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Home My WebLink About1675 . ~ i (c) ailt deviae or inrieritanae; other tranafera. IP the apartmsn ormer g v ng no ce a acqu re s le by ~ gift, daviae or inheritance, or in ar~y other manner, then ~ Mithin thirty (30) daye after receipt froa the apartment ~ ormer of the notice and informstion required to bs 21~rniahed, ~ tha Aasoaiation ahall deliver or mnil by registersd mail to ~ the apartment o~mer an agreement to purchaae the apartment concern~ed by a purchaaer approved bq the Aeaociation Ml~o Mill ~ purchaae and to Mhom the apartaaent or~mer must aell trie apart- ment upon the folloMing terma: (1) The sale price ahall be the fair mnrket val- ~ ue determined by agrsement betrreen the seller and the ' purchaser Mithin thirty (30) daya from the delivery ` or mailing oP auch agreement. In the absence of agree- ' ment aa to price, the price ahall be determined bq ar- bitration in accordance Mith the then exiating r~ule a of the -~me~~:-can Arbitration Aaaociation, eacept tha~t the arbitrators shall be trro appraiaera appointed by the Americen Arbitration Aaaociation Mho ahall baae their determination upon an average of their appraisals of the apnrtment; and a~udgement of specific pertorm- ance oP the sale upon the award rendered by the arbi- tratora mny be entered in any court of competent ~uria- diction. The expense oP the arbi tration ahall bs paid ~ by the purchaser. In any auch action for apecific per- ; Pormnnce the prevailing party ahnll be entitled to re- ~ cover his reasonable attorneys' Pees and court coata incurred. (2) The purchase price ahall be paid in cash. (3) The sale shall be closed Nithin thirty (30) daya folloxing determirmtion of the aale price. (4) A certificate of the Aaaociation eaecuted ; by ar~r of ita officers in recordable form ahnll be delivered to the purchaaer. ; (5) If the Asaociation shall fail to provide a ; purchaaer as required by thia inatrument, or if a . € purchaser furnished by the Asaociation ahall default ~ in his a.greement to purchaae, then notxithstariding i ~ disapproval such oMnership shall be deemed to have ~ been approved, and the Aasociation ehall furniah a 4 certiricate of approval as else~+here provided, in re- ~ cordable Porm, to the apartment arrnera. ~ 13.4 Mort a e. No apartment oMner may mortgage his apartment ~ t nor any interes n it Mithout approval of the Aasociation except to a bank, lile inaurance compan,y or a savings ar~d loan association, or to a seller to~secure a portion or all oP the purchaae price. The approval of ar~y other mortgagee may be upon coniitions determined ~ by the Asaociation or may be arbitrarily rrithheld. 13.5 bcce tiona. The foregoing provisiona oi' this aection entitled " n nance of Comm~unitq Intereats" shall not apply to ; ~ a tranafer to or purchase by a bank, life inaurance company, sav- ~ ~ ings and loan asaociation or other inatitution that acquira~ ita ~ title as the reault of oxning a mortgage upon the apnrtment con- ~ cerned, arxl thia ahall be so xhether the title is acquired by deed ~ from the mortgagor, his succeasora or asaigns, or through forecl,~- sure proceedings; nor ahall such prQvialon applq to a transPer, aale or lease by a bank, life inaurance company, savings ar~d loan asaociation or other inatitution that ao acquires ita title. Nei- ther shall such provisiona require the approval of a purchaaer Mho acquires the title to an apartment at a duly advertiaed public sale ~ith open bidding provided bq lax, aueh aa but not limited to ex- ~ y b00K ~3J P~Gf -18- ~ ~ °pi93 2614 B00!( ~~•!Y OFFtCES OF GOLDSTEIN. FRANKLIN. CHONIN A SC'HRANN. P A. 2020 NORTNEAST I83r+o STREET NORTN MIAMI BEACN. FLORIDA ~3162 - =4'-~ . . _ ~ . _