Sen. Michael Connelly
Filed: 3/15/2016
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| 1 | AMENDMENT TO SENATE BILL 2863
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 2863 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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| 4 | "Section 5. The Condominium Property Act is amended by | ||||||
| 5 | changing Section 15 as follows:
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| 6 | (765 ILCS 605/15) (from Ch. 30, par. 315)
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| 7 | Sec. 15. Sale of property.
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| 8 | (a) Unless a greater percentage is provided for in the | ||||||
| 9 | declaration or
bylaws, and notwithstanding the provisions of | ||||||
| 10 | Sections 13 and 14 hereof,
a majority of the unit owners where | ||||||
| 11 | the property contains 2 units, or not
less than 66 2/3% where | ||||||
| 12 | the property contains three units, and not less
than 75% where | ||||||
| 13 | the property contains 4 or more units may, by affirmative
vote | ||||||
| 14 | at a meeting of unit owners duly called for such purpose, elect | ||||||
| 15 | to
sell the property. Such action shall be binding upon all | ||||||
| 16 | unit owners, and
it shall thereupon become the duty of every | ||||||
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| 1 | unit owner to execute and
deliver such instruments and to | ||||||
| 2 | perform all acts as in manner and form may
be necessary to | ||||||
| 3 | effect such sale, provided, however, that any unit owner
who | ||||||
| 4 | did not vote in favor of such action and who has filed written
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| 5 | objection thereto with the manager or board of managers within | ||||||
| 6 | 20 days
after the date of the meeting at which such sale was | ||||||
| 7 | approved shall be
entitled to receive from the proceeds of such | ||||||
| 8 | sale an amount equivalent to
the value of his or her interest, | ||||||
| 9 | as determined by a fair appraisal, less the
amount of any | ||||||
| 10 | unpaid assessments or charges due and owing from such unit
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| 11 | owner. The objecting unit owner is also entitled to receive | ||||||
| 12 | from the proceeds of a sale under this Section reimbursement | ||||||
| 13 | for reasonable relocation costs, determined in the same manner | ||||||
| 14 | as under the federal Uniform Relocation Assistance and Real | ||||||
| 15 | Property Acquisition Policies Act of 1970, as amended from time | ||||||
| 16 | to time, and as implemented by regulations promulgated under | ||||||
| 17 | that Act.
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| 18 | (b) If there is a disagreement as to the value of the
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| 19 | interest of a unit owner who did not vote in favor of the sale | ||||||
| 20 | of the
property, that unit owner shall have a right to | ||||||
| 21 | designate an expert in
appraisal or property valuation to | ||||||
| 22 | represent him, in which case, the
prospective purchaser of the | ||||||
| 23 | property shall designate an expert in
appraisal or property | ||||||
| 24 | valuation to represent him, and both of these experts
shall | ||||||
| 25 | mutually designate a third expert in appraisal or property | ||||||
| 26 | valuation.
The 3 experts shall constitute a panel to determine | ||||||
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| 1 | by vote of at least 2
of the members of the panel, the value of | ||||||
| 2 | that unit owner's interest in
the property. The changes made by | ||||||
| 3 | this amendatory Act of
the 99th General Assembly apply to sales | ||||||
| 4 | under this Section
that are pending or commenced on and after | ||||||
| 5 | the effective date
of this amendatory Act of the 99th General | ||||||
| 6 | Assembly.
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| 7 | (Source: P.A. 86-1156.)
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| 8 | Section 99. Effective date. This Act takes effect upon | ||||||
| 9 | becoming law.".
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