HomeMy WebLinkAbout1910 (c) I~proval of corporate owner or purchaser. If
the unit owner or purchaser of a unit is a corporation, the approval
of ownership by the corporation may be conditioned by requirinq that
all persons using the unit be approved by the Assocfation. ~
11.3. Disapproval by Association. If the Association
shall disapprove a transfer or ownership of a unit the matter shall
be disposed in the followinq manner:
(a) Sale. If the proposed transact~~on is a sale
~and if the notice of sale qiven by the unit owner shall so demand,
then with3.n thirty days after receipt of such notice and information
the Association shall d~liver or mail by registered mail, to the unit
owner an agreement to purchase the unit~concerned by a purchaser
approved by the Association who will purchase and to whom the unit
owner must sell the unit upon the following terms:
(1) At the option of the purchaser to be
stated in the aqreement, the price to be paid shall be that stated
in the disapproved contract to sell or sha11 be the fair•:market
value determined by arbitration in accordance with the then existing
rules of the American Arbitration Association, except that the arbi-
; trators shall be two appraisers appointed by the American Arbitration
Association, who shall base their determination upon an:..average of
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~ their appraisals of the unit; and a judgment of specific perfozmance
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of the sale upon the award rendered by the arbitrators may be entered
in any court of competent jurisdiction. The expense of the arbitra-
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~ tion shall be paid by the purchaser.
~ (2) The purchase price shall be paid in cash.
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~ (3) The sale shall be closed within thirty days
~ after the delivery or mailing of the aqreement to purchase, or within
~ thirty days aftes the determination of the sale price if such is by arbi-
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~ tration, whichever is the later.
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