HomeMy WebLinkAbout2617 ' (c) aift deviae or inheritance; other transPers. If
the apartmen oMner g v r~g no ce s acqu re s le by
gift, deviae or inheritance, or in aay other manner, ther~
Mithin thirty (3~) d~qe after receipt Prom the apartme~t
o~rner of the not2ce anrl intormation required to be llxrnished,
the Aasociation ahall deliver or mail by regiatered n~il to
the apartment o?mer an agreement to purcha8e the apartment
concerned by a purchaser approved by the Aaaociation Mho Mill
purchaae and to whom the apartment oNner iduat aell the apart-
~ ment upon tha follo~ing terma:
(1) The sale price shall be the fair market val-
ue determined by agreement bet~+een the seller and the
purchaser Mf thin thirty (30 ) days from the delivery
or mailing of auch agreement. In the absence o! agree-
ment as to price, the price ahall be determined by ar-
_ bitration in accordance ~ith the then existing rules ~
oP the Ataerican Arbitration Aasociation, eacept that
the arbitratora shall be t~ro appraiaera appointed by
the Americari Arbitratio:~ Aasociation rrho shall base
their determination upon an average of their appraiaala
of the apartment; and a~udgement of specific perform-
ance of the sale upon=the award rendered bs the arbi-
trators may be entared in ar~,q court of competent ~uria-
diction. The eapenae oP the arbitration shall be paid
by the purchaser. In any such action for apecific per-
forme~nce the preva~I~ng party shall be entitled to re-
cover his reasonable attorneys' fees and dourt costs
incurred. ~
(2) The gurchase price shall be paid in cash.
(3) The sale shall be closed Mithin thirty (30)
days following deter~rmtion of the aale price.
(4) A certificate of the Asax lation executed
by ar~ of its officers in recordable form shall be
delivered to the purchaser. .
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(5) If the Asaociation shall fail to provide a
i purchaaer as required by this instrument, or. iP a
purchaser Purnished by the Associmtion ahall default
in his agreement to purchase, then notxithstanding
disapproval such oNnership ahall be deemed to hav~
been approved, and th~ Association ahall-Purnish a
certificate of approval as else~rrhere provided, in re-
cordable form, to the apartment rn+ners. .
13.4 ~M_~~~o~~~prt ~a~e. No apartment oxner may m~rtgage his apartment
nor ar~y intere~~n it xithout approval oP the Association e~ccept
to a bank, life insurance company or a savinga ard loan association,
or to a seller to secure a portion or all oP the purchase price.
~The approval of any other mortgagee may be upon conditions determined
by the Association or may be arbitrarilq withheld.
13.5 Exceptiona. The foregoing provisiona of this section
s.^.*itled " n enance oP Conmunity Interests" shall not apply to
a tranafer to or purchase by a bank, liPe insurance compar~y, sav- ~
ings and loan association or other institution that acquires its ~
title as the result oP oMning a mortgage upon the apartment con-
cerned, ar~d thia shall be so r+hether the title is acquired by deed
Prom the mortgagor, his succeasora or asaigns, or through forecLo- ;
sure proceedings; nor shall such proviaion apply to a transfer,
sale or lease by a bank, liPe insurance company, savings ar~d loan '
association or other inatitution that so acquires its title. Nei-
ther shall such provisions require the approval of a-purchaser Mh~~ }
acquirea the tit2e to an apartment at a duly adve rtised public sale ~
~rith open bidding provided by laM, such as but not liad te~ to ex-
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~aW OFF~CES OF GCLDSTEiN. FRANKLIN. CHON~N 3 SCf~n~NK P A. 2020 NOttT?~fAST 16]ti~~ STRfET NOATN MiAMI BEACN. FLORiOA 33162