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*LRB09504507AJO24560b* HB1069 95TH GENERAL ASSEMBLY State of Illinois and 2008 HB1069 Introduced 2/8/2007, by Rep.
HB1069 Engrossed LRB095 04507 AJO 24560 b AN ACT concerning civil law.
Marlow H.
Colvin SYNOPSIS AS INTRODUCED:
ILCS 605/14.5 new Amends the Condominium Property Act.
Provides procedures for addressing distressed condominium property that is a danger, blight, or nuisance to the surrounding community or the public and that is substantially unoccupied, without utilities, or in a serious negative condition.
Provides a definition of "distressed condominium property".
Provides that a municipality may file a petition in the circuit court and that if the court finds that a property is a distressed condominium property, the court may appoint a receiver to manage the property.
Provides also that if a court finds that the property is not viable as a condominium, the court may deem that the entire property is owned in common by the unit owners and may authorize the receiver to sell the entire property without the consent of the unit owners.
Provides that if the receiver sells the property pursuant to court authorization, the sale proceeds shall be paid to unit owners according to their respective shares, after sale expenses, taxes, and liens have been paid.
Provides that the receiver has the power and authority to secure and insure the premises, make repairs, and otherwise manage the premises.
LRB095 04507 AJO 24560 b A BILL FOR HB1069 LRB095 04507 AJO 24560 b AN ACT concerning civil law.
(D) any of the essential utilities to the parcel or HB1069 - 2 - LRB095 04507 AJO 24560 b condominium units is either terminated or threatened with termination;
(D) any of the essential utilities to the parcel or HB1069 Engrossed - 2 - LRB095 04507 AJO 24560 b condominium units is either terminated or threatened with termination;
HB1069 - 3 - LRB095 04507 AJO 24560 b (c) If a court finds that the property is a distressed condominium property:
HB1069 Engrossed - 3 - LRB095 04507 AJO 24560 b (c) If a court finds that the property is a distressed condominium property:
(d) If a court finds that property is subject to paragraph HB1069 - 4 - LRB095 04507 AJO 24560 b (2) of subsection (c) of this Section, the court may authorize the receiver to enter into a sales contract and transfer the title of the property on behalf of the owners of the property without their consent.
(d) If a court finds that the property is subject to HB1069 Engrossed - 4 - LRB095 04507 AJO 24560 b paragraph (2) of subsection (c) of this Section, the court may authorize the receiver to enter into a sales contract and transfer the title of the property on behalf of the owners of the property without their consent.
HB1069 - 5 - LRB095 04507 AJO 24560 b (1) secure, clean, board and enclose, and keep secure, clean, boarded and enclosed, the property or any portion of the property;
HB1069 Engrossed - 5 - LRB095 04507 AJO 24560 b (1) secure, clean, board and enclose, and keep secure, clean, boarded and enclosed, the property or any portion of the property;
(f) If the court orders the appointment of a receiver, the receiver may use the rents and issues of the property toward HB1069 - 6 - LRB095 04507 AJO 24560 b maintenance, repair, and rehabilitation of the property prior to and despite any assignment of rents;
(f) If the court orders the appointment of a receiver, the receiver may use the rents and issues of the property toward HB1069 Engrossed - 6 - LRB095 04507 AJO 24560 b maintenance, repair, and rehabilitation of the property prior to and despite any assignment of rents;
Upon payment to the holder of the receiver’s note or certificate of the face amount thereof together with any interest thereon to the date of payment, and upon the filing of record of a sworn statement of such payment, HB1069 - 7 - LRB095 04507 AJO 24560 b the lien of such certificate shall be released.
Upon payment to the holder of the receiver’s note or certificate of the face amount thereof together with any interest thereon to the date of payment, and upon the filing of record of a sworn statement of such payment, HB1069 Engrossed - 7 - LRB095 04507 AJO 24560 b the lien of such certificate shall be released.
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