments against anyOwner to reimburse It for excessive use of such Owner of any utilityservice, the expense of which is charged to the maintenance fund.
(1) Execution of Documents: All agreements, contracts, deeds,leases, vouchers for payment of expenditures and other instruments shallbe signed by such officer or officers, agent or agents of the Board andin such manner as from time to time shall be determined by writtenresolution of the Board. In the absence of such determination by theBoard, such documents shall be signed by the Treasurer and counter-signed by the President of the Board.
(m) The Board upon authorization by the affirmative vote of notless than a majority of the Unit Owners, acting on behalf of all UnitOwners, shall have the power to seek relief from or in connection withthe assessment or levy of any real estate taxes, special assessments orany other special taxes or charges, and to charge and collect allexpenses incurred tn connection therewith as a Common Expense.
5. 09. VOUCHERS: All vouchers for payment of expenditures by theBoard shall be signed by such officer or officers, agent or agents of the Boardand in such manner as from time to time shall be determined by written resolu-tion of the Board.. In the absence of such determination by the Board, suchvouchers shall be signed by the Treasurer and countersigned by the President ofthe Board.
5. 10. RULES AND REGULATIONS; MANAGEMENT:
(a) Rules: The Board, at the direction of the Voting Membershaving two-thirds (2/3rds) of the total votes, -may adopt such reasonablerules and regulations as it may deem advisable for the maintenance, con-servation and beautification of the Property, and for the health, comfort,safety and general welfare of the Owners and Occupants of said Property.Written notice of such rules and regulations shall be given to all Ownersand Occupants and the entire property shall at all times be maintainedsubject to such rules and regulations.
(b) Management: Notwithstanding any other provisions herein,the Board may, after prior approval of the Voting Members havin?-two-thirds (2/3rds) of the total votes, engage the services of an agent to
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'bthing hereinabov'.; contained shall bo conytri-ied Lo give thety to conduct: an active business for profit on behalf of allor any of them.
ARTICLE VI
ASSESSMENTS - MAINTENANCE j'"UND
6. 01. P^KPA^AT^ION OF__ESTi MALTED J?UDGI^T:_ Each year on orbefore December 1st, the Board shall estimated the total amount necessary topay the cost of wages, payroll taxes, materials, assessments to be paid to 'theRecreational Resources Corporation, and Insurance, servlce.s, managementfees, supplies, maintenance, repairs, landscaping, fuel, pov/er, unpaid CommonExpenses from prior year and other common utilities and common expenses, v/hicwill be required during the ensuing calendar year for the rendering of allservices, together v/ith a reasonable amount considered by the Board to benecessary for a reserve for contingencies and replacements, and shall, on orbefore December 15th, notify each Owner in writing as to the amount of suchestimate, with reasonable iternizafcion thereof. Said "estimated cash require-ment" shall be assessed to the Owners according to each Owner's percentageof ownership in the Common Elements as set forth in Exhibit "B" attached hereto.On or before January 1st of the ensuing year, and the first-of each month andevery month of said year, each Owner shall be personally obligated to pay theBoard, or as it may direct, one-twelfth (l/12th) of the assessment made pursuantto this Section. On or before the date of the Annual Meeting of each calendaryear, the Board shall supply to all Owners an itemized accounting of the CommonExpenses for the preceding calendar year actually incurred and paid togetherwith a tabulation of the amounts collected pursuant to the estimates provided,and showing the net amount over and short of the actual expenditures, plusreserves. Any amount accumulated in excess of the amount required for actual.expenses and reserves shall be credited according to each Owner's percentageof Ownership in the Common Elements to the next monthly installments due fromOwners under the current year's estimate, until exhausted, and any net shortageshall be added according to eacli Owner's percentage of ownership in the CommonElements to the installments due in the succeeding six (6) months after renderingof the accounting.
6. 02. RESERVE FOR CONTINGENCIES AND REPLACEMENTS: TheBoard shall build up and maintain a reasonable reserve for contingencies andreplacements. Extraordinary expenditures not originally included in the annualestimate which may become necessary during the year, shall be charged firstagainst such reserve. If said"Esfcimated Cash Requirement'.-:-' proves inadequatefor~afiy~y'e^son7"In"cludmg non-payment of any Owner's assessment, the Board mayat any time. Ie vyafurther asses sm ent, whichshaU be assessed to the Ownersaccording'To each Owner's percentage of own ers hip uifhe C om mon Elements. TheBoard shall serve notice of such further assessment on all Owners by a statementin writing giving the amount and reasons therefor, and such further assessmentshall become effective with the monthly maintenance payment which is due more thten (10) days after the delivery or mailing' of such notice of further asse.same.nt.















6.03. BUDGET FOR FIRST YEAR: When the first Board electedhereunder takes office, it shall determine the "estimated cash requirement",as herelnabove defined, for the period commencing thirty (30) days after- saidelection and ending on December 31st, of the calendar year in which saidelection occurs. Assessments shall be levied against the Owners during saidperiod as provided fnTS^c'ri.'O'h 6701 of'tins 'Article.
6.04. FAILURE TO PREPARE ANNUAL BUDGET: The failure ordelay of the Board to prepare or serve the annual or adjusted estimate on theOwner shall not constitute a waiver or release in any manner of such Ov/ner'sobligation to pay the maintenance costs and necessary reserves, as hereinprovided, whenever the same shall be determined, and, in the absence of anyannual estimate or adjusted estimate, the Owner shall continue to pay themonthly maintenance charge at the then existing monthly rate established for theprevious period until the monthly maintenance payment which is due more than ten(10) days after such new annual or adjusted estimate shall have been mailed ox-delivered.
6> °5- BOOKS AND RECORDS: The Board shall keep full and correctbooks of account in chronological order of the receipts and expendituresaffecting the Common Elements, specifying and itemizing the maintenance andrepair expenses of the Common Elements and any other expenses incurred. Suchrecords and the vouchers authorizing the payments shall be available for inspec-tion by any Owner or any representative of an Owner duly authorized in writing,at such reasonable tune or times during normal business hours as may be re-quested by the Owner. Upon ten (10) days notice to the Board and payment of areasonable fee, any Owner shall be furnished a statement of his account, settingforth the amount of any unpaid assessments or other charges due and owing fromsuch Owner,
6.06. STATUS OF COLLECTED FUNDS: All funds collected hereundershall be held and expended for the purposes designated herein and (except forsuch special assessments as may be levied hereunder against less than all theUnit-Owners and for such adjustments as may be required to reflect delinquentor prepaid assessments) shall be deemed to be held for the benefit, use andaccount of all the Unit Owners in the percentages set forth in Exhibit "B"attached hereto.
6. 07. REMEDIES FOR FAILURE TO PAY ASSESSMENTS: If any UnitOwner shall default in the payment of any charge or assessment imposed by theBoard as herein provided, the Board shall have the authority, for and on behalfof itself and said Association and as the representative of all Unit Owners, toexercise and enforce any and all rights and remedies as may be provided in theAct, these By-Laws, this Declaration or otherwise available at law or In equity,for the collection of all such unpaid charges or assessments. No Owner may walv-ior otherwise escape liability for the assessments provided for herein by non-user of ^he Common Elements or by abandonment of his Unit.. In addition. Ifany Owner Is In default In the monthly payment of the aforesaid charges or
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said suit, together with legal Interest and reasonsible attorneya icua lu u^- 11-^^by the Court. To the extent permitted by any decision or any statute or lav/ now orhereafter effective, the amount of any delinquent and unpaid charges or assess-ments, and Interest costs and fees as above provided, shall be and become a lienor charge against the Unit Ownership of the Owner involved when payable and maybe foreclosed by an action brought In the name of the Board as In the case of forecicsure of liens against real estate. Unless otherwise provided In this Declaration,the members of the Board and their successors In office, acting on behalf of theother Unit Owners, shall have the power to bid In the Interest so foreclosed atforeclosure sale. and to acQuire and hold, lease, inortgage and convey the same.Said lien shall take effect and be In force when and as provided In the Act; pro-vided, however, that encumbrances owned or held by or on behalf of any Bank,Insurance company, savings and loan association, real estate Investment trust,or other mortgagee shall be subject as to priority after written notice to saidencumbrancer of unpaid Common Expenses only to the lien of all CommonExpenses on the encumbered Unit which became due and payable subsequent to thedate said encumbrancer either takes possession of the Unit, accepts a conveyanceof any Interest therein, or after a receiver has been appointed In a suit to fore-close such lien. Any encumbrancer from time to time may request in writinga vyrltten statement from the Board setting forth the unpaid Common Expenses withrespect to the Unit covered by his encuinb ranee, and, unless the request shallbe complied with within twenty (20) days, all unpaid Common Expenses whichbecome due prior to the date of the making of such request shall be subordinatedto the lien of such encumbrance. Any encumbrancer holding a lien on a Unit maypay any unpaid Common Expenses payable with respect to such Unit for theamounts paid at the same rank as the lien of his encumb ranee.
6. 08. AMENDMENTS: Except for such amendments as may be requiredto conform any provision of this Delcaration to the requirements of law, allamendments to this Article VI shall only be effective upon unanimous writtenconsent of the Owners, and their mortgagees. No Owner may waive or other-wise escape liability for the assessments provided for herein by non-user of theCommon Elements or abandonment of his or their Unit.
ARTICLE VIICOVENANTS AND RESTRICTIONS AS TO USE AND OCCUPANCY
7. 01. The Units and Common Elements shall be occupied and used asfollows:
(a) Purpose: No part of tlie Property shall be used for other thanhousing and related common purposes for which the Property was desig-. nated. Each Unit or any two or more adjoining Units used together shall b(used as a residence for a single family or such other uses permitted by. this Declaration and for no other purpose. That part of the CommonElements separating any two or more adjoining Units used together as
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(c) Hazardous Uses add \Vastc: Nothing shall be done orkepi; In any Unit or in the Common Elements which will Increaye therate of Insurance on the Property, or contents thereof, without theprior written consent of the Board. No Owner shall permit anythingto be done or kept In his Unit or In the Common Elements which willresult in the cancellation of insurance on the Property, or contentsthereof, or -which would. be In violation of any lav/. No waste shall bscommitted in the Common Elements.
(d) Exterior Exposure of Building: Owners shall not cause norpermit anything to be hung or displayed on the outside of v/indows orplaced on the outside walls of the Building, and rio sign, awning, canopy,shutter, radio or television antenna shall be affixed to or placed upon theexterior walls or roof or any part thereof, without the prior consent ofthe Board.
' (e) No animals, rabbits, livestock, fowl or poultry of any kindshall be reaised, bred, or kept in any Unit or in the Common Elements,.except that dogs, cats or other domesticated household pets may be keptin Units subject to rules and regulations adopted by the Board, providedthat they are not kept, bred or mr-infamed for any commercial purpose-;"and provided further that any such pet causing or creating a nuisance orunreasonable disturbance shall be permanently removed from the Propertysubject to these restrictions upon three (3) days written notice from theBoard.
••
(f) Nuisances: No unlawful, immoral, noxious or-offensiveactivity shall be carried on in any Unit or in the Common Elements,nor shall anything be done therein or thereon either wilfully or negli-gently v/hlch may be or become, in the judgment of the Board, anannoyance or nuisance to the other Owners or Occupants.
\
(g) jmpalrment of Structural Integrity of Building: Nothing shall
be done In any Unit or in, on or to the Common Elements which willImpair the structural integrity of the Building or which would structurallychange the Building except as is otherwise provided herein. No Unit Ownexshall overload the electric wiring in the Building, or operate'any machines,appliances, 'accessories or equiprneiifc In such manner as to cause. In thejudgment of the Board, an unreasonable disturbance to others.
(h) Laundry or Rubbish: No clothes, sheets, blankets, laundry,of any kind, or other articles shall be hung out or exposed on any part ofthe Common Elements. The Common Elements shall be kept free andclear of rubbish, debris and other, unsightly materials. Trash, garbageand other wastes shall be kept only in enclosed sanitary containers'(ofsuch type, color, composition and design as may be 'determined by theBoard), and s-hall be disposed of in. a clean, sightly, healthy and sanitarymanner, and as may be prescribed from time to time by the rules and regilatlons of the Board. •







stored In a storage area designated for the purpose and balconyand patio areas may be used for their Intended purposes.
(j) Prohibited Activities and Signs: No industry, business,trade, occupation or profession of any kind whether commercial,religious, education or otherwise designed for profit, altruism,exploration, or otherwise, shall be conducted, maintained or per-mitted on any part of the Property, nor, except with the consent of theBoard, shall any "For Sale" or "For Rent" signs or other windowdisplays or advertising be maintained or permitted by any Owner on.any part of the Property or In any Unit therein. The right Is reservedfor the TRUSTEE, Its beneficiaries or its agent to place "For Sale" or"For Rent" signs on any unsold or unoccupied Units, and to place suchother signs on the Property as may be required to facilitate the sale ofunsold Units. The right is hereby given to the Board or its representa-tive to place "For Sale" or "For Rent" signs on any Unit or on theProperty, for the purpose of facilitating the disposal of Units by anyOwner, mortgagee or the Board.
(k) Alterations of Common Elements: Nothing shall be alteredor constructed in or removed from the Common Elements except uponthe written consent of the Board and except as Declarant Trustee or itsbeneficiaries may perform in process of constructing and building othercondominium properties.
(1) Parking Area: That part of RIVER'S EDGE #1 CONDOMIN-IUMS identified as Parking Area shall be used by the Owners for parkingpurposes, subject to the provisions contained In Section 4.05 above.
/
(m) Display of Model Units by Trustee's Beneficiaries: Duringthe period of construction of the Building on the Property by the TRUSTEE,the TRUSTEE and Its beneficiaries, contractors and sub-contractors,and their respective agents and employees shall be entitled to access, in-gress and egress to said Building and Property as may be required inconnection with said construction. During the period in which the sale ofUnits by the beneficiaries of the TRUSTEE are in process, but in no eventfor any period extending beyond thirty (30) months from the recordation ofthis Declaration, the TRUSTEE'S beneficiaries may occupy or grant per-mission to any person or entity to occupy, with or without rental, asdetermined by the TRUSTEE or said beneficiaries, one or more Units forbusiness and promotional purposes, including clerical activities, salesoffices, model Units for display and the like; provided that the activitiesin the Units so occupied do not interfere with the-: quiet enjoyment of anyother Owner or Occupant. Notwithstanding any provision hereof to thecontrary, at all times and from time to time prior to the sale of the lastapartment, TRUSTEE, Its agents, successors and assigns, hereby re-serve the right in River's Edge. /fl Condominiums: (1) to erect and main-tain on the Property any advertising signs, banners, lighting and other
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tncroin; oc <,!.)/ mui.iu;;i.i.i'iLng ni.s per,-:; on ..li, [Jrul.t.'^bi.unai. uurarytherein; or (c) handling Ir.s personal business or professionaltelephone calls or correspondence therefrom. Such uses are expresslydeclared customarily Incident ot the principal residential use and no!;
In violation of Paragraphs (a) or (j) of this Article VII.
ARTICLE VIII^^^^J^^l^-^-L0!!11^
8.01. SALE OR LEASE: Any Owner, other than the TRUSTEE whowishes to sell or lease his Unit Ownership (or any lessee of any Unit wishingto assign or sublease such Unit) to any person not related by blood or marriageto the Owner shall give to the Board of Managers no less than thirty (30) daysprior written notice of the terms of any contemplated sale or lease, togetherwith the name and address of the proposed purchaser or lessee, and his ortheir financial and character references. The Board, acting on behalf of theother Unit Owners as hereinafter provided, shall at all times have the firstright and option to purchase or lease such Unit Ownership upon the same termsas the proposed sale or lease, which option shall be exercisable for a period offorty-five (45) days following the date of receipt of such notice; provided, however.that if the proposed purchase or lease shall be for a consideration which theBoard, in its reasonable opinion, deems inconsistent with the then existing bonafide fair market value of such Unit Ownership, the Board, notwithstanding anyother provision herein stated to the contrary, may elect to exercise such optionin the manner, within the period, and on the terms set forth in Section 8> 02 below.If said option is not exercised by the Board within the aforesaid option periodor if said option is properly waived, the Owner (or Lessee) may, at the expira-tion of said period (and at any time within sixty (60) days after the expiration ofsaid period) contract to sell or lease (or sublease or assign) such Unit Ownershipto the proposed purchaser or lessee named In such notice upon the term specifiedtherein, and, if he fails to close said proposed sale or lease transaction withinsaid sixty (60) days, his Unit Ownership shall again become subject to the Board'sright of first option as herein provided. Any person acquiring ownership of or alease v/ith respect to any Unit shall be bound by and shall be subject to all of theobligations and all of the terms and provisions hereincontained relative to suchUnit. With respect to a lease or sublease of any Unit, the lease shall expresslyprovide that the lessee shall be expressly subject to all of the provisions hereincontained. In the event that any Unit Owner or Lessee of any Unit shall lease or sublease any Unit, a-true and correct copy of such lease or sublease shall be lodged -:
with the Board, and any Unit Owner of lessee of any such Unit making any such !lease shall not be relieved tliereby from any of his obligations as herein imposed.Upon the expiration of or termination of any such lease, or in the event of anyattempted subleasing thereunder, the provisions hereof v/ith respect to theBoard's right of first refusal shall again apply to such Unit Ownership. The fore-going provisions with respect to the Board's right of first option as to any proposedsale or lease, as v/ell as the options hereinbolow created in sub-paragraphs 8. 02,8. 03 and 8. 04 of tlil^,- Article VII shall be and remain in full force, and effect until
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8.02. GIFT: Any Owner, other than the TKUbT^^', who wishes lomake a. gift of his Unit Ownership or any interest therein to any person orpersons who would not be heirs at lav/ of the Owner under the Rules of DescentoF the State of Illinois were he or she to die within ninety (90) days prior to thecontemplated date of such gift, shall give to the Board not less than (90) clayswritten notice of his or her intent to make such gift prior to the contemplateddate thereof, together with the name and address of the intended donee and thecontemplated date of said gift. The Board, acting on behalf of the Unit Ownersas hereinafter provided, shall at all times have the first right and option topurchase such Unit Ownership or interest Ihereinfor cash at fair marketvalue to be determined by arbitration as herein provided, which notion shall bee-xercisable until the date of expiration as provided herein. Within fifteen (15)day after receipt of said v/ritten notice by The Board, the Board and the Ownerdesiring to make such gift shall each appoint a qualified real estate appraiser to actas arbitrators. If either party shall fail to select an appraiser, then the onedesignated by the other party shall make the appraisal. The two arbitrators soappointed shall, within ten (10) days after their appointment, appoint anotherqualified real estate appraiser to act as the third arbitrator. Within fifteen (15)days after the appointment of said third arbitrator, the three (3) arbitratorsshall determine, by majority vote, the fair market value of the Unit Ownershipor interest therein which the Owner contemplates conveying by gift, and shallthereupon give written notice of such determination to the Owner and the Board.The Board's option to purchase the Unit Ownership or interest therein shallexpire forty-five (45) days,after the date of receipt by it of such notice. The •Board shall be deemed to have exercised its option to purchase if it shall tender-the required sum of money (directly or in escrow, pending title clearance) to theUnit Owner within said option period.
8. 03. DEVISE: In the event any Owner dies leaving a Will devising hisor her Unit Ownership, or any interest therein, to any person or persons notheirs at law of the deceased Owner under the Rules of Descent of the State ofIllinois, and said Will is admitted to probate, the Board and their successorsin office, acting on behalf of other Unit Owners as hereinafter provided, shallhave a like option (to be exercised in the manner hereinafter set forth) to purchasesaid Unit Ownership or interest therein either from the devisee or devisees thereofnamed in said Will or, if a power of sale is conferred by said Will upon thepersonal representative named therein, from the personal representative actingpursuant to said power, for cash at fair market value which is to be determinedby arbitration. Within sixty (60) days after the appointment of a personal repre-sentative for the estate of the deceased Owner, the Board shall appoint a qualifiedreal estate appraiser to act as an arbitx'ator, and shall thereupon give writtennotice of such appointment to the said devisee or devisees or personal representativeas the case may be. Within fifteen (15) days thereafter, said devisee or deviseesor personal representative, as the case may be, shall appoint a qualified realestate appraiser to act as an arbitrator. Within ten (10) days after the appoint-ment of said arbitrator,, the two (2) so appointed shall appoint another qualifiedreal estate appraiser to act as the third arbitrator. Within fifteen (15) daysthereafter, the fchrec ('3) arbitrators shall determine, by majority vote, the fairmarket value of the Unit Ownership or interest therein devised by deceased Owner,



not so empowered to sell. The Board shall be deemed 10 *.iavu u^i. ^...^s.its option if it tenders the required sum of money (directly or in escrow.pending title clearance) to said devlsoc or devisees or to said personal re-presentative. as the case may be, within the said option periods. Nothinglie rein c.ontamQci shall be deemed to restrict the right of the Board or itsauthorized representative , pursuant to authority given to the Board by theOwners as hereinafter provided, to bid at any sale of the Unit Ownership orinterest therein of any Owner which said sale is held pursuant to an order ordirection of the court having jurisdictioil over that portion of the ccdeascdOwner's estate which contains his or her Unit Ownership or interest therein.
8.04. 1NVOLUNTAKY SALE:
(a) In the event any Unit Ownership or interest therein issold at a judicial or execution sale (other than a mortgage foreclosuresale) the person acquiring title through such sale shall give, beforetaking possession of the Unit so sold, thirty (30) days written noticeto the Board of his intention so to do, whereupon the Members of theBoard of Managers and their successors in office, acting on behalf of theother Unit Owners as hereinafter provided, shall have an irrevocableoption to purchase such Unit Ownership or interest therein at the sameprice for which it was sold at said sale. If said option is not exercisedby the Board within said thirty (30) days after receipt of such notice,it shall thereupon expire and said purchaser may thereafter takepossession of said Unit. The Board shall be deemed to have exercisedits option if it tenders the required sum of money (directly or in escrow,pending title clearance) to the purchaser within said thirty (30) dayperiod.
(b) In the event any Owner shall default in the payment of anymonies required to be paid under the provisions of any mortgage or trustdeed against his Unit Ownership, the Board shall ave the right to curesuch default by paying the amount so owing to the party entitled theretoand shall thereupon have a lien therefor against such Unit Ownership,which lien shall have the same force and effect and may be enforced inthe same manner as provided in Article VI.
8.05. TRANSFER OF OPTION RIGHTS TO SINGLE UNIT OWNER ORGROUP OF OWNERS:
Any right to purchase or lease which theBoard may have or obtain under the provisions of this Article may be trans-ferred, with the consent cf the Unit Owners, as hereinafter provided, to one ormore of the Unit Owners so as to enable the said Unit Owner or Owners toacquire the subject Unit or interest as a personal investment, provided that theBoard is reasonably assured that such Unit Owner or Owners have the financialcapacity to undertake such purchase or lease and will fulfill the requirements ojsaid purchase or lease v/ithin all stipulated time periods.
8. 06. CONSENT OF VOTING MEMBERS: The Board shall not exercise------i-^.,^ o/^ foT^h to ourchase any Unit Ownership or interest





B.07. RELEASE, WAIVER AND EXCEPTtONS TO OPTION: Upon the:
wt'LUcn conseht of three (3) oE" the Board members, any of the options, con-tained in tins Article VCIL may be released or waived, and the Unit Ownership orini:erest therein which Is subject to an opfci-on set forth in this Article may besold, conveyed, leased, given or devlaed free and clear of the provisions of thisArticle. In addition, none of the options contained in this Article VIII shall bea fJ pi i.e. able to cither any sales, leases, or subleases to purchasers, lessees orsublessees procured by or through the TRUSTEE (or its beneficiaries), or anysale, lease, gift, devise or other transfer between co-owners of the same Unitor to the spouse, or the brother or sister, or to any children of the Owner, orto any one or more of them or to any trustee of a trust, the sole beneficiary orbencficlari-es of which are the Owner, the spouse, brothers, sisters or childrenof the Owner, or anyone or more of them or from any trustee of a trust to anyone or more of the .beneficiaries of such trust, or to any sale or lease by amortgagee who acquires ownership of a Unit by foreclosure, o»" by deed in lieuthereof.
8.08. PROOF OF TERMINATION OF OPTION: A certificate executedand acknowledged by the acting President or Secretary of the Board, statingthat the provisions of this Article VIII as hereinabove set forth have been met byan Owner, or duly waived by the Board, and that the rights of the Board hereunderhave terminated, shall be conclusive upon the Board and the Owners in favor ofall persons who rely thereon in good faith, and such certificate shall be furnishedto any Owner who has, in fact, complied with the provisions of this Article orm respect to whom the provisions of this Article have been waived, upon requestat a reasonable fee, not to exceed ten dollars ($10. 00).
8.09. FINANCING OF PURCHASE UNDER OPTION:
(a) Acquisition of Unit Ownerships or any interests thereinunder the provisions of this Article shall be made from the maintenancefund. If said fund is insufficient, the Board shall levy an assessmentagainst each Owner in the ratio that his percentage of ownership in theCommon Elements as set fortli in Exhibit "B" bears to the total of allsuch percentages applicable to Units subject to said assessment (thus,excluding the percentage of any Unit Ownership being the subject of thepurchase), which assessment shall become a lien and be enforceablein the same manner as provided in Article VI.
(b) The Board, in its discretion, may borrow money to financethe acquisition of any tIruS, Ownership or interest therein authorized bythis Article; provided, however, that no financing may be secured byan encumbrance of hypothecation of any portion of the Property otherthan the Unit Ownership or the interest therein to be acquired. The loandocuments evidencing such borrowing may be executed by the membersof the Board, a nominee of the Board or by a land trust, of which theBoard shall be the beneficiary.










!;. 11. R^SPONSLBtUTY 01'' TRAl^riFEli E.)':S FOr; UNPAID ASy^SMFiVTS;
In a voluntary transfer of a 'Unit, the transferee of the Unit shall he jointly andseverally liable with the transferor for all unpai-c! assessments against the laLIc;-Lin to the time of transfer, without prejudice to the: transferee'?; right to recoverfrom the transferor the amounts paid by the transferee therefor. Roy/ever, ar.yyuch transferee shall be entitled to a statement .from the Board or President,or managing a^ent of the Association, as the case may be, setting forth Lheamount of the unpaid assessments against the transferor-due the Association andsuch' transferee shall not be liable for, nor shall the Unit conveyed by subject to alien for, any unpaid assessments made by the Association against the transferorIn excess of the amount therein set forth. ''
ARTICLE IX
DAMAGE OR DESTRUCTION AND RESTORATION OF BUILDINGS
9.01. INSURANCE:
(a) Sufficient Insurance: In the event the improvements forminga part of the Property, or any portion thereo, including any Unit, shallsuffer damage or destruction from any cause and the proceeds of anypolicy or policies insuring against such loss, or damage, and payable byreason thereof shall be sufficient to pay the cost of repair or restorationor reconstruction, then such repair, restoration or reconstructionshall be undertaken and the insurance proceeds shall be applied by theBoard or the payee of such insurance proceeds in payment therefor;
provided, however, that in the event, within thirty (30) days after saiddamage or destruction shall occur, the Unit Owners elect either to sell theProperty as hereinafter provided in Article X or to withdraw the Propertyfrom the provisions of this Declaration and from the provisions of the Act, £therein provided, then such repair, restoration or reconstruction shall notbe undertaken.
*
(b) Insufficient Insurance: In the event the Property or the improvements thereon so damaged are not insured against the riek causing theloss or damage, or the insurance proceeds are not sufficient to pay the costof repair, restoration or reconstruction, and the Unit Owners and allother parties In Interest do not voluntarily make provisions for reconstruc-tion of the improvements within one hundred and eighty (180) days aftersaid damage or destruction shall occur, then the provisions of the Act in -such event shall apply.
9.02. SUBSTANTIAL RESTORATION: Repair, restoration or reconstruc-tion of the improvements, as used in this Article, means restoring the improve-ments to substantially the same condition in which they existed prior to the fireor ofctier disaster with each Unit and the Common Elements having the samevertical and horizontal boundaries as before.








^imii,'. oliuii ;ici.u';i ^tiLH!. dc uLiiLiLi-r; upoti ;] i I [Jnii: Owners, and j.t -shallth'-'r^i.ii.ion become the duty of every Unit O'.'/.icr Lu execute and deliver sucliinstruments, and to perform all acts as in manner and form may be necessaryto effect such sale, provided, how-'ver, th-it any Unit Owner who (.lid not vote infavor of such action and who has filed written objection [hereto with the .Boardwithin t'.'/enty (20) days after the date of the meeting at which such. sals wasapproved shall be entitled to receive from the proceeds o'f such sale an amountequivalent to tlie value of his interest, as determined by a fair appraisal, lessthe amount of any unpaid assessments or charges due and owing from such UnitOwner. In the absenca of agreement on an appraiser, such Unit Owner and theBoard may each select an appraiser, and two (2) so selected shall select athird, and the fair market value, as determined by a majority of the Ehi-F-0appraisers so selected shall control and be binding on both parties. If eitherparty shall fail to select an appraiser, then the one designated by the other pari-yshall make the appraisal.
ARTICLE XI
REMEDIES FOR BREACH OF COVENANTS,RESTRICTIONS ATW REGULATIONS
11. 01.' ABATEMENT AND ENJOINMENT: The violation of any rule,restriction, condition or regulation adopted by the Board, or {.he breach ordefault of any covenant, By-Law or provision contained herein or contained in,the Act, shall give the Board the right, in addition to the rights set forth in'Section 11. 02 next succeeding:
(a) To enter upon the Property upon which, or as to which,such violation or breach exists and to summarily abate and remove, -at the expense of the defaulting owner, any structure, thing or condi-tions that may exist thereon contrary to the intent and meaning of theprovisions hereof, and the Trustee (and its beneficiaries), or itssuccessors or assigns of the Board, or its assigns of the Board, or itsagents, shall not thereby be deemed guilty in any manner of trespass; ^and
(b) To enjoin, abate or remedy by appropriate legal proceedings,either at law or in equity, the continuance of any breach. All expensesof the Board in connection with such actions or proceedings, includingcourt costs and attorneys' fees and other fees and expenses, and alldamages, liquidated or otherwise, together with interest thereon at therate of eight percent (8%) psr annum until paid, shall be charged to andassessed against such defaulting O'.vner, and shall be added to and deemedpart of his respective share of the common expenses, and the Boardshall have a lien for all of the same upon the Unit Ownership of suchdefaulting Owner and upon all of his additions and improvements theretoand upon all of his personal property in his Unit or located elsewhere on theProperty. Any and all of such rights and remedies may be exercised atany time and from time to time, cumulatively or otherwise, by the Board.







Unit and thereupon an action In qui-ly may be filed by the members oF the; Boardagainst the defaulting Owner for a dec-rcc of mandatory injunction against i.h:'Owner or occupant or in the alternative a decree declaring the termination ofthe defaulting Owner's right to occupy, use of control the Lfni-t owned by himon account oi" tho breach of covenant, and ordering that all the right, title andinterosL of t'\e O'vner in the Property p'l'iO, be sold at a judicial sale upci: .^'ichnotice and termu as the court shall establish, except that the court shall enjoinand restrain the defaulting Owner 1'rorn re-acquiring his interest: at suchjudicial sale. The proceeds of any .such judicial sale shall First be paid todischarge the lien of any then existing mortgage, court costs, court reportercharges, reasonable attorneys' fees and all other- expenses of the proceeding andsale, and all such items shall be taxed against the defaulting Owner in saiddecree. Any balance of proceeds, aftsr satisfaction of such charges and anyunpaid assessments hereunder or any liens, shall be paid to the Owner. Uponthe confirmation of such sale, the purchaser thereat shall thereupon be entitledto a deed to the Unit Ownership, and, subject to the Board's rights as providedin Section 8. 04 (a) hereof, to immediate possession of the Unit sold and mayapply to the court for a writ of assistance for the purpose of acquiring suchpossession and it shall be a condition of any such sale, and the decree shallprovide, that the purchaser shall take the interest in the Property sold subjectto this Declaration, and the purchaser shall become a member of the Associati-orin the place and stead of the defaulting Owner.
ARTICLE XII
INCORPORATION OF ASSOCIATION
12.01 FORMATION OF ASSOCIATION: The TRUSTEE, at any time.either prior to or subsequent to the election, of the first Board of Managers, andthe Board at any time thereafter, may cause to be incorporated a not for profitcorporation under the laws of the State of Illinois to be caUed"RIVER'S EDGE^1 CONDOMINIUMS", .or any name similar thereto or in lieu thereof, to facilitattadministration and operation of the Property. Upon the formation, such a cor-poration will take over and assume the duties of the Board of Managers. Uponthe formation of such Association, every Owner shall be a member therein,which membership shall terminate upon the sale or other disposition by suchmember of his Unit Ownership, at which time the New Owner shall automaticallybecome a member therein. Each Unit Owner agrees to be bound by and observethe terms and provisions of the Association's Charter, its By-Laws, and the -rules and regulations promulgated from time to time by said Association, itsBoard of Directors and officers.
ARTICLE XIII
GENERAL PROVISIONS
13. 01. TRUSTEE'S INITIAL RIGHTS: Until such timc'as the Board of







powcra, ri.^iits, cii-itles and functio'ls at a(iy time after consi-in-irnaling the;
sale of UnUs aggregating fifty-one percent (511;?) of all Unit: Owna r-?iinpacomputed as set forth in 'Exhibit, "B" attached hereto.
13. 02. NO^f_C^^qJ\^OJ^^ACE^E]^ Upon written requestto the Board, the holder or any duly recorded mortgage or trust deed againsl.any Unit Ownership shall by given ;i copy of any and all notice.-; per-mii.^d or required by this Declaration to be given to the Owner or Owners whose UnitOwnership is .subject to such mortgage or trust cleed.
13.03. SERVICE OF NOTICES ON DEVISEES AND PERSONAL .RE- -PEESENTATtVES:
Notices required or desired to be given toany devisee or personal representatives of a deceased Owner may be deliveredeither personaily'or by mail to such party at his or its address appearing inthe records of the court wherein the estate of such deceased Owner is beingadministered.
13- °4- COVENANTS TO RUN WITH LAND: Each grantee of theTRUSTEE by ths acceptance of a deed of conveyance, or each purchaser underArticles of Agreement for Trustee's Deed, or any contract for any deed ofconveyance, accepts the same subject to all restrictions, conditions, covenants,reservations, liens and charges and the jurisdiction, rights, benefits and pri-vileges of every character hereby granted, created, reserved or declared, andall impositions and obligations hereby Imposed shall be deemed and taken tobe covenants running with ths land, and shall bind any person having at any timeany interest or estate in said land, and shall inure to the benefit of such ownerin like manner as though the provisions of the Declaration were recited andstipulated at length in each and every, deed of conveyance.
13.05. NON-V/AIVEJi OF COVENANTS: No covenants, restrictions,conditions, obligations or provisions contained in this Declaration shall bedeemed to have been abrogated or waived by reason of any failure to enforcethe same,- irrespective of the number of violations or breaches which mayoccur or any time lapse.
13. 06. AMENDMENTS TO DECLARATION: The provisions of ArticleII, Article HI, Article VI, Section 8. 06 and Section 13. 06 of th^ .Declaration
v
may be changed, modified or rescinded by instrument in writing setting forthsuch change, modification or recission, signed and acknowledged by the Board,all of the Owners and all mortgagees having bona fide Hens of record againstUnit Ownerships. Other provisions of this Declaration may be changed, modi-fied or rescinded by an instrument in writing setting forth such change, mofi."fication or recission, signed and acknowledged by the Board, the Owners havingat least three-fourths (3/4ths) of the total vote and containing an affidavit by anyofficer of tlie Board certifying that a copy of tlie change, modification or re-cission has been mailed by certified mail to aH mrir'i'n-:irrnn..--














1;;.07. S.i^ \'' L' i tACr_LrrY: THe m-v-alidi,l.y off any covenant, i-catricinoii.concliLiun, limitation or any other provision of this Dec.larati.on or of any partor the same, shall not impair- or afi'ect hi any my-niier the validity, c-nforceab;.-lity or effect of the rest of this Ucclara'.Lon.
13. 08. PERPETUITIES AND RESTRAINTS ON ALIENATION: If anyof the; options, privileges, covenants or rights created by tills Declaration wouldotherwise be unlawful or volet for violation of (a) the rule against perpetuities orsome analogous statutory provisions, (b) the rule restricting restraints onalienation, or (c) any other statui-ory or comrnun law rules imposing time limits,then such provision shall continue only until twenty-one (21) years after thedeath of the now living lawful descendants of the'Mayor of Chicago, Illinois, andthe incumbent president of the United States of America.
13.09. INTERPRETATION OF DECLARATION: The provisions of thisDeclaration shall be liberally construed to effectuate its purpose of creating auniform plan for the development and operation of a first class condominiumunit development.
13. 10. OWNERSHIP BY TRUST: In the event title to any Unit Owner-ship is conveyed to a land title holding trust under the terms of which all powersof management, operation and control of the trust property remain vested inthe trust beneficiary or beneficiaries, then the trust estate under such trust andthe beneficiaries thereunder from time to time shall be personally responsible forpayment of all obligations, liens or indebtedness and for the performance of allagreements, covenants and undertakings, chargeable or created under thisDeclaration against such Unit Ownership. No liability shall be asserted againstany such title holding TRUSTEE personally for payment of any claim, lien orobligation or for the performance of any agreement, covenant or undertakinghereby created, and the TRUSTEE shall not be obligated or sequester funds ortrust property to apply in whole or in part thereon, but the amount thereof shallcontinue to be a charge or lien upon the Unit Ownership, notwithstanding anychanges in the beneficial interest of any such trust or transfers of title to thesuch Unit Ownership. ^
13. 11. INDEMNITY TO BOARD MEMBERS: The members of the Boardand the officers thereof or of the Association shall not be liable to the UnitOwners for any mistake of judgment or any acts or omissions made in good faithas such members or officers. The Unit Owners shall indemnify and hold harm-less each of such members or officers against all contractual liability to othersarising out of contracts made by such members or officers on behalf of the UnitOwners or the Association, unless any such contract shall have been made in badfaith or contrary to the provision of this Declaration. Such members or officersshall have no personal liability with respect to any contract made by them onbehalf of the Unit Owners or the Association. The liability of any Unit Ownerarising out of any contract made by such members or officers or out of the afore-said indemnity shall be limited to such proportion of the total liability thereunderas. his percentage interest ia the Common Elements bears to'the total percentageInterest of all the Unit Owners in me Cor-wio"' lCl.(l'T^.-"•n'•.s. Each agreementmade by such members or officers or by the managing agent on behalf of the Unit:










13. 12. TRUSTEE EXCULPATION: It is expressly understoodand agreed, by and between the parties hereto, anything herein to the con-trary notv/ithsLandi.ng, that each and all of the representations, covenants,undertakings and agreements herein made on the part of thy TRUSTEE whilein form purporting to be the representations, covenants, undertakings andagreements of said TRUSTEE are nevertheless made and intended not as per-sonal representaLi.ona, covenants, underlakLngs and agreements by the TRUSTEEor for the purpose or with the intention of binding said TRUSTEE personallybut are made and intended for the purpose of binding only that portion, of thetrusl property Specifically described heroin, and thiy instrument is executedand delivered by said TRUSTEE not in its own right, but solely in the exerciseof the powers conferred upon it as such TRUSTEE; that no personal liability orpersonal responsibility is assumed by nor shall at any time be asserted or en-forceable against the PARKWAY BANK & TRUST COMPANY, on account of thisinstrument or on. account of any representation, covenant, undertaking or agree-ment of the saLd TRUSTEE in this instrument contained, either expressed orimplied;all such personal liability, if any, being expressly waived and released.It is understood and agreed by the parties hereto that the TRUSTEE will act andis acting only at the express direction of the beneficiaries of the Trust, No dutyshall rest upon PARKWAY BANK & TRUST COMPANY, either personally or assuch TRUSTEE, to sequester trust assets, rentals, avails or proceeds of anyhind, or otherwise to see to the fulfillment or discharge of any obligation,express or implied, arising under the terms of this Declaration. In event ofconflict between the terms of this paragraph and of the remainder' of the Declara-tion on any question of apparent liability or obligation resting upon said TRUSTEE,the exculpatory provision hereof shall be controlling.
IN WITNESS WHEREOF, the undersigned, being the Declarant herein,has hereunto set its hand and seal this ^ •^ day of (j^^,^ -,-^~'____, 1972.
IT
This. statement is .baisd solslyUpon uiiorn-iatlcr. ;.:-i.-1 LiQl;'.,.{, uponmfoi-iii^.-Jn i;..;:../ ,-;,J L,y ti.abenefit.-'-.'.' c.' L^R';;tai;T-;^-, q; t^iyafore.-,:;^ ;i'^.. .:.,.' -. •iJ-.;'i^u^Jhas no pursoaal l..,;u.,';,s'.y6 oiany of the {acts o^ slater.ientsherein contained.
ATTEST:
PARKWAY BANK & TRUST COMPANY,as Trustee under Trust Agreement datedMarch 1, 1971, and known as Trust No.1502, and not personally
BY: F^f^ /) . ^L^,,^________
f -.PresidentJrust Office


-6'^^J^L^c/, /e^A,,
fitfLitJtaiy ^ -^-<7.
(/ ' This Agreement ib aigoad by PaAway Bank & Trual Co., not
Individually but aolaly.as Trualaa iindar a csrlain Tru^t Agreement •Aknown as Trust No,..^.^.C)e^•„. Said Tt-uri Aqcee-nonI ib herebymade n parl hera.-.i a:-.ri y.:'; i.'-.;i.-^ tir;ain,-l said Tnriat- wi.ichmay re^L't f;'c,''i ill". .•i,.-ii-,.;; i.> ; ,.- •.,;i s::i:,.m[ ?hai; ba i.,i)..,leonlv orl cf i-!;:', ,i.', i •.-•. -. .;.- '. ;-;••;-. ;•. . b. i^'Ll liiam..;, :,.••,, ,,p.d



F-KinBIT "A'
Lots 7, 8 and 9 (except that part of Lot 9 lyingNorth and Northeasterly of and adjoining thefollowing described Line: Begi.rmi.ng at a point onthe East Line of said Lot 9, said point being 10feet South of the Northeast Corner of said Lot;
thence West along a Line parallel with the NorthLine of said Lot 9, a distance of 25 feet; thenceNorthwesterly along a Line to its intersection witha bend in the North Line of said Lot 9, at a point57. 35 feet more or less. East of the NorthwesterlyCorner of said Lot 9} all in Block 19 in RavenswoodGardens, a Subdivision of that part of the West 1/2of the Northeast 1/4 and the East 1/2 of the Northwest1/4 of Section 13. Township 40 North, Range 13, Eastof the Third Principal Meridian, lying Northeast of theSanitary District liight of Way (except the NorthwesternElevated Railroad Right of Way) together with vacatedAlley lying between Lots 7, 8 and 9 and vacated inaccordance with Ordinance of Council of City of Chicagopassed December 30, 1960, Page 4218-4219, CP, allin Cook County, Illinois^

























EXHIBIT "B'
TABULATION OF INSIDE AREAS
PERCENT OF TOTAL
1A 3.404
1B 3.677
1C 3.763
1D 4.190
1E 3.745
1F 3.506
1G 3.916
1H 5.114

2A 4.088
2B 3.745
2C 3.916
2D 5.114
2E 3.916
2F 3.745
2G 4.088
2H 4.943

3A 4.259
3B 3.848
3C 4.019
3D 5.285
3E 4.088
3F 3.916
3G 4.259
3H 5.456