HomeMy WebLinkAbout2349 the public reoords of St. Lacie Gbunty, Florida, at the e~ense of the
purchaser.
(5) If the Association shall fail to provide a
purchaser ~on the denarxl of the apartment aarier in the maiu~er provided,
or if a purchaser furnisheci 1,yy the Association shall default in his agree-
ment to purchase, then rotwithstanding the disappi~oval the proposed trans-
action shall be deemed to have been approv~ed and the Association shall furi
nish a eertificate of apprava~ as elsewhere pznvidec~, which shall be re-
oorded in the public records of St. Lucie Cbunty, Florida, at the ex~nse
of the purchaser,
(b) Lease: If the proposed transaction is a lease,
the apartanF.nt oti~mer shall be advised of the disapproval in writing, and
the lease shall not be made.
(c) Gift; Devise Qr Inheritance; Other Transfers:
Tf the apartrnent dwner givuig n~tice has acx~uired his title by gift, devise
or inheritance,. or in any other manner, tl~n within thirty (30) days after
receipt fran apardnent awn~x of the notiee and inforn~ation required to tae
furnished, the Association shall deliver or mail by registPxed mail to the
apartrnent vwner an agreement to purchase the apartment ac~ncerned by a p~r-
chaser apgY~oved by the Association wtn will purchase and to w~2~~om the agart-
ment awner must sell the apardn~nt upon the foilvwinq te.Yms:
(1) The sale price shall be t1~e fair market value
determined by agregnP.nt betw~een the seller and purchaser within thirty (30)
days fran the dslivery or mailing of such agre~nent. In the absence of agree-
ment as to price, the prioe shall be deternuned by arbitration in ac~rdarx.~e
with the then existing rules of the American Arbitration Association, exvept
t1~at the arbitrators shall be two appraisers appointed by the American Arbi-
tration Association who shall base their deteYmination upon an average af
their appraisals of the apartment; and a judcpnent of specific perforn~arice
of the sale ~on the award reridered by the arbitrators m3y be entered in any
c~urt of vrnQetent jurisdiction. The expense of the arbitration shall be
paid by the purchaser.
' (2) The purchase price shall be paid in cash.
(3) The sale shall be closed within ten (10) days
follawing the deteYmination of the sale prioe.
; (4) A oertificate of the Association executed by
its President and Secretary and approving the purchaser shall be reoorded in
the public reoords of St. Lucie County, Florida, at the expense of the Purchaser.
(5) If the Association shall fail to provide a pur-
i chaser as required by this peclaration, or if a purchaser furnished by the
Association shall default in his agreanent to purchase, then r~otwithstar~dinq
the disappraval suc:h vwnership shall be dear~ed to have been approved, and
the As.sociation shall furnish a oertificate of appraval as elsewhere provided,
which shall be r~eo~rded in the public re~ords of St. Iucie County, Florida,
at the expense of the apartmex~t aw~n~x.
12.4 Nb a e: No apartrnent awr~x may m~rt~gage his apartment
~ nor any interest in it without the approval of the Association exoept to a
` bank, 2ife insurance c~ompany or savings and loan association, or to a v~~dar
to secure a portion or all of the purchase price. The approval of any other
mor ee ma be n aonditions determined ;
t9~J Y ~ by the Association or may be ar-
bitrarily withheld. ~
12.5 Exceptions: The foregoing provisions of this section en- ~
titled "Maintenanc~e Of Catmunity Interests" shall not apply to a transfer to
or a purchase by a bank, life insurance vatpany or savings and loan assacia- ?
tion tl,at aoquires its title as the result of awning a~rt~gage upon t~ apart- _
ment ooncerned, and this shall be so whether the title is aoquired by deed f~m -
the mort~gagor, his sucoessors or assigr~s, or thr~ugh foreclosure proceedings;
nor sha12 such provision apply bo a transfer, sale or lease by a bank, life
ins'uY'anoe ~any or savings and loan association that so aoquires its title.
Neit.her shall such provisions require the approval of a purchaser wl~ ac~quires
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CARL t. [LLWANGER ATTORNEY AT I.AW r. O. OOX 1060 BTUART, FLORIDA 334~4