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accompanied by all documentation provided pursuant to 11.1
a. (1) above. Within twenty-one (21) days after receipt
of such notice and information from the Association, each
record unit owner, except the record unit owner who is
offering his unit Por sale, shall have the right to
purchase said unit on the same terms and conditions. as
contained in the said notice and information. Each unit
owner desiring to participate in purchase of the unit
offered for sale or any interest therein shall be entitled
to acquire his proportionate share of the interest offered
for sale in the ratio of his ownership of the common
elements to the total ownership of common elements of all
unit owners participating in said purchase, the formula
for such is as follows
Individual participating
unit owners common elements
Proportionate share of
participating unit owner =
Sum of all common element .
ownership of all unit
owners' participation in the
said purchase.
b. Sale to Non-Unit Owner. If the proposed
transaction is a sale and no unit owner exercises his
rights as set forth in Paragraph 11.2 a. above, then
within thirty (30) days after receipt of notice and
information of sale the Association shall deliver or mail
by certified mail to the unit owner an agreement to
purchase by a purchaser approved by a majority of the
membership of the Association who will purchase and to
whom the parcel unit owner must sell the parcel unit upon
the following terms:
(1) At the option of the purchaser to be
stated in the agreement, the price to be paid shall
be that stated in the disapproved contract to sell,
or shall be the fair market value determined by
arbitration in accordance with the then existing
E rules of the American Arbitration Association, except
~ that the arbitrators shall be .two appraisers
appointed by the American Arbitration Association who
E shall base their determination upon an average of
their appraisals of the unit; and a judgment of
specific performance of the sale upon the award
rendered by the arbitrators may be entered in any
court of competent jurisdiction. The expense of the
arbitration shall be paid by the purchaser.
(2) The purchase price shall be paid in
cash. ?
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(3) The sale shall be closed within thirty
(30) days after the delivery or mailing of said t
agreement to purchase, or within ten (10) days after
the determination of the sale price if such is by
arbitration, whichever is the later, subject to a p
reasonable time extension to permit title examination
by the Purchaser.
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