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(1) ElCBRCISB OF OPTI0~1. The option shall be i
exercised by delivery or mailing by registered mail to each of the '
record owners of the aparttuents to be purchased an agreement m pur- ~
chase signed by the record owners of apartments who will participate
in the purchase. Such agreement shall indicate which apartments will
be purchased by each participating awner and ahall require the purchase
of all apartments owned by owners not approving the teradnation, but
the agreeu~ent shall effect a separate contract between each seller and
his purchaser.
(2) PRICB. The sale price for each apartment
shall be the fair market value determined by agreement between the seller
and purchaser within thirty (30) days from the delivery ar mailing of
such agreement, and in the absence of agreement as to price it shall be
determined by arbitration in accordance with the then existing rules of
the American Arbitration Association, except that the arbitrators shall
be two appraisers appointed by the American Arbitration Association who
shall base their determination upon an average of their appraisals of
the apartment; and a judgement of specific performance of the sale upon
the award rendered by the arbitrators may be entered in any court of
competent jurisdiction. The expense of the arbitration shall be paid
by the purchaser.
(3) PAYI~II:NP. The purchase price shall be paid ~
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in cash.
(4) CLOSING. The sale shall be closed within
ten (10) days following the deteriaination of the sale price.
24.3 CERTfFICATE. The terndnatian of the condominium
in efther of the foregoing manners shall be evidenced by a certificate
of the association executed by its President and Secretary certifying as
to facts effecting the teronination, which certificate shall became effect-
ive upon being recorded in the public records of St. Iucie County, Florida.
24.4 SHARES OF O~ddERS AFPSR TSRMIlVATION. After termin-
ation of the condominium, tHe apartment owners shall own the condaminium
property and all assets of the Association as tenants in common in undi- ~
vided shares that shall be the same as the undivided shares in the co~on i
elements appurtenant to the owners' apartments prior to termination.
; 24.5 AMENDMBNr. This section concerning tercnination ~
( cannot be amended without consent of all apartment owners and of all record
~ owners of mortgages upon the apartments.
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25. SEVSRABILITY. The invalidity in whole or in part of any ;
p covenant or restriction, or any section, subsection, sentence, c~ause, ;
~ phrase or word, or other provisionaf this Declaration of Condaminium and '
the Articles of Incorporation, By-Laws and Regulations of the Association
shall not affect the validity of the remaining.
26. INPERPRETATION. Whenever the context so requires, the
use of any gender shall be deemed to include all genders and the use of
the plural shall inc~ude the singular and the singular shall include the
~ plural. The provisions.of this Declaration shall be liberally construed
~ to effectuate its purpose of creating a uniform plan for the operation
of a condominium in accordance with the laws made and provided for same :
~ as used, herein the term "member" means and refers to any person, natural
- or corporate, who is an apartment owner and the term "association" is used
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~ eoaK 182 p~ 1335
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