Illinois General Assembly - Illinois Compiled Statutes

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310 ILCS 60/5

(310 ILCS 60/5) (from Ch. 67 1/2, par. 1155)

Sec. 5. Offer for sale to Tenant Association.

Within 60 days after the
Tenant Association has complied with the
requirements of Section 4, the owner shall, before selling, leasing, completing prepayment, completing termination, or
otherwise disposing of the

property, provide to the Tenant Association a
bona fide offer for sale of the property which shall contain the essential
terms of the sale, including, at a minimum, the following:  the
sales price; the terms of seller financing, if any, including the amount,
the interest rate, and amortization rate thereof; the terms of assumable
financing, if any, including the amount, the interest rate, and the
amortization rate thereof; and proposed improvements, if any, to the
property to be made by the owner in connection with the sale.

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