(765 ILCS 605/3) (from Ch. 30, par. 303)
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.
(Source: P.A. 93-474, eff. 8-8-03.)
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