HomeMy WebLinkAbout2220 Thp ~n~n~~r~i~~~! may be-terminated in the following manner in additxon
to the manner provided by the Condominium Act, to-wit:
A) As provided for in the preceding paragraph of this Article
in the event of destruction.
B) The CONDOMINIUM may be terminated at any time by the
approval in writing of all record owners of PRIVATS ~sLLINGS
and all record owners of mortgages held on PRIVATE DWELLINGS.
If the proposed termination is submitted to a meetinq of the
members of the ASSOCIATION, the notice of the meeting giving
notice of the proposed tenaination, and if the approval of
the owners of not less than 7596 of the PRIVA'~E nWELLINGS, and
of the record owners of all mortgages upon the PRNATE
DiWF;LLINGS, are obtained in writing not later than thirty (30)
days from the date of such meeting, then the approving owners
shall have an option to buy all of the PRIVATE DWSLLINGS of
the other vwners tor the period eriding 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 shall be upon the following terms, to-wit:
;
. {1) Exercise of Option. t
The option shall be exercised by delivery or mailing by {
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of the PRIVATE DWS7~LINGS to be purchased and agreement to
- ~ purchase signed by the record owners of PRIVATS DWSLLINGS
who will participate in the purchase. Such agreement
shall indicate which PRIVATE D~WELLINGS will be purchased
by each participating owner and shall require the
purchase of all PRIVATE DWELLINGS owned by owners not
approving the termination, but the agreement shall effect
a separate contract between each c~wn~r and his purchaser.
PRIVATE DWELLINGS sha 11 carry with it an undivided
interest in the COMMON PROPERTY as otherwise provided for
in ARTICLE IV hereinabove.
(2) Price.
; The sales price for each PRIVATE DWBLLING shall be the
fair market value determined by agreement between tne
! seller and purchaser within thirty (3~) days from the
~ delivery or mailing of such agreement, and in the absence
; . of agreement as to price shall be determined by arbitra-
s tion in accardance with the then existing ru3es of the
; American Arbitration Association, except that the
~ arbitrator shall be two appraisers appointed-by the
~ American Arbitration Association who shal2 base their
? determination upon an average of their appraisal of the
g PRIVATE DWELLING: and a judgment of specific performance
~ of the sale upon the ~ward rendered by the arbitrators
~ may be entered in any court of competent jurisdiction.
~ The expense of the arbit~ation shall be paid by ~he
~ purchaser.
~ (3) Payment.
~
5 The purchase price shall be paid in cash.
~ .
~ (4) Closing.
<F The sale shall be closed within ten (10) days following
the determinatiorr of the sales price. '
~ Termination of the CONDOMINIUM in either of the foregoing manners shall
be evidenced by a certificate af the association executed by the
president and secretary certifyzng as to facts effecting the termination.
which certificate shall become effective upon being recorded in the
~ Public Records of St. Lucie County, Florida.
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~ 220 177~.
10.15. 2
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SPtELYOGEL, GOLD~IAN Ai~ID CARUSO, P. A. ~ 3~~~RhGYS AT LAVi . ~iERRIT7 ISLAND. FLORIDA
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