(765 ILCS 605/4)
(from Ch. 30, par. 304)
Declaration - Contents.) The declaration shall set forth the
(a) The legal description of the parcel.
(b) The legal description of each unit, which may consist of the
identifying number or symbol of such unit as shown on the plat.
(c) The name of the condominium, which name shall include the word
"Condominium" or be followed by the words "a Condominium".
(d) The name of the city and county or counties in which the condominium is
(e) The percentage of ownership interest in the common elements
allocated to each unit. Such percentages shall be computed by taking as
a basis the value of each unit in relation to the value of the property
as a whole, and having once been determined and set forth as herein provided,
such percentages shall remain constant unless otherwise provided in this
Act or thereafter changed by agreement of all unit owners.
(f) If applicable, all matters required by this Act in connection
with an add-on condominium.
(g) A description of both the common and limited common elements, if
any, indicating the manner of their assignment to a unit or units.
(h) If applicable, all matters required by this Act in connection
with a conversion condominium.
(h-5) If the condominium is a leasehold condominium, then:
(1) The date of recording and recording document
number for the lease creating a leasehold interest as described in item (x) of Section 2;
(2) The date on which the lease is scheduled to
(3) The legal description of the property subject to
(4) Any right of the unit owners to redeem the
reversion and the manner whereby those rights may be exercised, or a statement that the unit owners do not have such rights;
(5) Any right of the unit owners to remove any
improvements within a reasonable time after the expiration or termination of the lease, or a statement that the unit owners do not have such rights;
(6) Any rights of the unit owners to renew the lease
and the conditions of any renewal, or a statement that the unit owners do not have such rights; and
(7) A requirement that any sale of the property
pursuant to Section 15 of this Act, or any removal of the property pursuant to Section 16 of this Act, must be approved by the lessor under the lease.
(i) Such other lawful provisions not inconsistent with the
provisions of this Act as the owner or owners may deem desirable in
order to promote and preserve the cooperative aspect of ownership of the
property and to facilitate the proper administration thereof.
(Source: P.A. 89-89, eff. 6-30-95.)