Sec. 3. Submission of property.
147 words·~1 min read·
/il/chapter-765/act-605/3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 3. Submission of property. Whenever the owner or owners in fee simple, or the sole lessee or all lessees of a lease described in item
(x)of Section 2, of a parcel intend to submit such property to the provisions of this Act, they shall do so by recording a declaration, duly executed and acknowledged, expressly stating such intent and setting forth the particulars enumerated in Section 4. If the condominium is a leasehold condominium, then every lessor of the lease creating a leasehold interest as described in item
(x)of Section 2 shall also execute the declaration and such lease shall be recorded prior to the recording of the declaration.
The execution of a declaration required under this Section by the lessor under a lease as described in item
(x)of Section 2 does not make the lessor a developer for purposes of this Act.