HomeMy WebLinkAbout1413 obtained such title of a purchaser or purchasers who will purchase the respec-
tive Apartment at its fair market value . The fair market value of the Apart-
ment will be determined by one of the following methods: (a) by three (3)
M.A.I. appraisers, one of whom shall be selected by the proposed purchaser,
one by the person holding title, and one by the two appraisers so selected;
(b) by mutual agreement between the purchaser and the person holding title;
or (c) by one M.A.I. appraiser mutually agreed upon by the purchaser and
the person holding title . All costs for such appraisal shall be paid by the
purchaser . The purchase price shall be paid in cash and the sale closed
within thirty (30) days after the determination of the purchase price. Simul-
taneously upon notification Lo the person holding title that the Association has
a purchaser for the respective Apartment, the person holding title and such
purchaser shall execute a contract providing for the acquisition of such
Apartment in accordance with the terms of this Declaration . -
3. In the event the purchaser furnished by the Association pur-
suant to the paragraph innmediately preceding shall default in his obligation to
purchase such Apartment, .then the Association shall be required to approve
the passage of title to the person then holding title thereof and shall issue
and deliver the Certificate of Approval.
D. Rights of Approved Mortgagee in Event of Foreclosure
Notwithstanding any ~ provisions in this Declaration to the contrary ,
an Approved Mortgagee (other than a purchase money mortgagee which is not
an institution described in Article XV hereof) , including Developer , upon
becoming an Apartment Owner through foreclosure or by deed in lieu of
foreclosure, or whomsoever shall become an Apartment Owner as a result of a
foreclosure sale by an Approved Mortgagee shall have the unqualified right to
sell, lease, mortgage or otherwise transfer or encumber said Apartment with-
out prior approval of the Board, and the provisions of Paragraphs A, B, and
C of this Article XV shall not apply to such persons . For purposes of this
Paragraph D, the term "Approved Mortgagee" shall include mortgagees which
have loaned money to Developer in order to enable Developer to construct
improvements upon the Land and -which have become an Apartment Owner as a
result of such loan or loans .
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E. Rights of Approved Mortgagee to Receive Notices
Upon receipt by the Association from any Approved Mortgagee of a
copy of the mortgage held by such mortgagee .on an Apartment, the Associa-
lion shall timely deliver to such mortgagee the following
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1. A copy of any notice of a meeting of the Association or of the
= Board which is delivered to Apartment Owners;
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2. A copy of any financial statement of the Association which is
1 delivered to Apartment Owners ;
3. Written notice of any termination by the Association of any
professional management of the Condominium Property and the assumption by
the Association of the self-management thereof ;
4. Thirty (30) days prior written notice of the cancellation or
termination by the Association of any policy of insurance held by the Associ-
ation ;
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- 5. Written notice of any damage to the Common Elements, the cost
of repair of which is estimated by the Association to be in excess of Ten
Thousand (=10,000.00) Dollars;
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RUDEN, BARNETT, McCLOSKT 6 SCHUSTER ATTO RN E'IS AT LAW, 25 SOVTH ANDREWS AVENUE, FORT LAUDERDALE. FLORIDA