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HomeMy WebLinkAbout2032 in connection with fihe sale, transfer or pledging of an apartment, it is understood and agreed~that the sale approval shall not be recorded except at the same time and simultaneously wit}~ the recording of the Deed or mortgage, as appropriate. 13.8 Notice of lien or suit. (a) An apartment awner shall give notice, in writing, to the Association of every lien upon his apartment other than for authorized mortgages, taxes and special assessments wi~hir. f~ze (5) ~sys af~er }~:e atta~~:ir.g of th~ ?~.en. (b) Notice of suit. An apartment owner shall give notice, in writing, to the Association of every suit or other proceeding which may affect the title to his apartment, such notice to be given withi.n five (S) days after the apartment owner shall receive knowledge or notice thereof. (c) Failure to comply. Failure to comply with this sub-section concerning liens will not affect the validity of any judici.al sale. ' > 13.9 Whenever in this section an approval is required of the ~ Association in connection with the sale, transferring, leasing or pledging of any apartment, and such approval shall not have been obtained pursuant to the provisions hereof, failure upon the part of the Association to object in writing to such sale, transfer, pledging or leasing within ninety (90) days ; after the date thereof, or within thirty (30j days of the date upon which the purchaser, tranferee or lessee shall take possession of the premises, whichever date shall be later, - shall constitute waiver by the Association of the written consent ~ otheMVise required by this section. 7 ~ 14. Purchase of apartments by Association. The Association shall ~ have the power to purchase apartments subject to the following provisions: ~ j 14.1 Decision. The decision of the Association to purchase ; an apartment shall be made by its directors, without the = necessity of approval by its me~nbership except as is herein- - ~ after expressly provided for. ° 14.2 Limitation. If at any time the Association shall be ~ the owner or agreed purchaser of five or more apartments, it ~ may not purchase any additional apartment without the prior $ written approval of seventy-five (75~ percent of the members ~ eligible to vote. A member whose apartment is the subject ~ matter of the proposed purchase shall be ineligible to vote ~ thereon, provided, hawever, that the limitations hereof shall ~ not apply to apartments to be purchased at public sale result- ~ ing from a~oreclosure of the Association's lien for delinquent ~ assessments where the bid of the Association does not exceed ~ the aggregate of the amounts due by virtue of any and all z senior or superior liens against the apartment plus the amount ~ due the Association, nor shall the limitation of this para- j ~ graph apply to apartments to be acquired by the Association ~ ~ in lieu of foreclosure of such liens if the consideration there- ~ fore does not exceed the cancellation of such lien. ~ _ ~ - 15, Rights of Developer. Notwithstanding anything herein to ~ - the contrary, the Developer shall have the right of first refusal to : E' purc}~ase any apartment unit which the Association shall have the right a to purchase upon the same price and at the same terms available to the : - Association, such right of first refusal to continue until such ti.me ~ ; as the Developer shall have completed, sold and closed on the sale of ~ _ ; z ) ti 2~ ~ r:= : - € Y = - aaaK237 PACE2030 - ~ ~p~ 7" . . . . ; ~ - ~ Y h 2 ^e ~'2~3"`!s+ ~s . . . . _ , , . . . . _ . . _3.. .