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the purchaser shall be recorded in the public
records of St. Lucie County, Florida, at the
expense of the purchaser.
t5) If the Association shall fail to provide a
purchaser as required by this instrument, or
if a purchaser furnished by the Association .
shall default in his aqreemeent to purchase,
~ then notwithstanding the disapproval, such
ownership shall be deemed to have been approved,
and~ the Association shall furnish a certificate
- of approval as elsewhere provided, which shall
be recorded in the public records of St. Lucie
County, Florida, at the expense of the apart-
~
ment owner. '
8. Mortgage. No apartment owner may mortgage his apartment '
- nor any interest in it without the approval of the ~
Association except to a bank, life insurance company or
a savings and loan association, or to a vendor to secure
a portion or all of the purchase price. The approval of
i any other mortgagee may be upon conditions determined by
~ the Association or may be arbitrarily withheld.
C. Exceptions. The foregoing provisions of this article
entitled "Maintenance of Community Interests" shall not
apply to a transfer to or purchase by a bank, life -
insurance company or savings and loan association that
acquired its title as the result of owning a mortgage
~ - upon the apartment concerned, and this shall be so
whether the title is acquired by deed from the
~
t' mortgagor, his successors or assigns, or through
~
~ foreclosure proceedings; nor shall such provisions
~ apply to a transfer, sale or lease by a bank, life
~
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N[ILl ORIFFIN JCrFRiE'1 i l~OYD
~ CHARTERED
P. O~ BOX 1270. iORT MERCE. FIORIDA 33~?SO - TEIEPHONE (30S) 464-B200
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