For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
COMMON ELEMENTS. All portions of the multi-ownership, multiple-unit development property except the individual living units.
CONDOMINIUM. Any property submitted or included as part of a development registered under the Condominium Property Act, ILCS Ch. 765, Act 605, §§ 1 et seq.
CONVERSION. Any property which has changed ownership from a multi-family dwelling structure to individual condominium units.
CONVERSION/DWELLING UNIT. Any individual condominium unit created by the conversion of a multi-family dwelling structure to individual condominium units.
COOPERATIVE. Any multi-unit real estate development operated by means of a voluntary association, corporation, land trust or otherwise.
DEVELOPMENT. Any property consisting of three or more parts intended for any type of independent use whether contained in one or more multiple structures. It shall include, but not be limited to, any association, condominium development, cooperative, planned unit development or other entity which includes as part of the development the maintenance and joint ownership of common elements.
OWNERSHIP INTEREST. Any legal title where an estate or interest individually or collectively aggregates a fee simple absolute ownership of the unit. OWNERSHIP INTEREST shall include shareholders, holders of beneficial interest in land trusts, as well as holders of other common ownership interests. Ownership shall not include any individual or entity whose interest is as mortgagee or holder of a security interest.
(2000 Code, § 15.64.030) (Ord. 2380, Art. 3, passed - -1999; Ord. 2603, § 1, passed - -2002)