To Review Proposed Amendments to the Rules and Regulations
A meeting of the Park Tower Condo Association Unit Owners has been called for Monday, November 9, 2026, at 7:30 p.m. to review proposed amendments to the PTCA Rules and Regulations. These amendments are recommended by the Association’s legal counsel, Kovitz Shifrin Nesbit, to bring the Association’s collections policies into compliance with recent changes to the Illinois Condominium Property Act.
Amendments to the Act were signed into law by Governor Pritzker earlier this summer, and the Association has until January 1, 2027, to come into compliance. The regular November Board of Directors Meeting will follow this Special Meeting, at which time the proposed amendments may be considered for formal adoption.
For specific consideration at the meeting, it is proposed that all text under the section “ASSESSMENTS, FEES AND COLLECTIONS” on page 9 of the PTCA Rules and Regulations Handbook be completely replaced with the following:
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ASSESSMENTS, FEES AND COLLECTIONS
A. All monthly assessments and any special assessments (unless otherwise determined by resolution of the Board), parking license fees or other charges of the Association are due and payable on the first (1st) day of each month. Unit Owners are responsible for making payments on time each month. Payments shall be made to the Association, its managing agent, or such other payment address or payment processor as the Board may designate from time to time, or via an online payment platform, or submitted via automated withdrawal from a checking or savings account as described below.
Payment shall be deemed received upon actual receipt by the Association, its managing agent, or its authorized payment processor.
The following dates shall apply to assessments, parking license fees and other charges, the collection thereof, and the imposition of late charges:
1. Regular monthly assessments and all other accumulated charges on an account are due on the first (1st) day of each month.
2. A monthly assessment, and any additional charges, are considered delinquent if not paid in full on or before the tenth (10th) day of the applicable month.
3. A reminder notice may be issued to an Owner on or after the eleventh (11th) day of the applicable month by email and/or U.S. Mail.
4. Owners or residents of a unit whose account is delinquent on any assessments, parking license fees or other charges, by forty-five (45) days or longer, will lose privileges for use of any paid amenities, such as but not limited to Health Club memberships, Party Room rentals, bike storage and parking privileges, after a 7-day written notice is issued giving the Unit Owner an opportunity to make payment in full.
5. Delinquent accounts may be referred to the Association’s legal counsel for collection or legal action no earlier than sixty (60) days after the original due date of any unpaid assessment or charge, as further provided herein.
The Board may permit assessments, common expenses, and other charges to be paid via automated withdrawal from a Unit Owner’s bank account, until such time as the Unit Owner’s account is turned over to the Association’s counsel for collection or legal action. A failed automatic payment resulting from insufficient funds in the Unit Owner’s bank account shall not constitute a processing delay, and the standard late charge and collection timeline described herein shall apply in such event.
B. A monthly assessment, special assessment, parking license fee, or other charge owed to the Association, unless otherwise determined by resolution of the Board, that is not received in full by the Association on or before the tenth (10th) day of the applicable month shall be deemed delinquent. A late charge in the amount of eighty-five and 00/100 dollars ($85.00) (the “Late Charge”) shall be assessed against a monthly assessment, special assessment, parking license fee or other charge(s) then due and owing to the Association, exclusive of any previously imposed Late Charges, that remains unpaid, in whole or in part, as of the tenth (10th) day of the applicable month. Only one Late Charge shall be imposed per delinquent installment or charge. The Late Charge shall not itself be subject to an additional Late Charge. The Late Charge shall be added to and deemed a part of the Unit Owner’s common expenses. The Late Charge is not a penalty but rather reflects the value of administrative services incurred in processing late or unpaid assessments and other charges. The Late Charge is imposed in accordance with the authority set forth in Section 18.4(l) of the Illinois Condominium Property Act.
C. In accordance with Article VI, Section 2(f) of the By-Laws, any unpaid balance of any monthly assessment, special assessment, parking license fee or other charge of the Association may bear interest at the rate of 8% per annum on the unpaid balance until such time as the monthly assessment, special assessment, or other charge is paid in full. Interest shall not itself be subject to interest. Interest shall be added to and deemed a part of the Unit Owner’s common expenses.
D. If there is an unpaid balance on a Unit Owner’s account on or after the eleventh (11th) day of the month, the Association may (but shall not be required to) issue notice to the Unit Owner, by email and/or U.S. Mail, advising the Owner of the balance due to the Association.
E. No earlier than sixty (60) days after the original due date of any unpaid assessment, parking license fee or other charge(s), the Board may refer the matter to an attorney to initiate collection and/or legal proceedings to collect all sums due and owing to the Association. Such proceedings may include, without limitation, issuance of a demand letter, filing of a lien against the Unit, pursuit of an eviction action pursuant to Article IX of the Code of Civil Procedure, filing a breach of contract action, and/or foreclosure of the Association’s lien pursuant to Section 9 of the Illinois Condominium Property Act, as determined by the Board in consultation with counsel and taking into consideration the nature and amount of the unpaid balance. All attorneys’ fees and costs charged to the Association in connection with the collection of a delinquent account shall be the obligation of the delinquent Unit Owner and shall be charged to the Unit Owner’s account as an additional component of the Unit Owner’s proportionate share of the common expenses or as may be set forth in a court order. The Association’s lien for unpaid common expenses and other charges arises under Section 9(g) of the Illinois Condominium Property Act, and Paragraph 13 of the Declaration, and the Association reserves all rights, remedies, and priorities afforded by Section 9(g) of the Illinois Condominium Property Act, the Declaration, and applicable law with respect to such lien.
F. Any fees and costs incurred by the Association in an attempt to collect assessments, parking license fees or other charges shall be charged to the delinquent Unit Owner as provided in the Declaration, By-Laws, and these Rules. A returned check, rejected electronic payment, ACH reversal, or other payment returned by the Association’s bank shall result in a minimum charge of $60.00 to the Unit Owner’s account, or a charge in the amount of the actual expenses incurred by the Association as a result of such returned item, whichever is greater.
G. Application of Payments: All payments received will be applied to the payment of the oldest outstanding charges in the following priority before being applied to any current charges, regardless of any restrictive endorsement or if such payment has been designated to be applied to a specified obligation: 1. collection charges, including but not limited to attorneys’ fees and court costs, 2. Late Charges and interest charges, if any, 3. fines, 4. parking license fees, work orders or other charges, 5. special assessments, and 6. prior monthly assessments.
H. In the sole discretion of the Board, the Board shall have the authority to credit back any Late Charges which may have been added to a Unit Owner’s account. Any such credit shall not constitute a waiver of the Association’s right to impose Late Charges for future delinquencies or a waiver of any rights of the Association with respect to any ongoing collection matter.
I. Once an account is turned over to counsel for collections or other legal action, all collection-related communications with the Unit Owner/debtor should be with counsel to ensure compliance with applicable rules and statutes and keep the process moving forward in an expeditious manner.
J. Once an account is turned over to counsel for collections, any online or automatic payment mechanism may be disabled to ensure compliance with applicable rules and statutes and keep the process moving forward in an expeditious manner.
K. Payment Plans: In the event a Unit Owner requests a payment plan on an unpaid balance, the Board may, in its discretion, permit a payment plan so long as the repayment period is no longer than two (2) years (though an exception to extend the term can be agreed to by a majority of the Board); the plan provides for payment of all unpaid charges and amounts due by the Owner; the plan is in writing, prepared by or with the assistance of management or legal counsel, setting forth the exact payment terms, dates, and consequences of a default under the payment plan; and the plan is subject to review by the Board if the Unit Owner has been in collections at any prior time. As a condition of any approved payment plan, the Unit Owner must remain current on all assessments and other charges accruing during the repayment period unless otherwise approved by the Board. In the event the Unit Owner is in mortgage foreclosure, approval of any payment plan shall be contingent upon the status of the mortgage foreclosure action pending against the Unit Owner. Nothing in this Section requires the Board to offer or approve a payment plan.
L. These Rules shall supersede and replace any prior rules, regulations, policies, or related practices of the Association concerning the collection of assessments, parking license fees and other charges. Any Late Charge or interest rate adopted under these Rules shall apply to assessments and other charges becoming due on or after the effective date. Charges that accrued under a prior policy or practice before the effective date shall remain valid and collectible at the rate in effect when they accrued, and the procedural provisions of these Rules shall govern the collection of all balances, whether accruing before or after the effective date.
M. These Rules shall be effective as of the date set forth in the Resolution adopting these Rules and shall apply to all assessments and other charges due and owing as of and after the effective date.
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Furthermore, the Handbook’s “TABLE OF CONTENTS” at the very beginning, and the “INDEX” at the very end will be updated to reflect adjustments to page numbers as may be appropriate once the new text is incorporated.
Feel free e-mail our team at parktowercondo-mgmt@habitat.com with any questions or comments. Feedback from Unit Owners who cannot attend the Special Meeting on November 9th will be shared with the Board.
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