HomeMy WebLinkAbout2031 their determination upon an average of their
appraisals of the apartment; and a judgment of
specific perforniance of the sale upon the award
rendered•by the jurisdiction. The expense of the
arbitration shall Le paid by the purchaser. In
any such action for specific perfo~nance the pre-
vailing party shall be entitled to recover his
reasonable attorneys' fees and court costs incurred.
(2) The purchase price shall be paid in cash.
(3) The sale shall be closed within thirty (30}
days follawing deteMnination bf the sale price.
(4) A certificate of fihe Association executed by
any of its officers in recordable form shall be delivered ;
to~th e purchaser.
(5) If the Association shall fail to provide a f
purchaser as required by this instrument, or if a
purchaser furnished by the Association shall default
_ in his agreement to purchase, th~nnotwithstanding the
disapproval such ownership shall be deemed to l~ave
been approved, and the Associafiion shall furnish a ~
;
"~,±iFZ~~to nf annrnval ac P1SP_Whel'EE provided~ iri
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recordable fo~n, to the apartment o~,mer. .
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13.4 Mort~gage. No apartment awner may mortgage his apartment =
nor any interest in it without approval of the Association ;
except to a bank, life insurance company or a savings and loan
association, or to a seller to Secure a portion or all of the
purchase price. The approval of any other mortgagee may be
upon conditions deteri?u.ned by the Association or may be
~ arbitrarily withheld.
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E 13.5 Exceptions. The foregoing provisions of this section `
~ entitled "Maintenance of Corm?unity Interestst' shall not apply :
~ to a transfer to or purchase by a bank, life insurance company,
P savings and loan association or other institution that so s
r acquires 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 mortgagor, his successors or assigns,
~ or through foreclosure proceedings; nor shall such provision
~ apply to a transfer, sale or -lease by a bank, life insurance
~ company, savings and loan association or other institution
~ that so acquires its title. Neither shall such provisions
~ require the approval of a purchaser who acquires the title
~ to an apartment at a duly advertised public sale with open
~ bidding provided by law, such as but not limited to execution
~ sale; foreclosure sale, judicial sale or tax sale. Neither
; shall such provisions apply to the Developer, or any person
~ who is an officer, stockholder or director of the Developer,
~ or to any corporation having some o"r all of ,its directors, °
:2 officers or stockholders in common with the Developer, and
= any such person or corporation shall have the right to freely ~
=f sell, lease, transfer or otherwise deal with the title and ~
possession of an apartment unit without complying with the a
provisions of this section, and without the approval of the ~
Association. . z
~ 13.6 Unauthorized transactions. Any sale, mortgage or lease ~
not authorized pursuant to the terms of this Declaration shall ~
_
- be void unless subsequently approved by~the Association. >
13.7 Recording approval. Wl~enever ~.n this section an ~
approval in recordable form is required of the Association }
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