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(a) Unless a greater percentage is provided for in the declaration or bylaws, not less than 85 percent of the unit owners of a condominium property may, by affirmative vote at a meeting of unit owners duly called for such purpose, elect to sell the property. Such action shall be binding upon all unit owners, and it shall thereupon become the duty of every unit owner to execute and deliver such instruments and to perform all acts as in manner and form may be necessary to effect such sale, provided, however, that any unit owner who did not vote in favor of such action and who has filed written objection thereto with the manager or board of managers within 20 days after the date of the meeting at which such sale was approved shall be entitled to receive from the proceeds of such sale an amount equivalent to the greater of: (i) the value of his or her interest, as determined by a fair appraisal, less the amount of any unpaid assessments or charges due and owing from such unit owner or (ii) the outstanding balance of any bona fide debt secured by the objecting unit owner’s interest which was incurred by such unit owner in connection with the acquisition or refinance of the unit owners interest, less the amount of any unpaid assessments or charges due and owing from such unit owner. The objecting unit owner is also entitled to receive from the proceeds of a sale under this section reimbursement for reasonable relocation costs, determined in the same manner as under the federal Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, as amended from time to time, and as implemented by regulations promulgated under that Act.
(b) If there is a disagreement as to the value of the interest of a unit owner who did not vote in favor of the sale of the property, that unit owner shall have a right to designate an expert in appraisal or property valuation to represent him, in which case, the prospective purchaser of the property shall designate an expert in appraisal or property valuation to represent him, and both of these experts shall mutually designate a third expert in appraisal or property valuation. The three experts shall constitute a panel to determine by vote of at least two of the members of the panel, the value of that unit owner’s interest in the property.
(c) Except as otherwise provided in this section, the sale of a condominium property is governed by the Illinois Condominium Property Act, codified at 765 ILCS 605/1, et seq., and other applicable laws.
(Added Coun. J. 9-18-19, p. 5229, § 1)
Editor’s note – Coun. J. 11-16-11, p. 13798, Art. X, § 3, repealed former § 13-72-085, which pertained to condominium registration.
The commissioner shall administer this chapter and may adopt rules and regulations for the effective administration of this chapter.
The commissioner shall enforce any provision of this chapter by instituting an action with the department of administrative hearings or by the corporation counsel through injunction or any other suit, action or proceeding at law or in equity in a court of competent jurisdiction.
Any information, receipt, notice, or other document required under this chapter shall be open for inspection and review by the commissioner at any reasonable time.
(Prior code § 100.2-9; Amend Coun. J. 11-19-08, p. 47220, Art. V, § 5; Amend Coun. J. 5-4-11, p. 118299, § 3; Amend Coun. J. 11-16-11, p. 13798, Art. X, § 3)
The rights, obligations and remedies set forth in this chapter shall be cumulative and in addition to any others available at law or in equity. A person may bring a private cause of action in a court of competent jurisdiction seeking compliance with the provisions of this chapter and the prevailing plaintiff shall be entitled to recover, in addition to any other remedy available, his damages and reasonable attorney's fees; provided, however, that only the department may enforce the provisions of Section 13-72-110.
(Prior code § 100.2-10; Amend Coun. J. 5-4-11, p. 118299, § 3; Amend Coun. J. 11-16-11, p. 13798, Art. X, § 3)
Unless otherwise provided, any person who violates Sections 13-72-050(A) & (B), 13-72-060 or 13-72-065 shall be punished by a fine of not less than $500.00 nor more than $5,000.00 for the first offense, and not less than $2,000.00 nor more than $10,000.00 for the second and each subsequent offense in any given 180-day period. Any person who violates any other section of this chapter shall be punished by a fine of not less than $100.00 nor more than $300.00 for the first offense and not less than $300.00 nor more than $500.00 for the second and each subsequent offense in any 180-day period. Repeated offenses in excess of three within any 180-day period may also be punishable as a misdemeanor by incarceration for a term not to exceed 180 days. Each failure to comply with the provisions of this chapter with respect to each person shall be considered a separate offense. A separate and distinct offense shall be regarded as committed each day on which such person shall continue or permit any such violation. In addition to such fines and penalties, violation of any provision of this chapter shall be cause for revocation of any license issued to such violator or offending party by the City of Chicago. Nothing herein shall be construed to preclude the revocation of any license for violation of any other provision of the Municipal Code of Chicago.
(Prior code § 100.2-11; Amend Coun. J. 5-4-11, p. 118299, § 3; Amend Coun. J. 11-16-11, p. 13798, Art. X, § 3; Amend Coun. J. 11-21-17, p. 61858, Art. VIII, § 16; Amend Coun. J. 4-10-19, p. 100029, Art. II, § 103)
If any provision, clause, sentence, paragraph, section, or part of this chapter, or application thereof to any person, or circumstance, shall, for any reason, be adjudged to be unconstitutional or invalid, said judgment shall not affect, impair or invalidate the remainder of this chapter and the application of such provision to other persons, firms, corporations, public agencies or circumstances, but shall be confined in its operation to the provision, clause, sentence, paragraph, section, or part thereof directly involved in the controversy in which such judgment shall have been rendered and to the person, firm, corporation, public agency, or circumstances involved. It is hereby declared to be the legislative intent of the city council that this chapter would have been adopted had such unconstitutional or invalid provision, clause, sentence, paragraph, section, or part thereof not been included.
(Prior code § 100.2-12)