(735 ILCS 30/10-5-90) (was 735 ILCS 5/7-127)
Sec. 10-5-90.
Distribution of compensation. The amount of just compensation shall be distributed among all
persons having an interest in the property according to the fair value
of their legal or equitable interests. If there is a contract for deed
to the property, the contract shall be abrogated and the amount of just
compensation distributed by allowing to the purchaser on the contract
for deed: (1) an amount equal to the down payment on the contract; (2) an
amount equal to the monthly payments made on the contract, less interest
and an amount equal to the fair rental value of the property for the
period the purchaser has enjoyed the use of the property under the
contract; and (3) an amount equal to amounts expended on improvements to
the extent the expenditures increased the fair market value of the
property; and by allowing to the seller on the contract for deed the
amount of just compensation after allowing for amounts distributed under
(1), (2), and (3) of this Section. However, the contract purchaser may
pay to the contract seller the amount to be paid on the contract and
shall then be entitled to the amount of just compensation paid by the
condemnor either through negotiation or awarded in judicial proceedings.(Source: P.A. 94-1055, eff. 1-1-07.) |