Rep. Jeanne M Ives

Filed: 3/30/2017

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 2085

2    AMENDMENT NO. ______. Amend House Bill 2085 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Condominium Property Act is amended by
5changing Section 15 as follows:
 
6    (765 ILCS 605/15)  (from Ch. 30, par. 315)
7    Sec. 15. Sale of property.
8    (a) Unless a greater percentage is provided for in the
9declaration or bylaws, and notwithstanding the provisions of
10Sections 13 and 14 hereof, a majority of the unit owners where
11the property contains 2 units, or not less than 66 2/3% where
12the property contains three units, and not less than 75% where
13the property contains 4 or more units may, by affirmative vote
14at a meeting of unit owners duly called for such purpose, elect
15to sell the property. Such action shall be binding upon all
16unit owners, and it shall thereupon become the duty of every

 

 

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1unit owner to execute and deliver such instruments and to
2perform all acts as in manner and form may be necessary to
3effect such sale, provided, however, that any unit owner who
4did not vote in favor of such action and who has filed written
5objection thereto with the manager or board of managers within
620 days after the date of the meeting at which such sale was
7approved shall be entitled to receive from the proceeds of such
8sale an amount equivalent to the value of his or her interest,
9as determined by a fair appraisal, less the amount of any
10unpaid assessments or charges due and owing from such unit
11owner. The objecting unit owner is also entitled to receive
12from the proceeds of a sale under this Section reimbursement
13for reasonable relocation costs, determined in the same manner
14as under the federal Uniform Relocation Assistance and Real
15Property Acquisition Policies Act of 1970, as amended from time
16to time, and as implemented by regulations promulgated under
17that Act.
18    (b) If there is a disagreement as to the value of the
19interest of a unit owner who did not vote in favor of the sale
20of the property, that unit owner shall have a right to
21designate an expert in appraisal or property valuation to
22represent him, in which case, the prospective purchaser of the
23property shall designate an expert in appraisal or property
24valuation to represent him, and both of these experts shall
25mutually designate a third expert in appraisal or property
26valuation. The 3 experts shall constitute a panel to determine

 

 

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1by vote of at least 2 of the members of the panel, the value of
2that unit owner's interest in the property. The changes made by
3this amendatory Act of the 100th General Assembly apply to
4sales under this Section that are pending or commenced on and
5after the effective date of this amendatory Act of the 100th
6General Assembly.
7(Source: P.A. 86-1156.)
 
8    Section 99. Effective date. This Act takes effect upon
9becoming law.".