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approval shall be stated in a certifi- ;
cate ~xecuted by the President and
Secretary of the Association in record-
able form, which, at the election of
the Association, shall be delivered to ;
the lessee or shall be recorded in the
public records of St . Lucie County,
Florida, at the expense of the lessee .
;
c. Gift • Devise or Inheritance • Other Transfers.
f t e dwe ing unit owner, givin~ notice, as
acquired his title by gift, devise or in-
heriLance, or in any other manner, then with-
~ in thirty ( 301 days afte r re ce ipt of such
. notice and inf'ormation, the Association
must either approve or disapprove the con-
tinuance of the dwelling unit owner's owner-
ship of his dwelling unit. If approved, the
~ approval shall be stated in a certificate
executed by the President and Secretary of
the Association, which shall be recorded in
the public records of St. Lucie County,
Florida, at the expense of the dwelling
unit owner.
C. DISAPPROVAL BY ASSOCIATION. If the Association shall
dis~pprove a transfer of ownership of a dwellin~ unit, the matter shall
be disposed of in the following manner:
1. Sale. If the propcsed transaction is a sale
and if the notice of sale, given by the dwell-
~ in~ unit owner shall so demand, then within ~
thirty (30) days after receipt of such notice i
and information, the Association shall deliver
or mail, by re~istered mail to the dwelling
unit owner, an agreement to purchase the dwell-
i ing unit concerned, by a purchaser approved by
j the Association who will purchase and to whom
the dwellin~ unit owner nust sell the dwelling
~ unit upon the following terms:
,
F
~ a. At the opt~on of the purchaser to be stated '
~ in the a~reement, the price to be paid shall
be that stated in the disapproved contract
to sell or shall be the fair market value
determined by arbitration in accordance
with the then existin~ rules of the American
Ar~itration Associa~ion, ex~ept t hat the
arbit~ators shall be two (2) appraisers
appoi*~ted by the American Arbitrators Associa-
, tion, who shall base their determination
upon an average of their separate appraisals
of the dwelling unit; and a judgment upon
the award rendered by tre arbitrators may be ~
entered in any court ef competent jurisdic- f
~ tion. The expense of the arbitration shall
~ be paid by the purchaser.
~
~ F
~ b. The purchase price shall be paid in cash.
;
~ c. The sale shall be closed within thirty (301 :
~ days after the delivery or mailin~ of the ~
~ agreement to purchase, or within ten (10) T
days after the determination of the sale
gri~e iY such is by arbitration, whiche~rer
is the latter.
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