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unit; and a 3udgment of specific performance
of the sale upon the award rendered by the
arbitrators may be entered in any court of
competent 3urisdiction. The expense of
the arbitration shall be paid by the
purcha ser .
b. The purchase price shall be paid in cash.
c. The sale shall be closed within ten (~0)
days following the determination of the sale
price. -
d. ~ certificate of the Association executed
by its President and Secretary and approving
the purchaser shall be recorded in the Public
Records of St. Lucie County, Florida, at
the axpense of the purchaser.
e. If the Association shall fail to provide a
purchaser as required by this instrument,
or if a purchaser furnished by the Associa-
tion shall default in his agreement to pur-
chase, the ownership shall be deemed to
have been approved, and the Association
shall ft~z~nish a certificate of approval as
elsewhere provided, which shall be recorded _
in the Public Records of St. Lucie,County,
Florida,~at the expense of the dwelling
unit owner.
D. ~:ort~a~e. No dwelling unit owner ~aay mortgage his
dwelling unit nor any interest in it without the approval of
the Association, except to a bank, life insurance company or a
savings and loan association, or to a vendor to secure a portion
j or all of the purchase price. The approval of any other mort-
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~ gagee may be upon conditions determined by the Association or
~ may be arbitrarily withheld.
~ E. Exceptions. The foregoing provisions of this section
entitled ttMaintenance of Co~nunity Interest~n shall not apply
to a transfer to or purchase by a bank, life insurance-co
;
or savings and loan association that acquires its title as the
result of owning a mortgage upon the dwelling unit concerned,
f
~ and this shall be so whether the title is acquired by deed from
~ the mortgagor, his successors or assigns, or through foreclosure
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~ proceedings; nor shall such provisions apply to a transfer, sale i
I
or lease by a bank, life insurance company or savings and loan
::;x
Y' association that so acquires its title. -Neither shall such
~ provisions require the approval of a purchaser who acquires
~ title to a dKelling unit at a duly advertised public sale and
~b:
~ open bidding provided by law, such as but not limited to exe-
~
cution sale, foreclosure sale, judicial sale or tax sale.
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