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HomeMy WebLinkAbout0814 (a) Exercise of o tion. 1`he option shall be exercised y ce very or ma ing by registered mail to each of the record awners of the apartments to be pur- chased an agreement to purchase signed by the record owr,ers of apartments who will participate in the purchase. Such agreement shall indicate cahich apartments will be purchased by each participating owner and shall require the purchase of all apartments owned by o~vners not approv_ ing the teMnination, but the agreement shall effect a separate contract between each seller and his purchaser. _ (b) Price. The sales grice for each apartment shall be t~~air market value determined by agreement between the seller and the purchaser ~vithin thirty (30) days from the delivery or mailing of such agreement, and in the abse~ce of agreement as to price, it shall be determined by arbitration in accordance with the then existing rules of the American Arbitration Association, ' except that the arbitrators shall be two appraisers appointed by the American Arbifiration Association, except who shall base their dete~nination upon an ave~age of their appraisals of the apartment; and a judgm~nt of specific perfonnance of the sale upon the award rendered by the arbitrators may be entered in any court of ~ompetent jurisdiction. The expense of the arbitration shall be paid by the purchaser. In any such action for specific perfozmance #he prevailing party shall also be entitled to his reasonable attorney's fees and costs incurred in connection therecvith. ~ - (c) Payment. The purchase price shall be paid in - cash, provi elc d; in the event there shall be a pre_existing ~ first mortgage on the Condominium unit, then the purchaser ~ ~ . shall have the option of assuming the remaining principal i obligation thereof,""and that portion of the purchase price ~ which is in excess of such mortgage shall be payable in ~ cash at closing. a ' (d) Closing. The sale shall be closed cuithin thirty ~ (30) days ~oing deteMnination of the sale price. ~ ~ ~ 19.3 Certificate. TeMr?ination of the Condominium in either i ; of the foregoing manners shall be evidenced by a certificate of = the Association executed by its President and Secretary certifying ~ .to the facts effecting the termination, said certificate to become ~ effective upon being recorded in the Public Records of St. Lucie ~ County, Florida. x ~ 19.4 Shares of awn~rs after termination. After termination ~ ~ of the Condominium t e apartment awners s a own the Condominium ~ property and all assets of the Association as tenants in canmon ~ •in undivided shares that shall be the same as the undivided ~ shares in the common elements appurtenant to the ownerst apartments ~ prior to the teYmination. = 19.5 Amendment. This section concerning termination cannot s be amended wit out consent of all apartment owners and of all record owners of mortgages upon the apartments. ~ ~ 20. Severability. The invalidity in whole or in part of any : covenant or restriction, or any section, sub-section, sentence, clause, phrase or word, or other provision of this Declaration of Condominium and the Articles ~ of Incorporation, Bylaws and Regulations of the Association shall not affect - the validity of the remaining portions. _ ~(,IN WITNE ~~'}{EREOF, the Developer has executed this Declaration thisp~ day of , 197~. FT . PI ERCE CONSTRUC , ION CORPORAT.I(3~V ~ • ~ : ~ a Florida c o o • t~ ~ ~ ' - Attest _ ~ r---.~. . ~y _~G ~ ; , Y"# _ eere ary Pres~ ~ ~ _ , ` , o ' . - . ~ ~ ~ ,r - { ~ ~i ~ 72 r•`,.O ~ _2 2 - ~ 1~ ~ : ~ ~ ~t : d~ , ~ • ,