For the purposes of this Chapter, the following words and phrases shall have the meanings respectively ascribed to them by this Section.
AGENT: | Any person, firm, partnership, association, joint venture, corporation or any other entity or combination of entities, who represents or acts for or on behalf of a developer in selling or offering to sell any condominium unit. |
BLANKET ENCUMBRANCE: | A trust deed, mortgage, judgment or other lien or encumbrance, including an option or contract to sell, or a trust agreement affecting a condominium, including any lien or other encumbrance arising as a result of the imposition of any tax assessment by a public authority. |
BOARD OF MANAGERS: | The Board of Managers referred to in the Illinois Condominium Property Act. |
CLOSING OF THE SALE: | The operation of transferring legal or equitable ownership of a condominium to the prospective purchaser from the developer through a deed of conveyance. |
CO-OWNER: | A person or persons that own a condominium unit in the condominium project. |
COMMON ELEMENTS: | 1. General common elements. Except as otherwise provided in the plat of condominium subdivision, means all portions of the property except the condominium units. 2. Limited common elements. Those common elements to be reserved for the use of a certain number of condominium units, such as special corridors, stairways and elevators, balconies, terraces and patios, sanitary services common to the units of a particular floor, and the like. |
CONDOMINIUM UNIT: | An area identified as such in the declaration and on the condominium plat and shall include all improvements contained within the area except those excluded in the declaration. |
CONDOMINIUM: | The ownership of single units in a multi-unit residential project with common elements. (Alternative definition. Property subject to the condominium regime established pursuant to the Illinois Condominium Property Act.) 1. The land on which the building stands is fee simple; 2. The foundations, main walls, roofs, halls, columns, girders, beams, supports, corridors, fire escapes, lobbies, stairways, and entrance and exit or communication ways; 3. The basements, flat roofs, yards, and gardens, except as otherwise provided or stipulated; 4. The premises for lodging of janitors or persons in charge of the building, except as otherwise provided or stipulated; 5. The compartments or installations of central services such as power, light, gas, cold or hot water, heating, central air-conditioning or central refrigeration, swimming pools, reservoirs, water tanks and pumps, and the like. 6. The elevators, garbage and trash incinerators and, in general, all devices or installations existing for common use; and 7. All other elements of the building rationally of common use or necessary to its existence, upkeep and safety. |
CONDOMINIUM PROJECT: | A plan by a developer to sell residential condominium units in a building, whether through conversion to condominium status or construction of new buildings with condominium ownership. |
CONVERSION: | The offering for sale by a developer or developer's agent of condominium units that were previously rental units. |
DEVELOPER: | Any person, firm, partnership, association, joint venture or corporation or any other entity or combination of entities or successors thereto who at any time after the effective date of this Ordinance undertakes to develop a condominium project either by conversion to condominium status or construction of new buildings. |
OFFERING: | Any inducement, solicitation, advertisement, publication or announcement to the general public to encourage a person to acquire a condominium unit in a condominium project. |
PERSON: | Any individual natural person, trustee, court-appointed representative, syndicate, association, partnership, firm, club, company, corporation, business, trust, institution, agency, government corporation, municipal corporation, city, county, municipality, district, or other political subdivision, department, bureau, agency or instrumentality of federal, state or local government, contractor, supplier, vendor, installer, operator, user or owner, or any officers, agents, employees, factors, or any land of representatives of any thereof, in any capacity, acting either on one's own behalf, or for any other person, under either personal appointment or pursuant to law, or other entity recognized by law as the subject of rights and duties. The masculine, feminine, singular or plural is included in any circumstances. |
PLAT OF CONDOMINIUM SUBDIVISION: | The plat of the Surveyor of the City establishing the condominium units, accessory units and common elements. |
PRELIMINARY PROPERTY REPORT and PROPERTY REPORT: | All that information required by the property reports in accordance with Section 9-9-5 of this Chapter. |
PROSPECTIVE PURCHASER: | A person who visits the condominium project site for the purposes of inspection for possible purchase or who requests the property report. |
SITE: | Any land area on which a part of the condominium is located. |
UNIT OWNER: | The person or persons whose estates or interests, individually or collectively aggregate fee simple absolute ownership of a unit. (Ord. 2015-11, 5-21-2015; amd. Ord. 2021-18, 10-21-2021) |