Park Tower Condominium Association· Chicago, Illinois
Our initial scan found 6 potential issues in your governing documents.
We checked the 3 public PDFs on Park Tower Condominium Association’s website against current Illinois and federal HOA law—and more issues may exist depending on the documents you load.
✓Rules & Enforcement Policies✓CC&Rs / Declaration✓Association Bylaws+ Add up to 10 PDFs in Full Analysis
Association Bylaws · Bylaws Article III, Section 3.6 (Sale of Units - Right of First Refusal) · Page 1
Right of First Refusal (ROFR) clause lacks mandatory exemptions for foreclosure, deeds in lieu of foreclosure, and FHA/GSE-insured mortgages.
Operative Clause · Bylaws Article III, Section 3.6 (Sale of Units - Right of First Refusal) (Page 1)
“Board of Managers' Thirty-Day Right of First Refusal on Unit Sales and Leases — Any Unit Owner who receives a bona fide offer for the sale or lease of his or her Unit shall give written notice thereof to…”
Why It’s Flagged
Fannie Mae Selling Guide B4-2.1-03; Freddie Mac Guide Ch. 5701; 24 C.F.R. § 203.43b (HUD/FHA)
Under federal HUD/FHA regulations (24 C.F.R. § 203.43b) and Fannie Mae / Freddie Mac project eligibility standards, any Right of First Refusal in the governing documents renders the entire community non-warrantable for federal and conventional secondary-market mortgages unless it expressly exempts foreclosures, deeds-in-lieu of foreclosure, and mortgagee transfers, and complies with anti-discrimination mandates.
Sample Discussion Wording for HOA Counsel
For Board & Counsel Review
Any Right of First Refusal reserved herein shall not apply to or impair the rights of any institutional First Mortgagee, nor shall it apply to any transfer or conveyance by foreclosure, deed in lieu of foreclosure, or subsequent sale by a First Mortgagee, Fannie Mae, Freddie Mac, FHA/HUD, or VA, in compliance with 24 C.F.R. § 203.43b and Fannie Mae Selling Guide B4-2.1-03.
REMAINING INITIAL FINDINGS & FULL DOCUMENT SET
5 Additional Issues Flagged in Initial Scan
Unlock exact page coordinates, statutory citations, and counsel discussion notes for all 5 remaining issues—plus load up to 10 PDFs for complete review.
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Potential Issue Surfaced in Initial Scan
Document
Severity
#2
Pet & Assistance Animal Restriction Statutory Exposure
Rules & Policies
STATUTORY GAP
#3
Clothesline / Solar Energy Installation Restriction Conflict
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