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ciation a true copy of any bona fide sales aqreement or raemorandwn
of the terms thereof, the name and address of each proposed pur-
chaser t~nd/or occupant, hereinafter referred to as the applicant,
and such additional information as the Condoaninium Association
may require. All such sales submitted shall be accompanied by
a$25 i.nvestigation fee. Within 20 days of the receipt of such
bona fide aqreement or memorandum thereof, the Condomin:ium Associa-
tion shall approve or reject the proposed applicant, and in the
event of rejection, the Condominium Association shall have a period
.of 30 days from the date of rejection within which to provide the
transferrinq owner with an approved applicant, upon substantially
the same terms and conditions as those contained in the agreement
or memorandum submitted to the Condominium Association. An appli-
cant provided by the Condominiwn Association shall close his trans-
action within 15 days of his approval. In the event of the failure
of the Condominium Association to approve or reject an applfcant
within the said 20-day period, or after rejection, to provide an
approved applicant within said 30-day period, or i.n the event of
the failure of the applicant provided by the Condominiun? Association
to close the transaction within the time specified, then, and in
any of such events, the Condominium Association upon demand of
the transferring owner, shall furnish a written approval of the
original applicant submitted by such owner to the Condominium Asso-
i ciation. T11e -8pproval of the Condominium Association shall be
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i in writing in recordable form, and shall be delivered to the
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i approved applicant.
~ In the event of a transfer to a corporation, the corgora-
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~ tion shall furnish the names and addresses of persons who will be -
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i occupants of the apartment, who shall each be subject to approval
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` by the Condominium Association. The sale of a Condominium Parcel
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` by sale of the stock of the corporate owner thereof shall not
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~ authorize any chanqe of occupants except upon their approval as -
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~ required in the case of a transfer to a corporation.
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