Illinois Assignment and Bill of Sale of Gathering Systems for Undivided Interests in Multiple Gathering Systems is a legal document used to transfer ownership of gathering systems in the state of Illinois. Gathering systems are infrastructure networks that collect and transport oil, gas, or other natural resources from wells to processing facilities. This specific assignment and bill of sale pertain to undivided interests in multiple gathering systems, meaning the ownership is divided among multiple parties. Such assignments can occur in various situations, including the sale or transfer of ownership, consolidation of interests, or entering into joint ventures or partnerships. By executing this document, the assignor (current owner) transfers their undivided interest in the gathering systems to the assignee (new owner), along with any rights, titles, and interests associated with the assets. The assignment and bill of sale typically include a detailed description of the gathering systems, specifying the location, size, capacity, and any relevant permits or licenses. Keywords: Illinois Assignment, Bill of Sale, Gathering Systems, Undivided Interests, Multiple Gathering Systems, Ownership, Transfer, Infrastructure Networks, Oil, Gas, Natural Resources, Wells, Processing Facilities, Assignor, Assignee, Rights, Titles, Description, Location, Size, Capacity, Permits, Licenses. Types of Illinois Assignment and Bill of Sale of Gathering Systems for Undivided Interests in Multiple Gathering Systems may include: 1. Absolute Assignment and Bill of Sale: This type of assignment and bill of sale fully transfers ownership, rights, and interests of the gathering systems from the assignor to the assignee. 2. Partial Assignment and Bill of Sale: In this case, only a portion or fraction of the undivided interests in multiple gathering systems are transferred to the assignee. The assignor still retains ownership of the remaining interest. 3. Temporary Assignment and Bill of Sale: This assignment and bill of sale may be used to transfer ownership of gathering systems for a specific duration. After the assigned period, ownership reverts to the assignor. 4. Assignment and Bill of Sale with Assumption of Liabilities: When this type of assignment occurs, the assignee not only acquires ownership but also assumes the liabilities associated with the gathering systems, such as debts, environmental obligations, or maintenance responsibilities. 5. Assignment and Bill of Sale with Warranty: This assignment ensures that the assignor guarantees the assignee against any future claims or challenges to the ownership or title of the gathering systems. Keywords: Absolute Assignment, Partial Assignment, Temporary Assignment, Assumption of Liabilities, Warranty, Ownership, Rights, Interests, Gathering Systems, Undivided Interests, Multiple Gathering Systems, Assignor, Assignee, Liabilities, Ownership Reversion.
Illinois Assignment and Bill of Sale of Gathering Systems for Undivided Interests in Multiple Gathering Systems
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(e) "Common Elements" means all portions of the property except the units, including limited common elements unless otherwise specified. (f) "Person" means a natural individual, corporation, partnership, trustee or other legal entity capable of holding title to real property.
Specifically, Section 18.4 of the Illinois Condominium Property Act states that a condominium board must "exercise the care required of a fiduciary of the unit owners." This duty is also set out in the Illinois General Not for Profit Corporation Act.
A Section 15 or deconversion sale is a sales transaction in where the buyer purchases all the units in an association pursuant to Section 15 of the Illinois Condominium Property Act, 765 ILCS 605/15 (the Act).
HB 5246 ? Document request, deadlines, and fees Starting January 1, 2023, House Bill 5246 will reduce the timeframe for condominium associations in Illinois to provide certain disclosures under Section 22.1 of the Illinois Condominium Property Act (unit resales) from 30 to 10 business days.
4.1. Construction, interpretation, and validity of Condominium Instruments. be deemed to have the meaning specified therein unless the context otherwise requires.
Ing to Sec. 12 of the Illinois Condominium Act ("ICA"), the property insurance policy for the association must cover the structural elements of the building including the following: Interior and exterior walls, foundation and roof.
Sec. 7.28. Tax credit for donation to sponsors. The Authority may administer and adopt rules for an affordable housing tax donation credit program to provide tax credits for donations as set forth in this Section.
Sec. 9. Sharing of expenses - Lien for nonpayment. (a) All common expenses incurred or accrued prior to the first conveyance of a unit shall be paid by the developer, and during this period no common expense assessment shall be payable to the association.