(765 ILCS 605/26) (from Ch. 30, par. 326)
Sec. 26.
Transfer of Limited Common Elements.) The use of limited
common elements may be transferred between unit owners at their expense,
provided that the transfer may be made only in accordance with the
condominium instruments and the provision of this Act. Each transfer
shall be made by an amendment to the declaration executed by all unit
owners who are parties to the transfer and consented to by all other
unit owners who have any right to use the limited common elements
affected. The amendment shall contain a certificate showing that a copy
of the amendment has been delivered to the board of managers. The
amendment shall contain a statement from the parties involved in the
transfer which sets forth any changes in the parties' proportionate
shares. If the parties cannot agree upon a reapportionment of their
respective shares, the board of managers shall decide such
reapportionment. No transfer shall become effective until the amendment
has been recorded. Rights and obligations in respect to any limited
common element shall not be affected, nor shall any transfer of it be
effective, unless a transaction is in compliance with the requirements
of this Section.
Each limited common element may be identified on the plat by the
distinguishing number or other symbol of the unit or units to which it
is assigned, and its location in respect to the unit or units may also
be shown or may be otherwise located in the declaration.
(Source: P.A. 80-1364.)
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