HomeMy WebLinkAbout1775 The CONDOMINIUM may be terminated in the following manner in addition
to the maruier provided by the Condominium Act, to-wit: ~
A) As provided for in the precedin9 paragraph of this Article
in the event of destruction.
B) The CONDOMIl~TIUM may be terminated at any time by the
approval in writing of all record awners of PRIVATB DWTsLLINGS
and all record owners of mortgages held on PRIVATS DiW~ELLINGS.
If the proposed termination ie submitted to a meeting of the
members of the ASSOCIATION, the notice of the meet3ng giving
notice of the proposed ten~aination, and if the approva~ of -
the ownere of not less than 7596 of the PRIVATB nWELLINGS, and ;
of the reccrd owners of all mortgages upon the PRIVATE
DWELLINGS, are obtained in writing not later than thirty (30) ~
days from the date of such meeting, then the"~approvinq owners ~
shall have an option to buy all of the PRIVATE D'WSLLINGS of t
the other awners for the period ending on the sixtieth day ~
from the date of such meeting. Such approvals shall be ;
irrevocable until the expiration of the option, and if the ~
option is exercised, the approvals shall be irrevocable. The ~
option sha11 be upon the following terms, to-wit: ;
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(1) Exercise of Option.
The option sha 11 be exercised by delivery or mailing by i
registered or certified mail to each of the record owners ~
of the PRIVATE DWSLLINGS to be purchased and agreement to ~
purchase signed by the record owners of PRIVATE DiW$LLINGS ~
who will participate in the purchase.. Such agreement ~
ahall indicate which PRIVATE D~WSLLINGS will be purchased
by each participating owner and shall require the ~
purehase of all PRIVATE DWELLINGS owned by owners not {
approving the termination, but the agreement shall etfect ~
a separate contract between each owner and his purchaser. *
. PRIVATE DoWELLINGS sha12 carry with it an undivided ~
interest in the COMMON PROPERTY as otherwise provided for ~
in ARTICLE IV hereinabove. _
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(2) Price.
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The sales price for each PRIVA~E DWBLI~ING shall be the ~
fair market value determined by agreement between the ;
seller and purchaser within thirty (30) c3ays from the ~
delivery or mailing of such agreement, and in the absence ~
, of agreement as to price shall be determined by arbitra- ~
~ tion in accordance with the then existing rules of the
; Rmerican Arbitration Association, except that the ~
; arbitrator shall be two appraisers appointed by the -
American Arbitration Association who shall base their '
detertnination upon an average of their appraisal of the ~
` PRIVATE DWELLING; and a judgment of specific performance ~
~ of the sale upon the nward rendered by the arbitrators ?
~ may be entered in any court of competent jurisdiction. `
~ The expense of the arbitx~ation shall be paid by fihe ;
~ purchaser.
; (3; Payment , `
- The purchase price shall be paid in cash. ~
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~ (4) Closing. „ ~ <
The sale shall be closed within ten (1Q~ days fol2owing
_ the determination of the sales price. ~
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= Termination of the CONDOMINIUM in either of the foregoing manners shall ~
be evidenced by a certificate of the association executed by the
; president and secretary certifying as to facts effecting the termination, -
' which certificate shall become effective upon being recorded in the '
- Public Records of St. i.ucie County, Florida. '
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SPiELVOGEL, GOLD~IAN AND CARUSO, P. A. -!.T; ~=~RN[YS AT LAVi% - ~;ERRITT ISLAND. FLORIOA
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