Loading...
HomeMy WebLinkAbout0814 corporatian cannot occupy an apartment for sucl: use, if the apartment ownei• or purchase: of an apartment is a corporation, the approval of ownership by the corporation may be cor.ditioned by? requiring that al~ persons occupying the apartment be approved by the Association. 11.3. Disapproval By Association: If the Association shall disapprove a transfer of ownership of an apartment, the matter shall be disposed of in the following manner: (a) Sale: If the pro~osed transaction is a sale and if the notice af sale given by the apartrnent o~vner shall so demand, then within thirty (30) days after receipt of such notice and information the Asso- ~ ciation shall deliver or mail by registered mail to the apartment owner an agreement to purchase the apartntent concerned by a purchaser approved by the Association ~vho will purchase and to ~vhom the apartment o~vner must sell the apartment upon the following terms : (1) At the option of the purchasei• to be stated in the agreement, the price to be paid shall be that stated in the dis- approved contract to sell or shall be the fair market value deterniined by ar- bitration in accordance ~~rith the then existing rules of the American Arbitration Association, except that the arbitrators shall be two appraisers appointed by the American Arbitration Association who shall base their determination up~n an average of their appraisals of the apartment; and a judgment of specific performance of the sale apon the award rendered by the arbitratorsomay be entered in any court of competent jurisdiciion. The expense of the arbitration shall be paid by the purchaser. (2) The Furchase price shall be paid in cash. ` ~ ~ (3) The sale sha~l be closed within thirty i (30) daS•s after the deliver~~ or mailing of the agreement to purc~~ase, or within ~ ten (10) days after the determination of the sale price if such is by arbitration, _ ~ tivhichever is the later. ~ ~ (4) A certificate of the Association executed ~ by its President a~:~ Secretar3• and approving the purchaser sliall be recorded in ! the public reeords of St. Lucie County, Florida, at the expense of the purchaser. ~ (5) If the Association shall fail to provide a purchaser upon the demand of the apartment owner in the manner provicied, or if a purchaser furnished by the Association shall default in r.is agreement to pur- chase, then not~vithstanding the disapproval the proposed transaction ~hall be deemed to have been approved and the Association shall furnish a certificate of approval as elseKrhere provided, which shall be recorded in the public records of St. Lucie County, Florida, at the expense of the pur-chaser. (b) Lease: If the proposed transaction is a lease, ~ ~ the apartment o~vner shall be advised of the disapproval in ~vriting, and the ' lease shall not be made. ; ~ (c) Gifts, Devise Or Inheritance; Other Transfers: ~ ° If the apartr.~ent owner giving notice has acquired his title by gift, de~ise or in- _i ~ heritance, or in any other manner, then ~vithin thirt_y (30) days after receipt from apartment ot~ner of the notice and information required to be furnished, ~3 the Association shall deli~Ter or mai? by re~istered mail to the apartment o~vner ~ ~ an agreement to purchase the apartment concerned b~~ a purchaser approved by ~ ~ ~ ~ d0 ~t~.~,l ffl~E -17- . CARL F. ELLWANGER ATiORNEY AT LAW P. O_ BOX 1659 STUART, FLORiDA 394~4 ~ P~ - - ~r - - - - - - ~ ~ _ , - - ~ . _ . ~ , ~