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HomeMy WebLinkAbout1868 i the arbitratore shall be tNO appraisere appointed by th~e American Arbitration Association Mho shall base t2~eir determiriation upon an average of their apprai8als of the apnrtment; t~nd a~udgement oP speaiPic perform- ance of the sale upon the aWard rendered by the arbi- . trators may be entered in ar~.aourt oF competent ~uris- diction. The expenae of the arbitration shall be paid by the purahaser. In any such action Por apecifia per- formance the prevailing party shall be entitled to re- cover his reasonable at~orneyst Pees and court coata incurred. (2) The purchase price shall be paid.in cash. (3) The sale ahall be closed ~tithin thirty (30) days following determination of the sale price. (4) A certiPicate of the Asaociation executed by ar~y oP i~s officers in recordable form shall be delivered to the purchaser. (5) If the Association shall Pail to provide a purchaser as required by this instrument, or if a purahaser furnished bq the Association ahall dePault in his agreement to purchase, then notwithstanding - disapproval such oxnership shall be deemed to have been approved, and the Association shall f~,irnish a certificate of approval as elsewhere provided, in re- cordable form, to the apartment owners. 13.4 Mortgage. No apartment owner may m~rtgage his apa~rtment nor ar~y interes~'~ it without approval of the Association except to a bank, life insurance company or a savings ar~d loan association, or to a seller to secure a portion or all of the purahase price. The approval of ar~y other mortgagee may be upon coryditions ~determined ~ . by the Aasociation or may be arbitrarily withheld. 13.5 Exceptions. The foregoing provisions of this section entitled " n enance of Comaunity Intereats" shall not apply to a transfer to or purchase by a bank, life insurance compar~y, sav- ings and loan association or other institution that acquires its ! title as the result of owning a mortgage upon the apartment con- ; cerned, and this shall be so whether the title is acquired by 3eed ~ from the mortgagor, his successors or assigns, or through foreclp- ~ sure proceedings; nor shall such provision apply to a transfer, sale or lease by a bank, life insurance company, savings and loan ~ association or other institution that so acquires ita title. Nei- i ther shall such provisions require the approval of a purchaser who ~ acquires the title to an apartment at a duly advertised public sale with open bidding prcvided by law, such as but rr~~t limited to ex- ecution sale, foreclosure sale, ~udicisl sale or taa sale. Neither shall such provisions apply to the Dev~loper, . or an~r person ~rho is ~ an officer, atockholder or director of the Developer, or-to any ~ corporation havir~g aome or all of its directors, ofPicers or stock- E holders in common with the Developer, and any such person or corpo- ! ration ahall have the right to freely sell, le ase, transfer or oth- ~ erwise deal with the title and possession of a.~ apartment unit ~ without complying with the provisions of this section, and without ~ the approval of the Association. 13•6 Unauthorized transactiona. Any sale, mortgage or lease ~ not suthorize pursuan o e erms of this Declaration shall be ~ void unlesa subsequently approved by the Association. ~ c & 13.7 Recording_app~oval. Whenever in this section an appro- ~ val in reco a e orm a required of the Aasociation in connectlon ~ Nith the sale, transfer or pledging of an apartment, it ia undsr~- ; stood and agreed that the said approval ahall not be recorded~ex- ~ cept at the same time and simultaneous~y with the recording of the ~ Deed or mortgage, as appropriate. ~ ` BooK188 PAGE1865 ~ ~ ~ ~ _ ~8- - LAW OFFICEi OF CiOLDiT[IN, FRANKLIN. CNONIN ! iCFIRANK, r. A.. 2020 NORTHEAST IOSRD s'fREtT, NORTM MIAMI lEACH. FLORIOA ~lf0! ~ ~ ~ ' •Ya~i~s' 4 - . _ ; . ' . ~ K ~~i ~..~~Y`~-•+~~ ,5;~ ~ °.r '~`~L _ _ 4 ~ ~ _ ~ ~~~'k