(765 ILCS 605/14.1) (from Ch. 30, par. 314.1)
Sec. 14.1.
Disposition or removal of any portion of the
property.
(a) The condominium instruments may provide for
the withdrawal of any portion of the property in connection
with eminent domain proceedings in compliance with the
provisions of this Act. Upon the withdrawal of any unit
or portion thereof, the percentage of interest in the
common elements appurtenant to such unit or portion thereof
shall be reallocated among the remaining units on the basis
of the percentage of interest of each remaining unit. If
only a portion of a unit is withdrawn, the percentage of
interest appurtenant to that unit shall be reduced accordingly,
upon the basis of diminution in market value of the unit, as
determined by the board of managers. The allocation of any
condemnation award or other proceeds to any withdrawing or
remaining unit owner shall be on an equitable basis, which
need not be a unit's percentage interest. Any condemnation
award or other proceeds available in connection with the
withdrawal of any portion of the common elements, not necessarily
including the limited common elements, shall be allocated on the
basis of each unit owner's percentage interest therein. The
declaration may provide that proceeds available from the withdrawal
of any limited common element will be distributed in accordance
with the interests of those entitled to their use. The
condominium instruments shall provide for the cessation of
responsibility for the payment of assessments for any unit
or portion thereof withdrawn from the condominium.
In the event that the unit owners' association is named as defendant in
an eminent domain proceeding on behalf of all unit owners, then the payment
of the proceeds of the eminent domain proceeding attributable to the taking
or damaging of the common element shall be according to this Section unless
the condominium instrument or declaration of a common interest community
expressly provides for different procedures. This Section shall also apply
to eminent domain proceedings in which the unit owners' association of a
common interest community is named as a defendant on behalf of all unit
owners.
(b) Notwithstanding anything to the contrary contained in this Section,
in a leasehold condominium, any allocation of any condemnation award or other
proceeds available in connection with the withdrawal of any portion of the
property shall include an equitable allocation to the lessor. The allocation
shall take into account any provisions of the lease described in item (x) of
Section 2 of this Act concerning such allocations.
(Source: P.A. 89-89, eff. 6-30-95.)
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