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HomeMy WebLinkAbout0790 19. Termination. The Condominium may be terminated in the following manners, in addition to the manner provided by the Condominium Act: 19.1 Destruction. If it is determined as elsewhere provided that the apartment building shall not be reconstructed because of major damage, the Condominium plan of awnership will be terminated without aqreement. 19.2 ~g~eement. The Condominium may be terminated at any time by the approval in writing of all record awners of apartments and all record awners of mortgages on apartments. Notice of a meeting at which the proposed termination is to be considered shall be given not less than thirty (30) days prior to the date of such meeting at which the proposed termination is to be considered. Pro- vided that the approval of owners of not less than seve~ty-five (759G) percent of thz common elements, and the approval of all re- cord awners of mortgages upon the apartments, are obtained at the meeting or within thirty (30) days thereafter, then the approving owners shall have an option to buy all of the apartments of the owners not approving of termination, said ootion to c antinue for a period of sixty (60) days from the date of such meeting. Approval by an owner of an apartment unit, or of a mortgage encumbering an apart- ment unit, shall be irrevocable until expiration Qf the aforerecited option to purchase the apartment of owners not so approving, and if the option to purchase such apartment is exercised, then such ap- proval shall be irrevocable. The option to purchase the apartments of units not approving of termination shall be exercised upon the following terms: (a) Exercise of option. The option shall be exercised by delivery or mailing by registered mail to each of the record owners of the apartm~nts to be purchased an agreement to purchase signed by the record awners of apartments who will participate in the purchase. Such agreement shall in- dicate which apa~tments wiil be purchased by each partici- pating owner and shall require the purchase of all apart- ments awr_ed by awners not approving the termination, but the ; agreement shall effect a separate contract between each sel- ~ ler and his purchaser. ~ (b) Price. The sales price for each apartment shall ~ 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, and in the absence ~ of agreement as to price, it shall be determined by arbitra- ~ tion in accordance with the then existing rules of the ~ American Arbitration Association, except that the arbitrators shall be two appraisers appointed by the American Arbitra- tion Associati~n who shall base their determination upon an ~ average of their appraisals of the apartment; and a judgment ~ 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. In any such action for speeific perfor- ~ mance the prevailing party shall also be entitled to his ~ reasonable attorneys' fees and costs incurred in connection " therewith. ~ ~ (c) Payment. The purchase price shall be paid in cash, provided, in the event there shall be a pre-existing first ~ mortgage on the condominium unit, and the mortgagee thereo ~ shall be agreeable, then the purchaser shall have the option ~ of assuming the remaining principal obligation thereof, and that portion of the purchase price which is in excess of such ~ti ~ mortgage shall be payable in cash at closing. - 2 2- BOOK ~O / PAGE ~ ~ ~ LAW OFFIGEi Oi GOLDiTE~N. FRANKLIN. CHONIN A BCHRANK, P. A., 2020 NORTNEABT 10~~D iTNE[T, NORTN MtAMI BGCH. FLORIDA ls162 ,.a . _ ; . - - : _ . ~ = ^ : -