(735 ILCS 5/13-117) (from Ch. 110, par. 13-117)
Sec. 13-117.
Limitation on mortgage.
The lien of every mortgage or trust
deed in the nature
of a mortgage of record on July 1, 1915, where more than 20 years have
elapsed from the time the indebtedness secured thereby is due according
to its written terms, or according to any extension agreement on record
on July 1, 1915, is declared to have ceased by limitation unless the
holder of the indebtedness secured thereby and the then owner of the
real estate within 5 years after July 1, 1915, files in the office of the
recorder where the mortgage or trust deed in the nature of a mortgage is
recorded, an extension agreement showing the time for which the payment
of the indebtedness is extended, the time when the indebtedness will
become due by the terms of the extension agreement and the amount
remaining unpaid on the indebtedness, then the mortgage or trust deed in
the nature of a mortgage shall continue to be a lien upon the real estate
described therein for a period of 10 years from the time the
indebtedness will be due as shown by the extension agreement and no
longer, unless some further extension agreement is filed of record. Such
extension agreements shall be acknowledged and recorded in the same
manner as mortgages and trust deeds in the nature of a mortgage are
required by law to be acknowledged and recorded.
(Source: P.A. 82-280.)
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