SB 2102

Abstract

Amends the Condominium Property Act. Provides that the purchaser of a condominium unit at a judicial foreclosure sale, other than a mortgagee, who takes possession of a condominium unit pursuant to a court order or a purchaser who acquires title from a mortgagee shall have the duty to pay the proportionate share, if any, of the common expenses for the unit (instead of which would have become due in the absence of any assessment acceleration during the 6 months immediately preceding institution of an action to enforce the collection of assessments) which remain unpaid by the owner during whose possession the assessments accrued and also the proportionate share, if any, of the common expenses for the unit which remain unpaid between the last date of the owner's possession and the date that the purchaser of the condominium unit at a judicial sale, or a mortgagee who receives title to the unit by deed in lieu of foreclosure or judgment by common law strict foreclosure or otherwise takes possession of the unit pursuant to court order under the Illinois Mortgage Foreclosure Law.