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by the approval, in writ.in~, of a11 record owners af dwellin~ units ;
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and all rec~rd owners of mortgages on dwelling units. If the proposed ~
:.ermination is submitted to a meeting of the members of the Association, ;
the notice of the meeting shall give notice of the proposed terminatian,
and if the approval of the owners of not less than 75°~ of the common
elements, and of the record owners of alI mort~ages upon the dwelling
units, are obtained in writing not later Lhan thirty (3~) days from ~
the date of such meetin~, then Lhe approving owners shall have an op-
tion te buy all of the dwelling units of the other owners for a period
ending on the sixtieth (60th1 day from the date of such meeting. Such
apprcvais shalZ be irrevacable until the expiration of the option, and
if the option is exercised, the apProvals shail be irrevocable. The ,
opticn shall be upon the following terms:
1. Exercise of 0 tion. The optian shall be ex- ~
ercised by delivery or mailin~, by re~istered ~
mail, to each of the record owners ofthe units `
to be purchased, an a~reement to purchase signed
by the record owners of dwellin~ units who will
participate in the purchase. Such an agree-
ment shall indicate which dwellin~ unit s will
be purchased by each partic:~pating owner and ;
sha?1 require the purchase of alI dwellin~
units owned by owners not approving the termina-
tion, but the agreement shall effect a separate
contract between eaeh seller and his purchaser.
2.. Pri~e. The sale price for each dwelling ~anit
shall be the fair market value determ.ined by
agreement between the seller and the purchaser
within thirty f301 days from the delivery or
mailing of such agreement and in the absence
of agreement as to price, it shall be dete r-
mined by arbitration in accordance with the
ther. existing rules of the American Arbitration
association who slzall base their determination
' upon an average of their appraisals of the
dwelli~g unit;and a judgment~ of specific per-
I fcrrr:ance of the sale upon Lhe award rendered
; by the arbitrators ^~ay be entered in any court =
of competent j~risdiction. The expense of the
~ arbitratior, shall be paid by the purchaser.
~ 3. ~Pa.+Y. m~..~e-r...~t~ . Tr~e purchase price shall be paid in ~
ca sn • ~ ;
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w. Closin . The sale shall be ciosed within ten
1G days following the deterr?iinatior. ef the
sale price . ;
~~RTiFI~ATE. The termination of the Cor,deminium in
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' e: ~rer ~f ~~~e foreg~ing r.:ar,ners shall be evidenced by a certificate ~
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o~' As~:;~ia*ior exec;~ted ~y its President ar.d ~ecretary, cerLify- ~
~r.g as ~o fac~s effecting the ~ermination, which cer*ificate shall
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