BOARD OF MANAGERS OF MEDINAH ON LAKE HOMEOWNERS ASS'N v. Bank of Ravenswood

At issue is whether a purchaser of real property can develop property as an assignee of a declarant of a planned unit development (PUD) when it purchased the property through a foreclosure sale and did not receive a written assignment of rights. Based on the intent of the parties, we hold that the purchaser, plaintiff Bank of Ravens-wood (Ravenswood), is a valid successor and assignee of the declarant and the developer. Accordingly, we reverse and remand.

FACTS

In 1974, the Village of Bloomingdale approved a PUD of four lots in the Medinah on the Lake Subdivision. Heritage Bank of Addison…