HomeMy WebLinkAbout0634 where said party is occupying said unit in place of the unit owner. ~
Where a unit owner, lessee or occupant thereo~'is not using t
said unit's desiqnated parking apace for any period of time, it shall
so advise the Associ.ation referred to above, and the Aesociation shall
have the right to authorize the use of said parking space during such '
periods of time to such party and unde~ such terms and conditions as
they determine, and said unit owner shall not be entitled to any
compeneation therefor.
XVI
TERMINATYON
This Condominium may be voluntar3ly terminated in t#~~e maaner
provided for in Section 711.16 of the Condominium Act at any time,
and in addition thereto, when there has been "very substantial"
damage, ag def ined in Article XII. In addition thereto, if the .
proposed voluntary termination is submitted to a meetinq of the
membership of the Association, pursuant to notice, and is approved
in writing within sixty (60) days of said meeting by three-fourths
(3/4) of the total vote of the members of the Association, and by
all institutional mortgagee$, then the Association and the approving
owners, if they desire, shall have an option to purchase all of the
parcels of the other owners within a period expiring one hundred twenty
(120) days from the date of such meeting. Such approvals shall be
irrevocable until the expiration of the option, and if the option 3s
exercised, the approvals shall be irrevocable. The option shall be
exerc ised upon the following terms: •
A. Exercise of Option: An Aqreement to Purchase, executecl
by the Association and/or the record owners of the Condominium par-
cels who will participate in the purchase, shall be delive~ed by
personal delivery or mailed by certified or registered mail, to each
of the record owners of the Condominium parcels to be purchased, and
such delivery shall be deemed the exercise of the option. The Agree- ~
ment shall indicate which Condominium parcels will be purchased by
eaah participating owner and/or the Association, and shall require the
_purchase of all Condominium parcels owned by owners not approving
i termination, but the Agreement shall effect a separate contract
between the $eller and his purchaser.
B. Price: The sale price for each Condominium parcel
~ shall be the fair market value determined by agreement between the
~ seller and the purchaser, within thirty i30) days from the delivery
~ or mailing of such Aqreement; and in the absence of agreement as to
price, it shall be determined by appraisers appointed by the Senior
Judge of the Circuit Court in and for the area wherein the Condo-
minium is located, on the~petition o~ the seller. The expenses ~f
appraisal and customary closing costs shall be paid by the purchaser.
n C. Payment: The purchase nrice shall be paid in cash.
D. Closing: The sale sha11 be closed at the Condominium
Property within thirty (30) days following the determination of the
sale price. Title shall be conveyed by General Warran~y Deed.
i
XVII
~ PROPERTY OWNERS' ASSOCIAT70N
~ Each unit owner shall automatically and immediately upon
~ acquisition of his ownership interest, become a member of~Ocean
~ Village Property Owners' Association, Inc., a Florida corporation
not for prof it, which shall be the Property Owners' Association for
the entire development built and to be built by the Developer on the
~ land sub'ect to this Declaration of Condominium and upon lands
J
adjacent thereto.
Certain areas, including but not limited to: recreational
-16-
- aooK ~ ~ 634 -
,
~~r ; ;
~
~ ~ ~n~~~~' ~ ~ c:.*.._ -
, ~ a. ~