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HomeMy WebLinkAbout2853 (c) Gift, devise or inherit,ance; other transfers. IP ~ the apartmen owner g v ng no ce as acqu re a le by gift, devise or inheritance, or in any other maru~er, then ~ within thirty (30) days after receipt from the apartment owner of the notice and information required to be llirnished, the Associatior~ shall deliver or mail by registered mail to the apartment owner an agreement to purchase the apartment concerned by a purchaser approved by the Association wh~o will purchase and to whom the apartment owner must sell the apartr ment upon the following tertr?~: (1) The sale price shall be the fair market val- ue determined by agreement between the seller and the . purchaser xithin thirty (30) days from the delivery or mailing oP such agreement. In the absence oP agree- ment as to price, the price shall be determined by ar- . b3tration in accordance with the then existing ru2es of the American Arbitration Association, except that the arbitrators shall be two appraisers appointed by the American Arbitration Association who sha~t base their determination upon an average of their appraisals oP the apartment; and a~udgeroent of specific perform- ance of the sale upon the awarc~~-rendered by the arbi- trators may be entered _in ar~y c6urt of competent ~uris- diction. The expense of the arbitration shall be paid by the purchaser. Ir? any such action Por specific per- Pormance the prevailing party shall be entitled to re- cover his reasonable attorneys' Pees and court costa ir~ourred. (2) The purchase price shall be paid in cash. - (3) The aale shall be closed within thirty (30) days fol3Awing determf.r~ation of the sale price. I ; ~ {4) A certiPicate oP the Association executed ~ - by at~y oP ita ofPicers in recordable form shall be ~ delivered to the purchaser. i (5) If the Association shall fail to provid e a @ ` ~ purchaser as required by this instrument, or if a ~ purchaaer t'urnished by the ~Association ahall default " in his agreement to purchase, then notwithstanding ~ disapproval such ownership shall be deemed to have ~ been app~oved, and the Association ahall Purniah a ~ certificate of approval as else~whe re provided, in re- ~ " co~clable i'orm, to the apartment owriers . • ~ • ~ 13.4 Mortgage. No apartment owner may rrbrtgage 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 may be upon conditions determined ` > by the Association or may be arbitrarily withheld. 13.5 Exceptions. The foregoing provisions of this section entitled " a n enance of Con~nunity Intereats" shall not appl,y to ~ a transfer to or purchase by a bank, li£e insurance company, sav- ings and loan as~sociation or other institution that acquires its - title as the result of owning a mortgage upon the apartment con- = cerned, arxi this shall be so whether the title is acquired by deed from the mortgag~or, his successors or assigns, or through forecl,o- sure proceedings; nor shall such provision apply to a transfer, sale or lease by a bank, life insurance compar~y, savirigs arx~ loan _ association or other institution that so acquires its title. Nei- ther shall such provisiona require the approval of a purchaser who acquires the title to an apantment at a duly advertised public sale with open bidding provided by law, suah a8 but not liffi.ted to ex- t;:~= . . ~ 18 BOOK~~ PACE~B _ ~ LAW OFfIGE~ OF GO..OSTEIN, FiiAHKLIN. S;MONIN t iCHRAHK, r.A.. 2020 NORTNEAYT 10~~o STREET. N011TN MIAMI BEACH, F~OR~DA 33162 . . , , ~ - - - - ~ .