HomeMy WebLinkAbout0786 (2) The purchase price shall be paid in cash.
(3) The sale shall be closed within thirty (30) -
days following determination of the sale price.
(4) A certif icate of the Association executed
by any of its officers in recordable form shall be
delivered to the purchaser.
(5) If the Association shall f ail to provide
a purchaser as required by this instrument, or if
a purchaser furnished by the Association shall de- ~
fault in his agreement to purchase, then notwith-
standing disapproval such ownership shall be deemed
to have been approved, and the Association shall
furnish a certificate of approval as elsewhere pro-
vided, in recordable form, to the apartment owners.
13.4 Mortgage. No apartment awner may mortgage his apartment
nor any interest in it without approval of the Association except
to a bank, life insurance company or a savings and loan association,
or to a seller to secure a portion or all of the purchase price.
The approval of any other mortgagee may be upon conditions determined
by the Association or may be arbitrarily withheld.
13.5 Exceptions. The foregoing pravisions of this section en-
titled "Maintenance of Community Interests" shall not apply to a
tr~nsfer to or purchase by a bank, life insurance company, savings
and loan association or other institution that acquires its title
as the result of owning a mortgage upon the apartment concerned,
and this shall be so whether the title is acquired by deed from the
mortgagor, his succ,essors or assigns, or through foreclosure pro-
ceedings; nor shall such provision app~y to a transfer, sale or lease
by a bank, life insurance company, savings and loan association or
other institution that so acquires its title. Neither shall such i
provisions require.the approval of a purchaser who acquires the title
to an apartment at a duly advertised public sale with open bidding
provided by law, such as but not limited-to execution sale, fore-
; closure sale, judicial sale or tax sale. Neither shall such pro-
~ visions apply to the Developer, or any person who is an officer,
; stockholder or director of the Developer, or to any corporation ~
~ having some or all of its directors, off icers or stockholders in
E common with the Developer, and any such person or corporation shall
€ have the right to freely sell, lpase, t~ansfer or otherwise deal
~ with the tit?e and possession of an apa~tment unit without complying
~ with the provisions of this section, and without the approval of the
~ Association.
~
~ 13.6 Unauthorized transactions. Any sale, mortgage or lease not
~ authorized pursuant to the terms of this Declaration shall be void
unless subsequently approved by the Association.
~ ~
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13.7 Recordin a roval. Whenever in this section an appro-
~ val in recor e orm is required of the Associa-
~ tion in connection with the sale, transfer or pledging of an apart-
,p ment, it is understood and agreed that the said approval shall not
~ be recorded except at the same time and simultaneously with the re-
~ cording of the Deed ~r mortgage, as appropriate. •
~
- 13.8 Notice of lien or suit.
~ (a) An apartment owner shall give notice, in writing,
F~ to the Association of every lien upo~ ::i~ apartment other
-
~ than for authorized mortgages, taxes and special assess-
~F
~ ments within f ive ( 5) days af ter the attaching of the Zien .
~
~ (b) Notice of suit. An apartment awner shall give
~c notice, in writing, o e Association of every suit or
other proceeding which may affect the title to his apart-
~ ment, such notice to be given within five (5) days af ter
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~nW OFFICES OF GOLDSTEIN. FRANKLiN. CHONIN Q SCHRANK. P. A.. 2020 NORTHEAST t63no STREET. NORTH M~AMI BEACH. FLORI~A 33162
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