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Record #: SO2019-5753   
Type: Ordinance Status: Passed
Intro date: 7/24/2019 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 9/18/2019
Title: Amendment of Municipal Code Chapter 13-72 by adding new Section 13-72-085 regarding sale of condominium property
Sponsors: Reilly, Brendan, Osterman, Harry, Smith, Michele, Hopkins, Brian
Topic: MUNICIPAL CODE AMENDMENTS - Title 13 - Building & Construction - Ch. 72 Condominiums
Attachments: 1. SO2019-5753.pdf, 2. O2019-5753.pdf

SECTION 1. Chapter 13-72 of the Municipal Code of Chicago is hereby amended by adding a new Section 13-72-085, as follows:

13-72r085 Sale of condominium property.
Unless a.greater percentage is provided for in the declaration or bylaws, not less than 85% 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 properly. 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 owner's 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.
If there is a disagreement as to the value of the interest of a unit owner who did not vote in ...

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