HomeMy WebLinkAbout1270 Condominium as it deems advisable in its sole discretion. Each
Condominium Unit shall be entitled to the exclusive use of one
(1) parking space. A portion of the parking spaceB may be for
the use of guest parking and/or additional parking spaces for
Condominium Units in this Condominium as determined by and pursuant
to the Rules and Regulations adopted by the Board of Directors of
the Association.- Sach parking space is given an identifying
number or letter and no parking space bears the same identifying }
number or letter as any other parking space. The number ox
letter and location of each parking space is not set forth on the •
Survey Exhibit attached hereto as Exhibit No: "1." When a specific
parking space is assigned to a Unit Owner, it shall be deemed a
Limited Common Element for the exclusive use of said Unit Owner,
subject, however, to the foregoing provisions as to the right to
change assignments. The term "Unit Owner" as used in this Article
shall mean and include said Unit Owner's lessee or the occupant
of a Unit where said party is occupying said Unit in place of the
Unit Owner.
.Where a Unit Owner, lessee or occupant thereof is not using
said Unit's designated parking space for any period of time, it
shall so advise the Association referred to above, and the Associa-
tion shal-1 have the right to authorize the use of said parking
space during such periods of time to such party and under such
terms and conditions as they determine, and said Unit Owner shall
not be entitled to any compensation therefor.
ARTICLE XVII -
TERMINATION
This Condominium may be voluntarily terminated in the manner
provided in Section 718.117 of the Condominium Act at any time
and, in addition hereto, as provided in Article XIII hereof;
provided however, the written consent of all Institutional Mortgagees
shall also be required to such termination except as provided in
said Article XIII hereof. In addition to the said method estab-
lished in said Article XIII, if the proposed voluntary termination
is submitted to a meeting of the membership of the Association, .
pursuant to notice, and is approved in writing within sixty (60)
days of said meeting by three-fourths (3/4) of the members of the -
~ Association, and by all Institutional Mortgagees, then the Associ-
ation and the approving Owners, if they desire, shall have an
option to purchase all of the Units of the other Owners within a
period expiring. one hundred twenty (120) days from the date of
such meeting. Such approvals shall be irrevocable until the
expiration of the option, and if the option is exercised, the
approvals shall be irrevocable. The option shall be exercised
upon the following terms: -
A. Exercise of O tion: An Agreement to Purchase, executed
by the Association an or the record Owners of the Condominium
Units who will participate in the purchase, shall be delivered by
certified or registered mail, to each of the record owners of•the
Condominium Units to_be purchased. Such delivery shall be deemed
the exercise of the option. The Agreement shall indicate which
Condominium Units will be purchased by each participating ()caner
and/or the Association, and shall require the purchase of all -i,
Condominium Units owned by Owners not approving termination, but
the Agreement shall effect a separate contract between the seller
and his purchaser.
B. Price: The sale price for each Condominium Unit shall
be the fair
market value-determined by agreement between the
seller and the purchaser, within thirty (30) days from the delivery
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