HomeMy WebLinkAbout0815 tlie Association who will purctiase and to whom the apartment o~vner must sell
the apartment upon the following terms :
(1) The sale price shall Ue tl~e fair mar-
ket value determined by agreement bet~veen the seller and purchaser within
thirty (30) days from the delivery or mailing of such agreement. In the 3bsence
of agreement as to price, the price shall be determined by arbitration in accord-
ance with the then existing i•ules of the American Arbiti•ation Association, except
that the arbitrators shall be two appraisers appointed Uy the American Arbitration
Association who shall base their determination upon an average of their appraisals
of the apartment; and a judgment of specific performance of the sale upon the
award rendered by the arbitrators may be entered in any court of competent juris-
diction. The expense of the arbitration shall be paid by the purchaser.
(2) The purchase price shall be paid in
cash. -
(3 ) The sale shall Ue closed within ten
(10) days follo~ving the determination of the sale price.
(4) A certificate of the Association ex-
ecuted by its President and Secretary and approving the purchaser shall be re-
corded in the public records of St. Lucie County, Flor~da, at the expense of
the Purchaser.
(5) If the Association shall fail to provide
a purchaser as required by this Declaration, or if a purchaser furnished by the
Association shall default in his agreement to purchase, then not~vithstanding the
disapproval such o~vnership shall be deemed to have been approved, and the As- -
sociation shall furnish a certificate of approval as else~vhere provided, which
shal~ be recorded in the public records of St. Lucie County, Florida, at the ex--
pense of the apartment owner.
I 12.4. i~lortgage: No apartment of,vner may mortgage his
j apartment nor any interest in it «~ithout the approval of the Association except
~ to a bank, life insurance company or savings and loan association, or to a
vendor to secure a portion or all of the purchase price. The approval of anj~
f other mortgagee may be upon conditions determined by the Association or may
be arbitrarily withheld.
12.5. EYCeptions: The foregoing provisions of this sec-
tion entitleci "ti~Iaintenance Qf Community Interests" shall not apply to a tran~- -
fer to or a purchase by a bank, life insurance company or savings and loan as-
sociation that acquires its title as the result of owning a mortgage upon the apart-
ment concerned, and this shall be so whether the title is acquired by deed from
the mortgagor, his successors or assigns, or through foreclosure proceedings;
nor shall st~ch provisions apply to a transfer, sale or lease by a bank, life in-
~ surance company or savings and loan association that so acquires its tiile.
~ Neither shall such provisions require the approval of a purchaser who acquires
~ the title to an apartment at a duly advertised public sale ~rith open bidding pro-
vided by law, such as but not limited to eYecution sale, foreclosure sale, judi-
~ cial sale, or tax sale.
~ 12.6. Lnauthorized Transactions: Any sale, mortgage
~ or lease not authorized pursuant to the terms of this Declaration shall be void
~ uniess sub~equently approved b3- the Associa±ion. .
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~ CARL F. ELLWANGcR ATTORKEY AT LAW P. O. BOX 1BS6 6TUART. FLORIDA 394p4
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