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Home My WebLink About2858 ed by owners not approving the termination, but the . agreement shall effect a separate contract between each seller and his purchaser. . (b) Price. The sales price for each apartment shall be t e air market value determined by agree- ment between the seller and the purchaser within thirty (30) days Prom the delivery or mailing of such agree- ment, and in the absence of agreement as to price, it shall be determined by arbitration in accordance with - ' the then eaisting rules of the American Arbitration • Association, except that the arbitrators shall be two ; appraisers appointed by the American Arbitration Asso- ~ ciation t~vho shall base their determination upon an av- erage of their appraisals of the apartment; and a Judg- ~ ment oP specific performance of the sale upon the award ~ rendered by the arbitrators may be entered in any court ! of competent ~urisdiction. The e~cpense of the arbitra- tion shall be paid by the purchaser. In any such action . ~ Por s~~{ ~ Y~rf~rTM.w::~~ g~•;~i~ {ng party shall also ~ be entitled to his reasonable attorneys' fees ar~d coats r incurred in connection therewith. ~ _ ; ~ (c) Payment. The purchase price shall be paid in ~ cash, prov'id"ea,-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 assuming the remaining ? principal obligation thereof, and that portion of the ~ purchase price which is in eacesa of such mortgage shall ~ be payable in cash at closing. ~ (d) Closing. The sale shall be closed within thir- ~ ty (30) days ~`oI?owing determination of the sale price. : ~ i ; . 19.3 Certificate. Termination of the Condominium in either ! of the forego ng manners shall be evidenced by a certiPicate of i the Association eaecuted by its President and Secretary certifying 5 f to the facts effecting the termination, said certiPicaT.e to become ~ efPective upon beit~g recorded in the Public ~ecords of St. Iucie ~ County, Florida. 19.4 Shares of owners aPter termination. After termination ~ of the Condom n um e apar men owners s own the Condomir,ium ~ property and all assets of the Aasociation as tenants in common in undivided shares that shall be the same as the undivided shares r in the con~non elements appurtenant to the ownera ~ apartmenta pri~or ~ to the termination. ~ ~ ~ 19.5 Amendment. This section concerning termination cannot ~ ~ ~ be amended w ou consent oP all apartment owners and oP all re- ~ ~ cord owners of mortgages upon the apartments. ~ ~ ' ~ 20. Severability. The invalidity in whole or in part of ar~r cov- enant or res r c on, or any section, sub-section, sentence, ciause, :n phrase or word, or other provision of this Declaration of Condominium E: and the Articlea oP Incorporation, By-Laws and Regulations of the _ Association shall not atfect the validity of t2~e remainirig, portlonnss.. } _ ' ~ J . . ` . ~ - INW T SS W~REOF, the Developer has executed this Dec~a~~tian. ~ ~ ~ this ~ ~~~y of , 1971. . _ _ _ _ ~ - ~ , i - FIRST NATIONAL BANI{ OF FORT PIERCE ! = as Trustee, under Trust Agreeaie~t ~ dated November 17, 1970, ar~d=.,l~mown ~ • Aa Trust r 2 _ r . ~ , ~ _ $y: t ~ rc l.,, _ ATTEST : . `/.~-{4 u ~ , ~ ! i~ K-t , - ~ - _23- a~~198 ~Ez8~5 t-AW OFi1CES OF GOLOiTE1N, iRAl1KLIN. CHONIN ~ iCMRANK. RA.. 2020 NORTHE/1iT 10~110 ~TIIE[T. NORTH MIAMI BEACN. FLOR~DA 33i62 f? - - - ~ - t -