Sec. 9-111.1. Lease to bona fide tenant.
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/il/chapter-735/act-5/9-111-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 9-111.1. Lease to bona fide tenant. Upon the entry of an eviction order in favor of a board of managers under the Condominium Property Act, as provided in Section 9-111 of this Act, and upon delivery of possession of the premises by the sheriff or other authorized official to the board of managers pursuant to execution upon the order, the board of managers shall have the right and authority, incidental to the right of possession of a unit under the order, but not the obligation, to lease the unit to a bona fide tenant (whether the tenant is in occupancy or not) pursuant to a written lease for a term which may commence at any time within 8 months after the month in which the date of expiration of the stay of the order occurs.
The term may not exceed 13 months from the date of commencement of the lease. The court may, upon motion of the board of managers and with notice to the evicted unit owner, permit or extend a lease for one or more additional terms not to exceed 13 months per term. The board of managers shall first apply all rental income to assessments and other charges sued upon in the eviction action plus statutory interest on a monetary judgment, if any, attorneys' fees, and court costs incurred; and then to other expenses lawfully agreed upon (including late charges), any fines and reasonable expenses necessary to make the unit rentable, and lastly to assessments accrued thereafter until assessments are current.
Any surplus shall be remitted to the unit owner. The court shall retain jurisdiction to determine the reasonableness of the expense of making the unit rentable.