Illinois Compiled Statutes 765 ILCS 605/4 – Declaration – Contents.) The declaration shall set forth the …
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Declaration – Contents.) The declaration shall set forth the following particulars:
(a) The legal description of the parcel.
(b) The legal description of each unit, which may consist of the identifying number or symbol of such unit as shown on the plat.
(c) The name of the condominium, which name shall include the word “Condominium” or be followed by the words “a Condominium”.
(d) The name of the city and county or counties in which the condominium is located.
(e) The percentage of ownership interest in the common elements allocated to each unit. Such percentages shall be computed by taking as a basis the value of each unit in relation to the value of the property as a whole, and having once been determined and set forth as herein provided, such percentages shall remain constant unless otherwise provided in this Act or thereafter changed by agreement of all unit owners.
(f) If applicable, all matters required by this Act in connection with an add-on condominium.
(g) A description of both the common and limited common elements, if any, indicating the manner of their assignment to a unit or units.
(h) If applicable, all matters required by this Act in connection with a conversion condominium.
(h-5) If the condominium is a leasehold condominium, then:
(1) The date of recording and recording document
(a) The legal description of the parcel.
Terms Used In Illinois Compiled Statutes 765 ILCS 605/4
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(b) The legal description of each unit, which may consist of the identifying number or symbol of such unit as shown on the plat.
(c) The name of the condominium, which name shall include the word “Condominium” or be followed by the words “a Condominium”.
(d) The name of the city and county or counties in which the condominium is located.
(e) The percentage of ownership interest in the common elements allocated to each unit. Such percentages shall be computed by taking as a basis the value of each unit in relation to the value of the property as a whole, and having once been determined and set forth as herein provided, such percentages shall remain constant unless otherwise provided in this Act or thereafter changed by agreement of all unit owners.
(f) If applicable, all matters required by this Act in connection with an add-on condominium.
(g) A description of both the common and limited common elements, if any, indicating the manner of their assignment to a unit or units.
(h) If applicable, all matters required by this Act in connection with a conversion condominium.
(h-5) If the condominium is a leasehold condominium, then:
(1) The date of recording and recording document
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number for the lease creating a leasehold interest as described in item (x) of Section 2;
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(2) The date on which the lease is scheduled to
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expire;
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(3) The legal description of the property subject to
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the lease;
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(4) Any right of the unit owners to redeem the
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reversion and the manner whereby those rights may be exercised, or a statement that the unit owners do not have such rights;
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(5) Any right of the unit owners to remove any
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improvements within a reasonable time after the expiration or termination of the lease, or a statement that the unit owners do not have such rights;
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(6) Any rights of the unit owners to renew the lease
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and the conditions of any renewal, or a statement that the unit owners do not have such rights; and
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(7) A requirement that any sale of the property
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pursuant to Section 15 of this Act, or any removal of the property pursuant to Section 16 of this Act, must be approved by the lessor under the lease.
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(i) Such other lawful provisions not inconsistent with the provisions of this Act as the owner or owners may deem desirable in order to promote and preserve the cooperative aspect of ownership of the property and to facilitate the proper administration thereof.