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HomeMy WebLinkAbout1876 ownership of his apartment. If approved, the approval will be stated in a certificate executed by the President and Secretary of the ssociation. _ c. A roval of Cor orate Owner or Purchaser. Inasmuch as the condominium may e use on y or resi entia purposes and a corporation cannot occupy an apartment for such use, if the apartment owner or purchaser of an apartment is a corporation, the approval of ownership by the corporation may be conditioned by requiring that all persons occupying the apartment be approved by the Board of Directors of the Association. ~ 17.3 - Disapproval by Association. If the Board of Directors of the Association shall disapprove a transfer or owner- ship of an apartment, the matter will be disposed of in the following manner: a. Sale. If the pro~osed transaction is a sale, and if the notice ~ ale given by the apartment owner shall so demand, then within thirty (30) days after receipt of such notice and information the Board of Directors of the Association will deliver or mail by registered mail to the apartment owner an agreement ' to purchase the apartment concerned by a purchaser~approved by it who will purchase and to whom-the apartment owner"must sell the apartment upon the following terms: (1) At the option of the purchaser to be stated in the agreement, the price to be paid will be that stated in the disapproved contract to sell or will be the fair market value determined by arbitration in accordance with the then existing rules of the American Arbitration Association, except that the arbitrators will be two (2) appraisers appointed by the American Arbitration Association who will base their determination upon an ~ average of their appraisals of the apartment; and a judg- ment of specific performance of the sale upon the award ; rendered by the arbitrators may be entered in any court of competent jurisdiction. The expense of the arbitra- ~ tion will be paid by the purchaser. i ~ (2) The purchase price will be paid in cash. ~ ; (3) The sale will be closed within thirty (30) days ~ after the delivery or mailing of the agreement to purchase, ~ or within ten (10) days after the determination of the sale price if such is by arbitration, whichever is the ~ later. ~ ~ (4) A certificate approving the purchaser will be ~ executed by the President and Secretary of the Association. ' ~ (5) If the Board of Directors of the Association { shall fail to provide a purchaser as required by this instrument, or if a purchaser furnished by it shall default in his agreement to purchase, then notwithstand- ing the disapproval the proposed transaction will be deemed to have been approved and said Board will furnish ~ a certificate of approval as elsewhere provided. = b. Lease. If the proposed transaction is a lease, the ~ apartment owner will be advised of the disapproval in writing ~ and the lease will not be made. ~ c. Gifts, Devise or Inheritance; Other Transfers. If the apartment owner giving notice has acquired his title by gift, devise or inheritance, or by any other manner not previously considered, then within thirty (30) days after receipt from the ~ apartment owner of the notice and information required to be ~ - ~ -18- FEE. PARKER @ FEE. P. A. ! ~ ATTORNEYS AT LAW POST OFFICE BO% 1000 E~Cr ~~.r~ ~R75 ~ ~ FORT PIERCE. FLORIDA 33450 ~ . _ . _ _ . _ _ S.- '.F ~,'^x< ~ x_` Gya'~ r'~``%~' '^v" ~ ' e73.. ,~.^°',~a~*„ .~iM~~T,~ _ . . ,