HomeMy WebLinkAbout0189 (3) If the Association ahall fail to purchase or
provide a purchaser upon demar~d of the apartment owner ~
in the manner provided, or if the purchaser furriished F
by the Asaociation shall default in his agreement to ~
purchase, the proposed transaction shall be deemed to
hav~e been approved, arid the Association shall f'urnish
a certificate of approval as elsewhere provided, in re-
cordable form.
(b) Lease. If the proposed transaction is a lease, ;
the apartmen~'owner shall be advised of the disapp~oval in
wrfting, ar~d the lease shall not be made.
(c) Gift devise or inheritance; other transfers. If
the apartmen owner g v ng no ce as acqu re s e by
gift, dev3se or inheritance, or in any other manner, then
within thirty (30) days after receipt from the apartment
otivner of the notice and infbrmation required to be f~rnished, ;
the Association shall deliver or mail by registered mail to
the apar-tment or~mer an agreement .to purchase the apartment
concerned by a purchaser approved by the Association who will
purchase and to whom the apartment owner must sell the apart-
ment upan the £ollowing terms:
(1) The sa2e price shall be the fair market val-
ue determined by agreement between the seller and the
purchaser Nithin thirty (30) days from the delivery
or mailing of such agreement. In ~he absence of agree-
ment as to price, the price shall be determined by ar-
bitration in accordance with the then existing rules
of the american ~rbitration Association, except that
the arbitrators shall be two appraisers appo3nted by
the Amer3can Arbitration Association who shall base
the3r determination upon an average of their appraisals
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ance of the sale upon the award rendered by the arbi-
trators may be entered in ar~r court of competent ~uris-
~ diction. The expenae of the arbitration shall be paid
by the purchaser. In any such action for specific per-
formance tne prevailing party shall be entitled to
recover his reasonable attorneys' fees and court
costs incurred.
(2) The purchase price shall be paid in cash.
(3) The sale shall be c2osed within thirty (30)
days following determination of the sale price.
(4 ) A certificate of the Association eaecuted
by any of ita officers in recordable fbrm shall be
delivered ~o the purchaser.
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(5) If the Aasociation ahall fail to provide a
purchaaer as required by this instrument, or if a
purchaser furnished by the Association shall default
in his agreement to purchase, then notwithstanding the
disapproval such ownership shall be deemed to have
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certifica~e of approval as elsewhere provided, in re-
cordable form, to the apartment owners.
13.4 Mort a e. No apartment owner may mortgage his apartment
nor any interes n it without approval of the Association except
to a bank, life insurance company or a savings and loan association,
or to a seller to secure a portion or all of the purchase price.
The approval of any other mortgagee ma~y be upon cond3tiona determined
by the l~ssociation or may be arbitrarily withhe ld.
13.5 ir.xce tions. The foregoing provisions oP this section
entitled " n nance of Community Interests" shall not apply to
a transfer to or purchase by a bank, life insurance company, sav-
ings and loan assoclation or other inatitution that acquires ita
title as the result of owning a mortgage upon the apartment con-
cerned, and this shall be so whether the title is acquired by deed
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LAW OFFICES OF GOLD~TEIN, FRANKLIN, GHONIN Q SCHRANK. P. A., 2020 NORTHEAST i63wo STREET, NORTH MIAMI BEAGH. FLORIDA 33162 ~
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