HomeMy WebLinkAbout2213 the sa~d Board of Dx~^ctore of ASSOCIATION the opportunity to
determine whether or not it will exercise its first right to lease
or purchaee such PRIVAT$ DWELLING on the terms and conditions
offered, then the lessee or purchaser in such traneaction ehall
notify the Board of Directore of ASSOCIATION of hia lesee or purchase
of such PRIVAT~ D9+TELLING, such notice to be in writinq and to etate
the aame and addrese and busfness. occupation or employment, if any,
of each leeaea or purchaeer, and the tertns and conditiona of eaid
leaee or purchase, such notice to be in writing and to be delivered
to ASSOCIATION in the same manner as auch notice is required to be
given prior to conswmnation of auch lease or sale transaction.
Thereafter, the Soard of Directors of ASSOCIATION ahall have twenty
(20j daya fram receipt of such notice within which to exercise the
right of redemption granted to ASSOCIATION and to accomplfeh auch
redemption. Failure to exercise said right of redemption and to
accomplish the redemption of said lease or purchase within said
twenty (20) day period of time, provided the same is ne~ obetructed
by the party from whom auch reclemption muat be made, shall cauee the
right of redemption granted to ASSOCIATION to termir~ate and expire
aa to said lease or purchase transaction.
. ~
No PRIVATE DWBLLII~TG shall be leased unless the texms and provisioas
of auch lease shall provide that euch PRIVATE DWELL]~G may not be
sublet without the prior written approval of ASSOCIATZON being first
had and obtafned, and any lease ahall provide that the leeaee shall
comply with and abide by all of the~restrictfons pertaining to the
use of PRIVATE DWSI,LINGS and COi~l1~N PRQPERTY contained in thia
Declaration of Condotninium, and with the rules and regulatione
contained herein or hereafter established by ASSOCIATION qoverning
the use of such PRIVATE DWELLINGS and COMMON PROPERTY, and ehould
any lessee not camply with auch covenants, then ASSOCIATIOI~ shall
have the riqht to cancel and terminate auch lease, all without any
obligation to awner, and in said respect, ASSOCIATION shall be
regarded as the owner's agent fully authoriZed to take such steps as
may be necessary to effect the cancellation and termination of such
lease.
Notwithetanding the foregoing provisions of ~;i~a ~RTICLE XXIV, the
right of first refusal granted to ASSUCIATION shail not apply or
be operative to the following: (ij any foreclosure or other judicial
sale of a PRIVATE DWELLING although the title of the'purchaser at
any foreclosure or judicial sale shall thereafter be subject to the
r3ght of ,firet refusal granted to ASSOCIATION pertaining to the lease
or eale of such PRIVATB DWELLING; (ii) any conveyance made by the
owner of a pRIVATE DWELLING to an Institutional Lender in lieu of
foreclosure; and, (iii) any lease or sale of any PRIVATT DWELLING by
DBVEIAPER, or lease or sale of any PRNATE DWELLIDIG to D$~BLOPER, or
lease or sale of any PRIVATE riWELLING to a party approved by
DEVELOPER so long as DEVSLOPER is an awner, lessee or holder of a
Mortgage effecting or encumbering any such PRNATE DWELLING.
7~V.
ASSOCIATION TO MAINTAIN R~GISTER
OF aWNERS ~ AGEES
ASSOCIATION ahall at all times maintain a Reqister settinq forth
the names of the owner of all of the PRIVATE I7wELLINGS, and in the
event of the sale or transfer of any PRNATE IyWELLIl+IG to a third
party, the purchaser or transferee shall notify ASSOCIATION in writing
of his interest in such PRIVATE DWELLING, togethe~r with such recording
information as shall be pertinent to identify the instrument by which
euch purchaser or transferee has acquired his intereBt in any PRIVATE
DWBLLING. Further, the owner of each PRIVATE DWELLING ahall at a 11
times notify ASSOCIATION of the names of the parties holding any
mortgage or mortgages on any PRINATE DWELLING~ the amount of such
mortgage or mortgagea and the recordinq information whf.ch ahall be
pertfnent to identify the mortgage or mortgages. The holder of any
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"ao~x220 F~c~2~
SPiELVOGEL, OQLDMAN ~ND CARU50, P. A. - ATTORt~EYS AT LAW • MERRlT7 ISLAND, FLORIDA