HomeMy WebLinkAbout0785 13.3 Disa roval b Association. If the Association shall
disapprove a transfer o owners ip of an apartment, the matter shall `
be disposed in the following manner:
(a) Sale. If the proposed transaction is a sale and
if the notice
of sale given by the apartment owner shall so
demand, then within thirty (30) days after receipt of such
notice and information the Association shall deliver or mail
by registered mail to the apartment owner an agreement to i
purchase the apartment signed by a pur~chaser approved by the =
Association, or an agreement to purchase signed in behalf of
the Association by its President and attested by its Secretary, t
in which event the apartment owner shall sell the apartment
to t[ie named purchaser at the price and upon the terms stated
in the disapproved contract to sell, excepting that at the
option of the named purchaser the purchase price may be paid
in cash at closing.
(1) The sale shall be closed within thirty (30) days
after delivery or mailing of the agreement to
purchase, or upon the date designated in the dis- .
approved contract, whichever date shall be later.
(2) A certificate of the Association executed
by any of its officers in recordable form shall be
delivered to the purchaser.
(3) If the Association shall fail to purchase
or provide a purchaser upon demand of the apartment
owner in the manner provided, or if the purchaser
furnished by the Association shall default in his
agreement to purchase, the proposed transaction shall
be deemed to have been approv~d, and the Association
shall furnish a certif icate of approval as elsewhere
provided, in recordable form. }
(b) Lease. If the proposed transaction is a leas~,
; the apartment owner shall be advised-of the disapproval in
k writing, and the lease shall not be made. ~
~
~ (c) Gift devise or inheritance; other transfers.
~ If the apartment owner giving notice as acquire is title
i by gift, devise or inheritance, or in any other manner, then
~ within thirty (30) days after receipt from the apartment owner
~ of the notice and information required to be furnished, the
~ Association shall deliver or mail by registered mail to the
apartment owner an agreement to purchase the apartment concerned
by a purchaser approved by the Association who will purchase and
to whom the apartment owner must sell the apartment upon the
following terms: ~
--(1)_ The sale price sha11 be the fair market ~
value determined by agreement between the seller and
the purchaser within thirty (30) days from the delivery
~ or mailing of such agreement. In the absence of agree-
ment as to price, the price 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 4
their determination upon an average of their appraisals <
~
~3 of the apartment; and a ju3gment of specific perform- s
~ ance of the sale upon the award rendered by the {
arbitrators may be entered in any court of competertt :
~ jurisdiction. The expense of the arbitration shall be
~ paid by the purchaser. In any such action for specif ic
~ performance the prevailing party shall be entitled
~ to recover his reasonahle attorneys' fees and court
~ costs incurred.
~
k;
-1'- $~187 ~ 785
~ LAW OFFICES OF GOlD8TE1N. FRANKLIN. CHONIN Q SCHkANK. P. A., 2020 NORTHEAST 163no STREET. NORTH MIAMI BEACH. FLORIDA 33162
_
- ~
~i