State of Illinois
92nd General Assembly
Legislation

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92_SB0701

 
                                               LRB9208082DJgc

 1        AN ACT in relation to real property.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  Condominium Property Act is amended by
 5    changing Section 3 as follows:

 6        (765 ILCS 605/3) (from Ch. 30, par. 303)
 7        Sec. 3. Submission of property.  Whenever  the  owner  or
 8    owners  in fee simple, or the sole lessee or all lessees of a
 9    lease described in item (x) of Section 2, of a parcel  intend
10    to  submit  such property to the provisions of this Act, they
11    shall do so by recording a  declaration,  duly  executed  and
12    acknowledged,  expressly stating that such intent and setting
13    forth the  particulars  enumerated  in  Section  4.   If  the
14    condominium  is a leasehold condominium, then every lessor of
15    the lease creating a leasehold interest as described in  item
16    (x)  of Section 2 shall also execute the declaration and such
17    lease shall  be  recorded  prior  to  the  recording  of  the
18    declaration.
19    (Source: P.A. 89-89, eff. 6-30-95.)

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