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purchaser.
(2) The purchase price shall be paid in cash. ~
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(3) The sale shall be closed within ten days '
followinq the determination of the sale price. "
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(4) A certificate of the Assoeiation executed
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by its president and secretary and approving the purchaser sha11 be ;
recorded in the public records of St. Lucie County, Florida, at the ~
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expense of the purchaser. !
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(5) If the Association shall fail to provide t
a purchaser as required by this instrument, or if a purchaser fur- f
nished by the Association shall default in his agreement to purchase,
then notwithstanding the disapproval such ownership shall be deemed
to have been approved, and the Associati~on shall furnish a certificate
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of approval as elsewhere provided, which shall be recorded in the
public records of St. Lucie County, Florida, at the expense of the
unit owner. ,
11.4. Mortq,age. No unit owner may mortgage his unit
nor any interest in it without the approval of the Association except
to a bank, life insurance company or a savings and loan association,
or to a vendor to secure a portion or all of the purchase price. The :
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~ approval of any other mortgagee may be upon conditions determined ?
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~ by the Association or may be arbitrarily withheld.
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~ 11.5. Exceptions. The foregoing provisions of this _ .
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~ section entitled "Maintenance of Comm~unity Interests" shall not apply
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~ to a transfer to or~purchase by a bank, life insurance company or
~ savings and loan association that acquires its title as the result ~
~ of owning a mortgage upon the unit concerned, and this shall be so . ~
~ whether the title is acquired by deed from the mortgagor, his suc-
m cessors or assigns, or through foreclosure proceedings; nor shall ~
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~ such provisions apply to a transfer, sale or lease by a bank, life ~
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~ insurance company or savings and loan association that so acquires
& its title. Neither shall such provisions require the approval of a ~
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~ purchaser who acquires the title to a unit at a duly advertised pubZic
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~ sale with open bidding provided by law, such as but not limited to
~ execution sale, foreclosure sale, judicial sale or tax sale.
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