HomeMy WebLinkAbout2030 elecfiion and without notice, may approve or disapprove
the transaction. If the Association disapproves the trans-
action, the Association shall prnceed as if i~ had received
the required notice on the date of such disapproval. Any
sale, mortgage or lease wh~ch is not auttiorized pursuant to the
terms and provisions of this Declaration shall be void unless
subsequently approved in writing by the Association.
13.3 Disapproval by Association. If the Association shall
disapprove a transfer of ownership of an apartment, the matter
~ sh~?? ~e ~~=~Ge~ the f~1_1_~win~ m~,nner:
(a) Sale. If the proposed transaction is a sale and
if the notice of sale given by the apartment owner shall so
demand, then within thirty (30) days after receipt of such
notice and infoMnation the Association shall deliver or mail
by registered mail to the apartment awner an agreement to
purchase fihe apartment concerned by a purchaser approved by
the Association, or an agreement to purchase signed in behalf
of the Association by its President and attested by its
Secretary, in w}~ich event the apartment owner shall sell -
the apartment to the named~purchaser at the price and upon
the teMns stated in the disapproved contract to sell, except-
ing, that at the option of the named purchaser the purchase
price may be paid in cash at closi.ng.
(1) The sale shall be closed within thii•ty (30) .
days after delivery or mailing of the agreement to :
purchase, or upon the date designated in the dis-
approved contract, whichever date shall be later.
(2) A certificate of the Association executed by
any of its officers in recordable form shall be
• delivered to the purchaser. _
(3) If the Association shall fail to purchase
or provide a purchaser upon demand of the apartment :
owner in the manner provided, or if the purchaser
furnished by the Association shall default in his
agreement to purchase, the proposed transaction
shall be deemed to have been approved, and the _
Association shall furnish a certificate of approval
as elsewhere provided, in recordable form.
(b) Lease. If the proposed transactian is a lease,
the apartment owner shall be advised of the disapproval
in writing, and the lease shall not be made.
(c) Gift, devise or inheritance; other transfers.
If the apartment owner giving notice has acquired his title
by gift, devise or inheritance, or in any other manner, then
within thirty (30) days after receipt from the apartment owner
of the notice and information required to be furnished, the
Association shall deliver or mail by registered mail to the
apartment owner an agreement to purchase the apartment concerned
by a purchaser approved by the Association who will purchase and -
to whom the apartment owner must sell the apartment upon the
following terms:
(1) The sale price shall be the fair market value
determined by agreement between the seller and the '
purchaser within thirty (30) days from the derlivery or ~
mailing of such agreement. In the absence of agree- -
ment as to price, the price shall be determined by
arbitration in accordance with the then existing rules .
of the American Arbitration Association who shall base ,
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