(765 ILCS 605/16) (from Ch. 30, par. 316)
Sec. 16.
Removal
from provisions of this Act.
All of the unit owners may remove the property from the provisions of
this Act by an instrument to that effect, duly recorded, provided that the
holders of all liens affecting any of the units consent thereto or agree,
in either case by instruments duly recorded, that their liens be
transferred to the undivided interest of the unit owner. Upon such removal
the property shall be deemed to be owned in common by all the owners. The
undivided interest in the property owned in common which shall appertain to
each owner shall be the percentage of undivided interest previously owned
by such owner in the common elements.
(Source: Laws 1963, p. 1120.)
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