HomeMy WebLinkAbout2622 ed by or~mers not approving the termination, but the
agreement shall effect a separate contract ~et~reen
each seller and his purchaser.
(b) Price. The salea price for each apartment
shall be t e air market value determined by agree-
, nient bet~?een the seller and the purchaser r?ithin thirty
(30 ) days Prom the delivery oi~ mailing oP such agree-
ment, ~snd 1n the absence of agreement as to price, it
ahall be ~ietermined by arbitration in accordance with
the then eaisting rules of the American Arbitration
Associatiox~, except that the arbitrators shall be-Zxo
appraisers appointed by the American Arbitration Aseo-
ciation rvho shall base their determination upon an av-
erage of their appraisals of the apertment; and a~udg-
ment of
specific performance of the sale upon the aNard
rendered by the arbitrators may be entered in any court
of competent ~urisdiction. The expense of the arbitra-
tion ahall be paid by the purchaser. In any such action
for apecific performance the prevailing party shall also
be entitled to his reasonable attorneys' fees ar~d costs
incurred in connection thereMith.
(c) Pa nt. The purchase pric e shall be paid in
cash, prov~n the event there shall be a pre-exist-
ing Pi~st nartgage on the condominium unit, then the pur-
chaser shall have the option of assuming the remaining
principal obligation thereof, and that portion of the
purchase price xhich is in excess oP such mortgage shall
be payable in cash at closing.
(d) Closing. The sale shall be closed Nithin--~hir-
~ ty (30) days 3ro3~owing determination of the saie price.
19.3 Certificate. Termination of the Condominium in either
oP the forego ng manners shall be evidenced by a certiPicate of
the Association eaecuted by its President and Secretary certifying
to the facts effecting the termination, said certiPicate to become
ePfective upon being recorded in the Public Recorda of St. Lucie
County, Florida.
33.4 Shares oP o~ners after termination. After termination
"~the Condom n um e apar men or~mers s own the Condomirii~m
" property and all assets.of the Association as tenants in comm~n
in undivided shares that shall be the same as the undivid~d ahares
in the coamon elements appurtenant to the oMners' apartments prior
to the termination.
19.5 Amendment=. This section concerning termination cannot
-be amended ~ ou conaent of all apartment owners and of ~11 re-
cord orrners of mortgages upon the apartments.
20. Severabilit . The invalidity in Nhole or in part of ar~ cov-
enant or res r c on, or any section, sub-section, sen~sz~ce, clause,
phrase or xord, or other proviaion of this Declaration of Cor~dominium
and the Articlea of Incorporation, By-LaMS and Regulations of the
Association shall not-_affect the validity of the remaining portionnss..
INWITNESS WI~REOF, the Developer has executed this Declaration
this 25t~day of February , 1971.
- FIRST NATIONAL BANK OF FORT PIERCE
as Trustee, under Trust Agreement ,
` • ` ~ ~ ~ated November 17, 1970, and knorrn ~
. .
' . ~ As Trust Number 2
• ~
_ ; i
_ BY : .1c -r-~.- << ~ F fL/
'
.~~A'1'TEST: Vice Preaident and Truat Officer ~
f- ~ ~
Vice Preaident and Cash t' ~93 2619
- _2~_ 8G~1!.
LAW OFFIGES OF GOLDSTEIN. FRANKLIN. CHONIN Q SCHRANK. P A. 2020 NORTMEAST 163P: STREET. NORTH MIAMI BEACH. FLOYtIDA 33162