HomeMy WebLinkAbout2348 approve or disapprove the transaction or ownership. If the As.sociation dis-
approves the tran:,action or awnership, the Association shal~ proceed as if it
had reoeived the required notice on the date of such disappr~val.
(b) Certificate Of Approval:
" (1) Sale: If the proposed transaction is a sale,
then within thirty (30) days a~ter receipt of such rntioe and in£orn~ation '
the ASSOCiation m~st e.ither approv~e or disappirnie the proposed transaction.
If appraved, the approval shall be stated in a vertificate executed by the
President and Secretary of the Association, which shall be revorded in the
pnblic reGOrds of St. Lucie Ooiuity, Florida, at the expense'of the purchaser.
(2) Lease: If the proposed trarL~action is a lease,
then within thirty (30) days after receipt of such r~tice and inforntiation,
the As.SOCiation m~ust either appr~v~e or disapprove the proposed transaction. -
If approved, the app~roval shall be stated and a certificate executed by the
President aryd Secretary of the Association, which, at the election of the
Association, shall be delivered to the lessee or shall be recorded in t~e
public rcoords of St. Lucie Oounty, Florida, at the expense of the lessee.
(3) Gift; Devise Or Inheritanc.~e; Other Transfers:
If the apartment cywner giving notice has aoquired his title by gift, devise
or inheritanc,~ or in any other m-~ruier, then within thirty (30) days after re-
ceipt of such notice and information the Association mLSt either apprvve or
clisapprove the oontinuance of the apartm~.nt a~mer's o~mership of his apart-
~ ment. If approved, the approval shall be stated and a oertificate executed
' by the President and SecretaYy of the As.sociation, which shall be reoorded in
the public reaords of St. I~ucie Ootuity, Florida, at the expense of the apart-
ment cx~mer.
(c) Approval Of (bYporate Owner Or Purchaser: Ina-~aich
as the oondaniniun may be used for residential purposes only and a o~rporation
cannot oec.-~y an a~part~nt for such use, if the apartment awnex or purchaser
of an apartment is a wrporation, the approval of vwnership by the wrporation
may be conditioned bY requirin9 that all persons oocl~pying the apart~nent be
' approved by the Association. •
~
12.3 Disapproval By Association: If the Association shall
E disapprave a transfer of ~rs p o an apartrn~nt, the matter shall be dis-
~ posed of in the follvwing manner:
' (a) Sale: If the proposed transaction is a sale arid
~ if the notice of sale given .by the apartrnent c~wner shall so danand, then
~ within thirty (30) days after receipt of such notioe and infornnation the
~ Association shall deliver or mail l7y registered mail to the apa~rtrnent awner
an agreenent t~ purchase the apartment oonoerned by a purchaser approved
~ by the Association who will purchase and to wham the apartm~nt vwner must
$ sell the apartment t~on the following terms:
~ (1) At the option of the purchaser t,~ be stated
~ in the agreanent, the price to be paid shall be that stateci in the disaFr-
~ proved oontract to sell or shall be the fair market value detennu~ed by
~ arbitration in acc~rdanoe with the tt~n existing rules of the Ame.rican
~ Arbitration As.sociation, except that the arbitrators shall be t~ao appraisers
~ appointed by the American Arbitration Association who shall base theix de-
termination upon an average of their appraisals of the ap~n~nt; and a
~ judc~nt of specific perfonnarx.~e of the sale upon the award rendered by the
arbitrators may be entered in any oourt of aatpeterit jurisdictian.- The ex-
- pense of the arbitration shall be paid by the purchaser. ~
(2) The purchase price shall be paid in cash.
;
° (3) T'he sale shall be closed within thirty (30) days '
after the delivery or mailing of the agreanent tA purchase, or within ten (10)
;';P; days after the detezmi.nation of the sale price if such is by arbitration,
- whichever is the later.
lC3
(4) A certificate of the Association executed by
its President and Secretary and approving the purchaser shall be reoorded in
N~
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- CARL I. iLIWANG[R ATTORNtY AT LAW O. BO% i660 STUART. FLORIDA 33494