HomeMy WebLinkAbout2036 (b) Price. The sales price for each apartment shall
be the fair market value determined by agreemenfi between the
seller and the purchaser within thirty (30) days from the
delivery or mailing of such agreement, and in the absence of
agreement as to price, it shall be_d~cerrt~ined by arbitration
in accordance with the then exisfiing rules of the American
Arbitration Association, except that the arbitrators shall
, be two appraisers appointed by the American Arbitration
Association, except who shall base their deteMnination upon
an average of their apprai.sals of the apartment; and a jud8nent
ot specific peri~~rar?ce ui ~j~~ ~a~c ~:g~r ~h~ ~sz'ard rendered by
the arbitrators may be entered in any court of competent
jurisdiction. The expense of the arbitration shall be paid by
the purchaser. In any such action for specific perfonnance the
prevailing party shall also be entitled to his reasonable attor-
neyTs fees and costs incurred in connection therewith.
(c) Payment. The purchase price shall be paid in.
cash, provided, in the event there shall be a pre-existi.ng
first mortgage on-the condominium unit, then the purchaser
shall have the option of assuming the remaining principal
obligation thereof, and that portion of the purchase price
which is in excess of such mortgage shall be payable in
cash at closing. ,
(d) Closing. The sale shall be closed within thirty
Fa (30) days following dete~ni.na~ion of the sale price.
19.3 Certificate. Termination of the Condominium in either
of the foregoing manners shall be evidenced by a certificate
of the Association executed by its President and Secretary
certifying to the facts effecting the termi.nation, said certi-
ficate to become effective upon being recorded in the Public _
; Records of St. Lucie County, Florida.
; 19.4 Shares of owners after te~ination. After termination
; of the Condominium fihe apartment owners shall own the Condo-
; minium property and all assets of the Associati.on as tenants
i in common in undivided shares that shall be the same as the -
t undivided shares in the comnon elements appurtenant to the
f owners! apartments prior to the termination.
x
~ 19.5 Amendment. This section concerning termination cannot
~ be amended without consent of all apartment owners and of
~ all record owners of mortgages upon the apartments.
~ -
20. Severability. The invalidity in whole or in part of any
~ covenant or restriction, or any section, sub-section, sentence, clause,
= phrase or word, or other provision of this Declaration of Condominium
~ and the Articles of Incorporation, By-Laws and REgulations of the Assoc-
~ iation shall not affect the validity of the remaining portions,
~ 21. The developer pursuant to F.S. 711.69(22) has in bood `
faith attempted to comply with the requirements of the condominium act
~ atid,_in fact, has substantially complied with the disclosure require- ;
ments of the Act, therefore, any non-material errors or omissions in the
~ disclosure materials shall not be actionable.
IN WITNESS WHEREOF, the Developer has executed this Declara- 3
tion of Condominium this ~ day of ~~/n/IQG l~' , 1975. ;
::y s
FT. PIERCE CONST CTION CORPORATION, ;
Attest: A Florida corpo i s
, ~ . ,
, . .
~ 1 { ~
- ~ ~1~~ By ~~~'Yv .~LG~, ~
' ~
~ ~ , ~ ar.y / President
~ ~ ~ ~ • . o ~
r ~ - ~ ~ ~
_ ^ ~ j r ' s
K_~ ` . ~ ~ ~a°;~ ~ . 24 ~ R _ :
„ ~L: - - a~oK ~e.l~ PACE2034
_ ~
~ -
~
- . ~
4,'v€,~~i'.'~ _ . . _ . . . _ - . _4