HomeMy WebLinkAbout0021 . 11) The sale sha~l be closed Kithin thirLy
{30) days after delivery cr mailir.g of the agreement
to pi~rchase, or upon the date desigr~4ted in the
disapproved contract, whichever date shall be later.
(2) A certifi,;ate of the Associatior~ executed
by any of its of£icers in recordable f'orm sha~l be
delivered to the purchaser.
(3) If the Association shall fail to purchase
or provide a purchaser upor. demand of the ap3rtment
owner in the man~er provi~ea= or if the purchaser
furnished by the Assoca.at~on shall defa~lt in his
agreement to purchase, the propoced transaction
shall be deemed to have been apprcved, and the
Association shall furnish a certificate of approval
as elsewhere provided, in recordable form.
, (b} Lease. If the proposed transaction is a lease,
the apartment ow:~er shall be advised of the disapprov3l
in writing, and the lease shall not be made.
(c) Gift device or inheritance• other transfers.
If the apartment owner g~ving notice as acqu~re .is title
by gi:t, devise or inheritance, or in any other manner, ~
then wi.thin thirty (30) days after receipt from the
apartment owner of the notice and information required to
be furnished, the Association,shall deliver or mail by
registered mail to the apartment owner an agreement to
purchase the apartment concerned by a purchaser approved
by the Asscciation who wi11 purchase and to whom the
apartment owner r~ust sell the apartment upon the
following terms:
(1) The sale price shall be the fair market
value dzter,nined F.y aqrePment between the seller and
' the purchaser ~~ithin thirty (30) uays from the aelivery
or mailin~ ~f suc~: ~grepm~nt. In the absence of
~greement as to price, the price shall be determined
by arbitration in accordance with the then existing
rules of the American ArLi~tration tlssociation, except
that ±he arbitrators shall be two appraisers apoointed
by the r,merican Arbitration Association who shall base
their determination upon an average af their appraisals
of the ap~rtmA*~t;-and a judgment of specific perform-
ance ef the sale ;apon the award rendered by the juris-
~iction. The expense of the arbitration shall be paid
by the purchaser. In any such action for specific
I perfo:-rr•ance the prevailing party shall be er~titled to
' recover his reasonab~e attorneys~ fees and court
{ costs incurred.
i
(2) The purchase przce shall be paid in ca;,h.
;
i
~ (3) The s~le shall be closed within thirty (30)
! days following determination of the sale price.
I
~ (4) A certif icate of the A~sociation executed
' by any of its ~~'£i~ers in recordable form sha~l be
delivered to the pui~:haser. ~
(5) If the Asso~iation shall fail ~o provide
a purchaser as required by this instrument, vr if a
purchaser furnished by the Association shall default
in his agreement to pu:chase, then notwithstand~ng the
~ disapproval such ownership shall be deemed to have
been approved, and the Assor.iation s;iall f~rnish a
certificate o: approval as eisewhere provided, in
~ recordable ferm, to the apartment oyvners.
~ ~
-17- - • -
~ ~ ~ ~
- ~
. _ . . . ~ - t---•
. _ . , ~ ; - _
_ ,
. - - ~ - -
~ : . ' . - . ' ;t~-