Illinois General Assembly - Illinois Compiled Statutes

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310 ILCS 60/7

(310 ILCS 60/7) (from Ch. 67 1/2, par. 1157)

Sec. 7.

Bona fide offer to purchase; contract.

(a) The Tenant Association shall, within 90 days after it
notifies the owner of its intent to purchase, provide the owner with a bona
fide offer to purchase evidenced by a purchase contract reflecting a sales
price and terms agreed to by the parties or the sales price and terms
determined pursuant to subsection (b) of this Section and an earnest
money deposit equal to 5% of the bona fide offer to purchase.

(b) If the parties are unable to agree to a sales price within the first
60 days of the 90 day period specified in subsection (a), the sale price of
the assisted
						
						housing shall be based upon its fair market
value, based on its highest and best use, without affordability restrictions, as
determined by 2 independent appraisers qualified to perform multi-family
housing appraisals.  One appraiser shall be selected and paid by the owner
and the other shall be selected and paid by the Tenant Association.  If the
appraisers fail to agree upon a fair market value, the owner and the
Tenant Association shall either jointly select and pay a third appraiser whose
appraisal shall be binding, or agree to take an average of
the 2 appraisals.  All appraisers shall be MAI certified.  The
determination of the sales price pursuant to this subsection shall be
completed within the 90 day period specified in subsection (a) of this Section.

(c) The Tenant Association shall agree to close on the sale within 90
days from the date the parties sign the contract to purchase.

(Source: P.A. 93-727, eff. 7-14-04.)