Loading...
HomeMy WebLinkAbout1912 ~ i _ • fi , ~ i i purchaser. (2) The purchase price shall be paid in cash. ~ t (3) The sale shall be closed within ten days ' followinq the determination of the sale price. " f (4) A certificate of the Assoeiation executed . ; by its president and secretary and approving the purchaser sha11 be ; recorded in the public records of St. Lucie County, Florida, at the ~ . . expense of the purchaser. ! , (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 ~ 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 : ~ ~ ~ ~ ~ approval of any other mortgagee may be upon conditions determined ? f ! • ~ ~ by the Association or may be arbitrarily withheld. E ' ~ 11.5. Exceptions. The foregoing provisions of this _ . t ' ~ section entitled "Maintenance of Comm~unity Interests" shall not apply ~ _ t ~ 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 ~ ~ ~ such provisions apply to a transfer, sale or lease by a bank, life ~ z ~ insurance company or savings and loan association that so acquires & its title. Neither shall such provisions require the approval of a ~ ~ { ~ purchaser who acquires the title to a unit at a duly advertised pubZic ~ ~ sale with open bidding provided by law, such as but not limited to ~ execution sale, foreclosure sale, judicial sale or tax sale. ~ -20- ~ • • • . . ~ . = ry _ _ r ~ _ f~~~.~~ ~ ; W. ..~~r