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Home My WebLink About1680 1 : ! ed by oNners not approving the termination, but the agreement shall ePfect a separate contract betNeen each seller and his purchaser. i (b) Price. The salea price for each apartment ; shall be t e air market value determined by~agree- ment betMeen the seller ar~d the purchaser Nithin thirty (30) days Prom the delivery or mailing of such agree- ment, and in the abaenae of agreement aa to priae, it ahall be dateradned by arbitration in accordance Nith ; the then eaisting rulea of the' Americari Arbitration Association, eacept that the arbitrators shall be tMo appraisera appointed by the American Arbitration Asao- ciation ~rho shall base their determination upon an av- erage of their appraisala of the apnrtment; and a Judg- ment oP apecific performance of the aale upon the award rendered by the arbitrators may be entered in any court of competent ~urisdiction. The expense of the arbitra- tion shall be paid by the purch~aer. In any such action for specific performance the prevailing party shall also ~ - be entitled to his reasonable attorneys' feea and coata incurred in connection therewith. (c) Pa nt. The purchase price ahall be paid in ` cash, prov~n the event there ahall be a pre-eaiat- ; ing first mortgage on the condominium unit, then the pur- chaser shall have the option of asswning the remaining principal obligation thereof, arxl that portion oP the purchase price ~hich is in excess of such mortgage shall be payable in cash at closing. ty (30),days~~Iowingedetermi ationeoflthedsale priceir- ~ 19.3 Certificate. Termination of the Condomiriiwa in either oP the forego ng manners shall be evidenced by a certificate of the Association executed by its President and Secretary certil'ying to the facts eff'ecting the termination, said certiPicate to becoms effective upon being recorded in the Public Records of St. Lucie , County, Florida. ~ E 19.4 Shares oP or+ners after termination. After termination ` of the Condom n um e apar men ownera s or~n the Condominium ~ property and all assets oP the Asaociation as tenanta in common in undivided shares that shall be the san~e as the undivided shares ~ in the coamon elements appurtenant to the oMners' apartmenta prio r to the termination. 19.5 Amendment. This section concerning te rmination cannot be amended "w3 ou consent of all apartment owners and oP all re- cord ormera of mortgages upon the apartments. 20. Severabilit . The invalidity in Khole or in part oP an~ cov- enant or res r c on, or any aection, sub-section, sentence, clause, phrase or xord, or other proviaion of this Declaration of Coniominium and the Articles of Incorporation, By-LaMS and Regulations of the Aasociation shall not affect the validity of the remaining portionnas.. x INWITNESS WI~REOF, the Developer has executed this Declaration ~ this 25ttday of February , 1971. ~ FIRST NATIONAL BANK OF FORT PIERCE ~ as Trustee, under Truat Agreement ` dated November 17, 1970, and knoNn As Truat Number 2 ~ ~ ~ ~ ~ ~o~ sy5 ~~6 ~8 ~ sY : .1t_ -r-L ~ d ~ . ~ ~ c Vice Preaident and Truat Officer ~A1'TEST : _ ~ viee President and CaahTier K~.93 ~6~9 -23- 6U0~, ~.fW Oi?"ICEf Oi GOL087[IN. iRANKLIN. GHONIN ~ SCHpMiK. P A. 2U:0 NORTNEAST t03ar SIRCCT. NORTH MIAMI BEACN, FL0111DA »162 _ . ~ _ . ~ ~z:E_= _ _ , r'_`.___t.,....~'~r