HomeMy WebLinkAbout0020 (G) A-- roval of cor orate owner or urchaser.
Inasmuch as t e on omin um may e use on y or residen~ial
purposes and a corFaration cannot occupy an apartEneiit for
st~ch use, if the apartment awner, purcha~er or lessee of an
apartment is a corporation, the approval of ownership or
leas~ by the corporation m~y be conditioned by r~c;~ir.ing
that all F=rsons occupying the apartment be approved by
the Association.
(d~ Screenin Fees. The Association shalZ require
. ±he deposit o a reasonable sGreening fee simultaneously
with the giving of notice of intention to sell or lease,
or of transfer by gift, devise or inheritance, ror the
purpose of defraying the Association~s exp~nses and providing
for the time involved in determining whether to appro~a
or disap}~rove the transaction or continued ownership by a
transferee, said screenin9 fee to be a sum equal to one
. (19K) percent of the sales price of a condominium apartment
unit being sold, or two (2~) percent of the annual rental
in the event of a lease of a condomirtium unit, provideds
ti~at the minimum screening fee shall not be less than One
Hundied Dollars ($100.00), and the maximum fee shall not
exceed One Hundred Fifty Dollars ($150.00) in connection
~vith the rental of a condominium unit, and sai~ fee shall be
in ~he sum ot une Hundred Dollars ($i00.00) in the event of
transfer by ~gift, devise, or inheritance. The Association
has contracted to pay over thE said screening fee to the
Contractor under the terms and provisions of a mana~ement
contract, whereby the said Contractor shall process
applications for the sale, transfer or lea~e of condominium
apar~ment units, screen the propos2d purchaser, transferee
or lessee, and prepare the instruments called for by the
Declaration of Condominium to be supplied by the Association
in the event of approval of such application, provided,
hcwever, the Frovisions of this paragraph shall not apRly
to, a>>r~ there shal]. be no screening fee payable in
~ conne~;,~on ~vith, the lease or sale of a cond~rninium apart-
ment unit by the Developer, nor with the lease or sale
~ ot a condominium apartment by an institutional lender
` which has acquired such apartment by foreclosure or by
k transfer in li~u of foreclosure r~ece~d~n~s, or a
~ saie or leas~ of an apartment by the condominium
Association.
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~ (e) Failure to ive noticF. If notice t~ the
~ Association as ere~na ov~ required is not given, then at
any time after receiving knowledge of a transaction or
~ event transferr~ng ownership of an apartment, the Associa-
~ tion, a* its e~ection and without nati~e, may approve or
i disapprove the transaction. If the Assoc~_ation dis-
~ approves the transaction, the Associa±ion shall proceed
, as if it had received the required notice on the date of
; sa~ch disapproval. Any sale, mortgage or lease which is
~ not authorized pursuant t~ the terms and provisions of ~
this Declaration shal2 be void unless subsequently approved
~ ~n writing by the Association.
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i 13.1 Disa roval b~?ssociation. If the Association shall
; disapprove a transfer of ownership o an apartment, the matter shall
` b~ disposed in the following manner:
(a) Sale. If the propos~d transactior, is a sale and
if the notic of sale gaven by the apartment owner shall so
c~emand, then within thirty (30) days after receipt of such
notice and information the E~ssociation shall deliver or
~ mail by registered mail to the apaztment o~~~er an agreement
~ to purchase the apartment concerned by a purchaser approved
by ~he Association, or an agreement to purcha~e signed in
behalf of the Association by its Pxesident and attested
by its Secretary, in cvhich event the apartnier:t owner shall
s~ll ~he apartment to the named pur.chase~ at the pr~ce and
upon the ter_rris s~a~~~ in ±he ~isapproved contract to sell,
excepting that at the option of the name~ purchaser the
purchase price mav be pai~ in casl-i at ::jos~ng.
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