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insurance con~pany or savings and loan assxiation
that ao acquires its title. Neither shall such pro-
visions require the approval of a purchaser who
acquires title to an apartment at a duly advertised
public sale with open biddinq provided by law, such
as but not limited to an execution sale, foreclosure
sale, judicial sale or tax sale.
D. Unauthorized transactions. Any sale, mortgage, lease or ~
other transfer of any apartment not authorized pursuant
to the terms of this Declaration shall be void unless
subsequently approved by the Association.
ARTICLE XVI?: PURCHASE OF APARTMENTS BY ASSOCIATION
The Association may not purchase any apartment without the _
prior written approval of seventy-five percent (758) of the ~
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members eligible to vote. A member whose apartment is the subject
matter of the proposed purchase shall be ineligible to vote thereon.
Notwithstanding the foregoing, the decision of the Association to
purchase an apartment may~be made by its board of directors without'
' the necessity of approval by its membership when the apartment is
f
~ to be purchased at public sale resulting from a foreclosure of the
~ Association's lien for delinquent assessments where the bid of the ;
;
Association does not exceed the amount due the Association nor when '
an apartment is acquired by the Association in lieu of foreclosure
of its lien for delinquent assessments where the consideration
paid for said apartment does not exceed the amount of such delin-
quent assessments.
ARTICLE XVIII: RIGHT OF FIRST REFUS~AL IN DEVELOPER
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~p Notwithstanding anything herein to the contrary, the Developer
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~ shall have the right of first refusal to purchase any apartment
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~ which the Association shall have the right to purchase upon the
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N[ILL ORIFFIN JEFFRIEa i LLOYO
GMAATERED
P O BOx 1270. fOili W ERCE, FIORIDA 33450 - TELEPMONE (7051464-A200 ,
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