HomeMy WebLinkAbout1500 If the Asaociation shall fail to purchase or
provide a purchaser upon demand oP the apartaient oMner
in the manner provided, or if the purchaser furniahed
by the Aasociation ahall default in his agreement to
purchase, the proposed transaction shall be deemed to
have been approved, and the Aasociation 3ha11 furniah
a certificate of approval as elsewhere provided, in re-
cordable form.
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(b) Lease. If the propc~ed transaction is a lease, ;
the apartmen owner shall be advise3 of the disapproval in
writing, arx! the lease shall not be made.-
(c) Gift devise or inheritance; other transfers. If
the apartmet~ owner g v ng no ce as acqu e a le by
gift, devise or inheritance, or in ar~ other manner, then
~ithin thirty (~O) days after receipt from the apartment ,
ormer of the notice and information required to be ftirnished, i
the Association shall deliver or mail by registered me~il to ~
the apartment owner an agreement to purchase tr~ s~rtment ~
concerned by a purchaser approved by the Association who will -
purchase aryd to Nhom the apartment o~rner must sell the apart-
ment upon the folloxing terms:
(1) The sale prlce shall be the fair market val-
ue determined by agreement betKeen the seller and the
purchaser within thirty (~O) days from the delivery ;
or mailing of such agreement. In th+e absence of agree- l
° ment as to price, the price ahall be determined by ar-
3 bitration in accordance with the then eaiating rules
of the American Arbitration Association, except that
; ~he arbitrators shall be two appraisera appointed by
the American Arbitration Association who shall base
{ their determination upon an averege oP their appraisals
~ of the apartment; and a~udgment of specific perform-
= ance of the sale upon the award rendered by the arbi-
trators may be entered in any court oP competent ~ur3s-
diction. The expense of the arbitration ahall be paid
E by the purchaser. In any such action for apecific per-
q formance the preva3ling party shall be entitled to
3 recover his reasonable attorneys' fees and court
costs incurred. ~
= t
(2) The purchase price shall be paid in cash. i
: The sale shall be closed xithin thirty (~0)
; days following determination of the sale price.
~ (4) A certificate of the Asaociation executed
by any of its officers in recordable form shall be ;
delivered to the purchaser. ;
' ~S~ If the Asaociation ahall fail to provide a
purchaser as required by this instrwnent, or if a
purchaser furnished by the Associat2on shall default
in his agreement to purchase, then notxithstarxiing the ;
` d isapprova]. such or~merahip shall be deemed to have ~
' been approved, and the Aasociation shall furnish a P
certiPicate of approval as elsewhere provided, in re- ;
c ordable f orm, to the apartment oMne rs .
1~.4 Mortgage. No apartment orner may mortgage his apartment
'd~ nor any interea n it without approval of the Associatlon except
~ to a bank, life insurance company or a savZngs and loan association,
~ or to a seller to secure a portion or all of the purchase price.
~ The approval oP any other mortgagee may be upon conditions deterad ned
by the Association or may be arbitrarily withheld.
~ ~
~0 1~.5 Exceptions. The foregoing provisions of this section =
entitled " n enance of Community Interests" shall not apply to ~
a transfer to or purchase ty a bank, lii`e insurance company, sav-
ings and loan asaociation or other institut3on that acquires its ~
~
. ~
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LAW OFFICES OF GOLOSTE(N, FRANKLIN. GHONIN R SCHRANK. P. A.. 2020 NORTHE/~ST la3ao STREET, MORTH MIAMI BEACM, FIORIDA 33162 ` ~