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HomeMy WebLinkAbout1412 stated in the Offering, and the Offeror shall not be relieved of such obliga- tion except upon the written consent of the Association and the Substituted Purchaser or Lessee. Upon closing with the Substituted Purchaser or Lessee, the Association shall deliver its Certificate of Approval. (c) In the event the Substituted Purchaser or Lessee fur- nished by the Association pursuant to this Subparagraph 2 shall default in his obligation to purchase or lease such Apartment as the case may be, then the Association shall be required to prepare and deliver the Certificate of Approval to the Offeror and the purchaser or lessee of the Offeror named in the Offering . B . Mortgages No Apartment Owner may mortgage his Apartment or any interest therein without the approval of the Association, except to a life insurance company doing business in Florida and approved by the Commissioner of Insurance of the State of Florida; a Federal or State Savings and Loan Associ- ation or Building and Loan Association or commercial bank doing business in the State of Florida; a Mortgage Banking Company licensed to do business in the State of Florida, or any subsidiary thereof licensed or qualified to make mortgage loans in the State of Florida; or to the Developer or an assignee of the Developer; or a purchase money mortgage accepted by an Apartment Owner as part of a sales transaction of the Apartment. Hereinafter, such permitted mortgagees described above are called "Approved Mortgagees", which term also includes any transferee of a mortgage encumbering arty Apart- ment which mortgage was originally held by Developer and such transferees shall have all of the rights which Developer would have had if Developer had , not transferred such mortgage; and the Federal National Mortgage Association, Government National Mortgage Association and Federal Home Loan Mortgage Corporation as the .transferee of a mortgage encumbering any Apartment which mortgage was originally held by an Approved Mortgagee. The approval or disapproval of any other mortgagees shall be within the sole and absolute discretion of the Board. C. Acquisition by Gift, Devise, or Inheritance 1. Any person who has obtained an Apartment by gift, devise, inheritance, or by any other method not heretofore considered (except for the spouse or parents of the immediately previous Apartment Owner of such Apartment) shall give to the Association notice thereof together with such information concerning the person(s) obtaining such Apartment as may be reasonably required by the Association and a certified copy of the instrument by which such Apartment was obtained. If such notice to the Association -is ~ not given to the Association, then at any time after receiving knowledge thereof , the Association shall proceed in accordance with the following . Sub- paragraph as if it had been given such notice on the date of receipt of such knowledge . 2. Within thirty (30) days after receipt of the aforementioned notice or knowledge, the Association shall have the right either to approve or disapprove of such transfer of title. Approval of the Association shall be by Certificate of Approval and shall be delivered to the person who has obtained such title . In the event the Association fails to take any action pursuant to ~ this Subparagraph within such thirty (30) day period, such failure to act shall be deemed to constitute such approval and the Association shall deliver the Certificate of Approval to the person who has obtained such title . In the event the Association disapproves such transfer of title, the Association shall 's advise in writing, within such thirty (30) day period, the person who has 3 15 goon Pac~1~~ r RUDEN, BARNETT, McCl05~(r 6 SGHUSTER. A7TORNErS A• L4W, 25 SOUTN ANDREWS AVENUE. SORT LAU OE RDA LE. FIORiDA - _ - ~