HomeMy WebLinkAbout1877 furnished, the Board of Directors of the Association will deliver
or mail by certified mail, return receipt requested, to the apart-
ment 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 under the following terms:
(1) The sale price will be the fair market value
determined by agreement between the seller and purchaser,
made within thirty (30) days from the delivery or mailing
of such agreement. In the absence of agreement as to .
price, the price will be detern~ined by arbitration in
accordance with the then exis±ing 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
on 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 jurisdiction. The expense of the
arbitration will be paid by the purchaser.
(2) The purchase price will be paid in cash.
(3) The sale will be closed within ten (10) days
following the determination of the sale price. ~
(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 the Association
shall default in his agreement to purchase, then notwith-
standing the disapproval, such ownership will be deemed ~
to have been approved, and said Board will furnish a
certificate of approval as elsewhere provided. ;
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17.4 - Mortgage. No apartment owner may mortgage his
apartment or any interest in it without the approval of the
Board of Directors of the Association, unless it is an institu-
tional mortgage or a mortgage to the Developer to secure a ~
~ portion or all of the purchase price. The approval of any other
~ mortgage may be upon conditions determined by said Board or may
; be arbitrarily withheld.
17.5 - Exceptions. The foregoing provisions of this
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~ section entitled
Maintehance of Community Interests" will not ,
~ apply to a transfer to or a purchase by the holder of an institu- ;
tional mortgage, or the lessor under the Long Term Lease, that }
~ acquire their title as the result of owning such mortgage or lien
upon the apartment concerned; and this will be so whether the
title is acquired by deed from the apartment owner, his
successors or assigns, or through foreclosure proceedings; nor ~
shall such provisions apply to a transfer, sale or lease by the ~
holder of an institutional mortgage, or by the lessor under the ~
Long Term Lease, that so acquires its title. Neither will such
provisions require the approval of a purchaser who acquires the
title-to an apartment at a duly advertised public sale with open
bidding provided by law, such as, but not limited to, execution
~ sale, foreclosure sale, judicial sale or tax sale.
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~ 17.6 - Unauthorized Transactions. Any sale, mortgage or
~ lease not authorize pursuant to the terms of this Declaration
~ will be void, unless subsequently approved by the Board of
Directors of the Association.
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FEE. PARKER & FEE. P. A.
: ATTORNEYS AT LAW O D~~~ ~
POST OFFICE BOX 1000 ~S p r V
~ FORT PIERGE. FLOR~DA 334'SO ~oOK r~yt v
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