HomeMy WebLinkAbout0026 (G) Exercis~ of o tion. The ~ption shall bE
exercised y e ivery or ~ailing by registered ma~i
to each of the recard oamers of the apartments to be
purchase~ an agreeme~t tc purc~ase signed by thP
record ~wners of apartm~nts who will part?cipate in
the purchase. Such agreement shall indicate which
apartments will b~ purchased by each participating
owner and shall ~equire the purchas~ of all apart-
me~ts owned by o:mers not approving the termination,
but the agreement shall effect a separate contract
~etween each seller and his purchaser.
(t~) Price. The sales price for each apartment
shall be t~"~air market value determined by agreement
between the seller ~nd the purchaser within thirty
(30) days £rom the d~livery or mailing of such agree-
ment, and ~n the absence af agree~r?e~i as to price, it
shall be determined by arbitration in accordance with
the then exi~ti.^.g rules of the American Arbitration
Association, zxcept that the arbitrators sha~l be two
appraisers appo3.nted by the American Arbitration
~ Association, ~xcept who shall base therr determination
upon an avera9e of their aFpraisals of the apartment;
and a judgment of specific perf~r.mance of the sale
upon the award rendered by the arbitrators may be ~
entered i.n a~}r court of competent jurisdiction. The
expense of the arbitration shall be paid by the
- purchaser. In any such action for s~;acific perforr~ance
the prevailing party shal~ also be E~titled to his
reasonable attorneys' fees and costs incurred in
connection therewith.
(c) Pa ent. The purchase price shall be paid
in cash, provide , in the event there sha'1 be a
prE-existing first mortgage on the condominium unit,
then the pt:rchaser shall have the option of assuming
the rernaining princ~pal obligation thereof, and that
Yortion of the ;~lrchase price tit~hich is ir. excess of
si~ch ~s~rtgage sha33 be pa_yable in cash at closing.
~ r3) Closin . 7'~e s~le s~all c~cs?r~ ~a±hin
t~~rty (30 days follov:i~?g aeterminatzon oi t; ~ sal~
~rice.
'~.3 Cerii£i~atE, T~~~!?2^c'~LlOt~ of the Condominium in
Qi th~r nf the ore_qoing manners shall be evid~nced Y~~~ a
c~rti; ica~.~ ~f t'~.~ ~ssecia tior, exPcuted by i~s President and
~~cre~ary certi~yirg, Lo z!:e i aC~S effecti~tq ~he ~ermination,
said certificate t~ U~co~te ei£c~t~~t? upon being r~corded in the
Public Rpcords o~ St. Lucie t,aun~y, Florida.
I9.4 Sha res of owners after termination. After texm:r~ati~n
o~' the Condo'min~um t e apartment owners shall own the Condominium
property and all assets of the Ass~ci~tior? as tenants in common
in undivided shares that shall be the same as the undivided
share~ in the common el~ments appurtenant to the owners'
apartments prior to the terminatior,.
19.5 Am~ndmEnt. T'nis section concerning termination
cannot be amen~e~ ~ri~hout consent of alI apartment owners and
of all record owners of mortgages upon ~he apartments.
20. Severabiiity. The invalidity in whole or in part of any
covenant or restriction, or any section, sub~sect'ion, sentence, clause,
- phrase or word, or other provision of this L~eclaration of Condominium
ar.d the Ar±icles of sncorporation, By-Laws and Regulations of the
Association shall not affect the validity of the remaining port~ons.
'IN '~hllTtvESS Wt-iEREOF, the Developer has executed this ~eciarat?~n
this day ~f ~~~3,~~R~•! , 1973.
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~ F~ . PItRCE CONST ~ lION CORPC~ATION,
~r a Fl~rida c~ tion.
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