HomeMy WebLinkAbout0111 1. Exercise of option . The option shall be exercised by deZivery or mailing by regis-
tered mail to each of the record owners of the units to be purchased, an agreemeni
to purchase signed by the record owners of dwelling units who will participate i~-
the purchase. Such ari agreement shall indicate which dwelling units will be pur-
chased by each participating owner and shall require the purchase of all dwelZing
units owned by oaners not approving the termination, but the agr~ement shall
effect a separate contract between each seller and his purchaser .
2. Price . The sale price for each dwelling unit shall be the fair market value deter-
mined by agreement between the seller and the purchaser within thirty (3Q) days
from the delivery or mailing of such agreement and in the absence of agreement as
to price it shall be determined by arbitration in accordance with the then existing
rules of the American Arbitration Association, except that the arbitrators shall be
two appraisers appointed by the American Arbitration Associatioa who shall base
their determination upon the average of their appraisals of Lhe dwelling unit and
a judgment of specific performance of the sale upon the award rendered by the ar-
bitrators may be entered in any court of competent jurisdiction. The expense of
the arbitration shall be paid by the purchaser .
3. Payment . The purchase price shall be paid in cash .
4. Closing. The sale sha12 he closed within ten (10) days following the determination
of the sale price.
C. Certificate. The termination of the condominium in either of the £oregoing manners.
shall be evidenced by a certificate of the Association executed by its President and Secretary
certifying as to facts effecting the termination, which certificate shall become effective npon
being recorded in the Public Records of St. Lucie County, Florida.
D. Shares of Owners after Termination . After termination of the condominium, the
dwelling unit owners shall own the condominium property and all assets of the Association as
tenants in common in undivided shares that shall be the same as the undivided shaxes in the
common elements appurtenant to the owner's dwelling units prior to the termination .
E. Amendment. This section concerning termination cannot be amended without consent
of all dwelling unit owners and of all record owners of mortgages upon the dwelling unit.
ARTICLE XVI
SEVERABILITY AND CONCLUSION
The invalidity in whole or in part of any covenant or restriction or any seciion, sub-
section, sentence, clause, phrase or word, or other provisian of this Declaration of Condo-
minium, Articles of Incorporation, By-Laws or Regulations of the Association shall not affect
the validity of the remaining portions .
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