(310 ILCS 50/7) (from Ch. 67 1/2, par. 857)
Sec. 7.
The owner shall be entitled to regain possession of the
property by petitioning to the circuit court for restoration of possession
and, upon due notice to the plaintiff organization, for a hearing on such
petition. At the hearing, the court shall determine proper compensation to
the organization for its expenditures, including management fees, based on
the organization's reports to the court. The court, in determining the
proper compensation to the organization, may consider income or receipts
received from the property, and the increase in the market value of the
property resulting from the rehabilitation by the organization. In no event
shall the amount paid be less than the amount spent by the organization plus
management fees plus interest. After
the owner pays the compensation to the organization as determined by court,
the owner shall resume possession of the property, subject to all existing
rental agreements whether written or verbal, entered into by the organization.
(Source: P.A. 89-686, eff. 6-1-97.)
|