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19.1 Destruction. If it~is determined as elaewhere provided
that the apar men u lding shall not be reconstructed because oP
ma~or damage, the Condominium plan of oNnerehip will be terminated
without agreement.
19.2 A reement. The Condominium may ba terminated at ar~}r
tirae by the approvaI in Nriting of all record owners of apartments
and all record oNners of mortgages on apartments. Notice of a
meetir~g at whiah the propoaed terudnation is to be aonsidered shall
be given not lesa than thirty (30) day8 prior to the date of suah
meeting. Provided that the approval of oKners of not lesa than
seventy-five (75~) percent of the aom~aon elements, arxi the approval
of all record owners of mortgages u n the apartments, are obtained
at the meeting or within thirty (30~days thereafter, then tYye
approving oNners shall have an option to buy all of the apartments
o~ the oNnera not approving of termir~ation, said option to coritinue
for a period of sixty (60 ) days from the date of at~ah meeting.
Approval by an owner of an apartment unit, or of a mortgage en-
cumbering an apartment unit~ shall be irrevoaable until e~cpiration
of the aforerecited option to purchase the apartment ot owners not
so approving, aryd iP the option to purchase such apartment is
exercised, then such approval shall be irrevocable. The option to
purchase the apartmenta or uni~a not approving of termination shall
be exercised upon the following ter~:
(a) . Exeraise of o tion. The option shall be
exercised ~y
c~e very or ma ling by registered mail
to each of the record owners of -the apartments to be
purchaeed an agreement to purahase signed by the re-
cord owners of apartments who will participate in the
purchase. Such agreement shall indicate Nhich apart-
ments will be purchased by each participating owner
and shall require the purchase of all apartments own-
ed by owners not approving the termination, but the
agreement shall effect a separate contract between
each seller and his purchaser.
(b) Price. The sales price for each apartment
shall be t e air market value determined by agree-
ment between the seller and the purahaser xithin thirty
~ (30 ) days from the delivery or mailing of such agree-
4 ment, and in the abaence of agreement as to price, it
~ ahall be determined by arbitration in aaaordance with
E the then existing rulea oY the American Arbitration
~ association, except that the arbitrators shall be two
app~aisers appointed by the American Arbitration Asso-
~ ciation who shall base their determd.nation upon an av-
erage of their appraisals of the apartment; and a~udg-
ment of speciPic performance of the sale upon _the award
rendered by the arbitratora may be entered in any court
of con~etent ~urisdiction. The expense of the arbitra-
tion shall be -paid by the purchaser. In any such action
for specific performance the prevailing party shall also
be entitled to his reasonable attorr~eys~ fees ar~d coata
incurred in connection tYierewith.
(c) Pa~~ nent. The purchase price shall be paid in
cash, provi~'ed-, in the event there shall be a pre-exiat-
~ ing first m~rtgage on the condominium unit, then the pur- ~
i chaser shall have the option of assuming the remaining
~ principal obligation thereof, and that portion of the
~ purchase price which is in eaceas of such mortgage shall
~ be payable in cash at closing.
(d) Closin~. The sale shall be closed within thir-
ty (30 ) days~oIIowing deterndnation of the sale price.
19.3 Certificate. Termination of the Condon~inium in either
of the forego ng manners shall be evidenced by a certificate of
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LAW OFRICq OR OOLDiT[IN. FRANKLIN. CHONIN ! lCHRANK, r. A.. lOfO NORTFItAiT i~~~o iTR[~T. NORTM MIAMI ~t/1GH. lLORIOA »l~!
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