This office lease provision states that the parties desire to allocate certain risks of personal injury, bodily injury or property damage, and risks of loss of real or personal property by reason of fire, explosion or other casualty, and to provide for the responsibility for insuring those risks permitted by law.
Illinois Provision Allocation Risks and Setting Forth Insurance Obligations of Both the Landlord and the Tenant
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Sec. 9.1. (a) Other liens; attachment and satisfaction. Subsequent to the recording of the declaration, no liens of any nature shall be created or arise against any portion of the property except against an individual unit or units.
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.
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.
Generally, ROFRs provide that if an owner receives a bona fide offer to buy its property on terms it wishes to accept, the owner must give the ROFR holder notice of the offer and the opportunity to match it. The ROFR holder has no obligation to match the offer and it can refuse to do so.
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.
(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.
4.1. Construction, interpretation, and validity of Condominium Instruments. be deemed to have the meaning specified therein unless the context otherwise requires.
In Illinois, Section 22.1(a) of the Illinois Condominium Property Act describes the information that the owner must obtain from the board for inspection by a prospective purchaser, upon demand, in the event of any resale of a condominium unit by a unit owner other than the developer.