HomeMy WebLinkAbout1505 (b) Price. The salea price for each apartment
shall be t e air market value determined by agree-
ment betrreen the seller ar~d the purchaser within thirty
(~0) days f'rom the delivery or mailing of such sgres-
ment, and in the absence of agreement as to price, it
shall be determined by arbitration in accordance with ~
the then existing rules of the American Arbitration '
Association, except that the arbitrators shall be two
appraisers appointed by the American Arbitration Asso-
ciation who ahall base their determination upot~ an av-
erage oP their appraisals o~ the apartment; and a~udg-
ment of specific performance of the sale upen the axard
rendered by the arbitrat~;rs may be entered in any court ,
of competent ~urisdiction. The expense of the arbitra- i
tion shall be paid by the purchaser. In any such action
for specific peri'ormance the prevailing party shall also
be entitled to his reasonable attorneys' fees and costs
incurred in connection therexith. '
(c) Payment. The purchase price shall be paid in
cash, prov3d~'3n the event there shall be a pre-exist-
ing first mortgage on the condominium unit, then the pur-
chaser shall have the option of asauming the remaining
principal obligation thereof, and that portion of the
purchase price Mhich is in eacess of such mortgage shall
be payable in cash at closing.
(d} Closing. The sale shall be closed r+ithin thir-
ty (?0 ) days 3
olllowing determination of the sale price .
19.? CertiPicate. Termination of the Cor~dominium in either
; of the forego ng manners shall be evidenced by a certificate of
the Association executed by its President and Secretary certif`ying
to the facts effecting the termination, said certificate to become
effective upon being recorded in the Public F.ecords of St. Iucie
- County, F1CZ'1d8.
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~ 19.4 Shares of owners after termination. After termination
; of the Condo n um e apar men owners s a oNn the Condominium
t property and all assets of the Association as tenants in common
in undivided shares that shall be the same as the undivided shares
in the comanon elements appurtenant to the owners' apartmenta prior
{ to the termination.
- 19.5 Amendment. This section concerning termination cannot
~ be amended wl~Fou~onsent of all apartment oxners and of all re-
~ cord owners of mortgages upon the apartments.
20. Severability. The invalidity in whole or in part oP any cov-
~ enant or res r c on, or any section, sub-section, sentence, clause,
~ phrase or word, or other provision of this Declaration of Condoadnium
~ and the Articles of Incorporation, By-Larrs and Regulations of the
Association shall not affect the validity of the remaining portions.
IN WITNESS WI~F~EOF, the Developer has executed this~ Declaration
~ this ~~;~;day of . , 1971.
FIRST NATIONAL BANK OF FORT R~$
as Trustee, under Trust A gr~
i
e~1
~L-. y'~
dated November 17, 1970, at~'~ ~ ,
- as Trust Number 2 `u . - ,
_ ' ~ ' ~ : ~ , ij ~'.i' J', ~ {
.Y . ~ ~ : ~ ' 46 . 6
_ ~ . o` 4~,-';: ;
:,0•~~ r /
, t~d$
BY: ~ ~l ; .
='3 i • ~ '
ATTEST : ~!~7/ s~~r~~~_ . . _
.1 BOOK ~~7~ PACE15Q3
4~
~ -22-
- LAW OFFICES OF GOLDSTEIN. FRANKLIN. CHONIN Q SGHRANK. P. A., 2020 NORTHEAST 1a3ao STREET, NORTH MiIAMI BEAGH, FLORIDA 93162 .
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