This office lease form states and lists the terms for the Demised Premises. It describes the number of lease years plus any partial lease year as well as the commencement of the lease term.
Illinois Precision Drafting Provision Dealing with Definitions Dating the Lease and Defining Terms
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US-OL1053
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FAQ
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.
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.
4.1. Construction, interpretation, and validity of Condominium Instruments. be deemed to have the meaning specified therein unless the context otherwise requires.
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).
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.
The Act at Section 2 (e) defines common elements. It states: "2 (e) "Common Elements" means all portions of the property except the units, including limited common elements unless otherwise specified."
