HomeMy WebLinkAbout2347 facilitate such vaipletion and sale, including but not limited to main-
tenanc,~e of a sales of f ice, the showing of the p~i~opexty and the display
of signs. ~
XI I. N~?IrTILN~E OF OONirANITY II~T~STS :
In order to maintain a aomrounity of vongenial resic3ents who
are fin~ncially resnonsible and the~s protect the value of the apaxtnents, the
transfer of apart~nents by any vwner ather than the pevelope.r shall be subject
to the follawing provisions as long as the oondominiun exists and the apart-
ment building in use~ul o~ndition exists upon the land, whi~h provisions each
apartment vwr~r vovenants t~o observe :
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. 12.1 Transfer Subject Zb Approval:
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(a) Sale: No apartment aa?ler m~y dispose of an apartment
or any interest in an ap~artment by sale without app~rc~val of the As,9ociation
except to an apart~ment a~aner. -
(b) Le~ase: No apart~nent awner may dispo.se of an apartine.nt :
or any interest in an aparttn~nt by lease without approval of the Association ~
except t,o an apartinent c~mer.
(c) Gif~: If an apartment owner sha21 aaquire his title
by gift, the a~ntinuance of his a,mership of his apartment shall be subject
_ to the appraval of the As,9ociation.
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(d) Devise Or Inheritance: If any apartment awner shall ~
aoquire his title by devise or inheritance, the o~ntinuance of his a~mership
of his apartrne.nt shall be subject to the approval of the Association.
(e) Other T~ansfers: If any apartment owner shall ac--
quire hi.s titZe by any manner not wnsidered in the foregoing suUsections. -
the ~ontinuanoe of his aar~ership of his aparh~nt shall be subject to the
approval of the As.sociation.
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12.2 Approval By Association: The approval of the Associa- ~ _
i tion that is requ.ired for the transfer of avr?~xship of apartments shall be
obtained in the following manner;
(a) Notir.e Zb Association:
(1) Sale : An apartment awner intendi.ng to malce a $
bona fide sale of his apartment or any interest in it shall give to the
Association rbtice of such intention, trogether with the name and address of
the intended purchaser and such other infornnation ooncerning the intended ;
purchase as the 1~S.SOCiation may reasonably require. Such notice at the
apartment c~mer's option may include a denand by the apartment vwner that
the Association furnish a purchaser for the apartrnent if the proposed pur-
chaser is not approved; and, if such d~nand is made, the notice shall be
acaa~ariied by an executed oapy of the prog~osed ~ontract of sale. .
i
(2) Lease: An apartment vwner intending to make
a bona fide lease of his apartment or any intc~xest in it shall give to the
Association notice of such intention, together with the r~ame and address
of the intended lessee, such other infornnation wnceming the i~n~~rx3ed '
lessee as the Association may reasQnably require, and an executed oony of
ttse proposed lease.
(3) Gift; Devise Or Inheritance; Other Transfers;
An apartmPnt awiler who has obtained his title by gift, devise or inheritance
or by any other manner not pr~viously oonsidered, shall give tA the Asso-
ciation notice of the avquiring of his title, t~ogether with such i:L~orn?ation
roncerning the apartment o~wrier as the As.sociation may reasonably require,
and a certified c~py of the instrunent evidencing the owner's title.
(4) FaiZure Zb Give Notioe: If the above required
not2ce to the Asso~-~ation is n~t giv~n, at any time after receiving
kr~awledge of a txansaction or event transferring awr~ership or possesa:.cn
of an apartinent, the Association at its election and wit~x~Lt notice may
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