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3. Gift devise or inheritance other transfers.
If the apartment owner g v ng not ce as acqu re s t t e y q t,
devise or inheritance or in any other wanner, than within thirty (30)
days of-ter receipt of such notice and information the Association
must either approve or disapprove the continuance of the apartment
owner's ownership of his apartment. If approved, the approval will
be stated in a certificate executed by the President of the
Association. - - -
14.3. Disa royal b Association. If the Association
shall disapprove a. transfer or ownersh p o _ an apartment,-the matter
will be disposed of in the following manner:
(a) Sale, If the proposed transaction is a.sale and-
- if` the notice of sale given by the apartment owner shall so demand,
then within thirty (30) days after receipt of such notice and inform- -
ation the Association will deliver or mail by regi$tered~mail to the.
apartment owner an agreement to purchase the apartment concerned by a
purchaser approved by.it, who will purchase and to whom the apartment
owner-must sell the apartment upon the .following terms: _
1. At-the option of the purchaser to be stated
in the agreement, the price to be paid-will be that stated~in the
. disapproved contract to sell or it will be the fair market value
determined by arbitration in accordance with the then existing rules
of the American Arbitration Association, except that the arbitrators
will be-two appraisers appointed by the American Arbitration Associa-
tion who will base their detenaination upon an average of their _
appraisals of the apartment;-and a judgment of specific performance
of the sale-upon the-award rendered by the arbitrators maybe entered-
in any-Court of con~etent jurisdiction. The_espense of the arbitra-
tion will be paid by the purchaser.
2. The purchase price will be paid in cash. _
Ij - 3. The sale will be closed within thirty (30) _
i days after the delivery ox mailing of the agreement to purchase, or
within ten (i0) days after the determination of the sale price if
~ such is by arbitration, whichever is the later.
4. A certificate approving the purchaser will be
executed by the President and Secretary of the Association.
5. If the Association shall fail. to provide a
purchaser as required by-this inetru®ent, or if a purchaser furnished
by it shall defa~ilt~in his agreement to purchase, then notwithstand- _
ing the disapproval, the transfer or ownership previously disapproved
will be deemed to have .been approved; and"the Association will furn-
ish-a certificate. of approval as elsewhere provided.
_ (b) Lease. If the proposed transaction is a lease,
an apartment owner w~-6e advised of the disapproval in writing, and
the lease-will not be made.
{c~ Gifts; devise or inheritance; .other transfers.
if the apartment owner g v ng not ce has acqu red h s tit a by gi t,
devise or inheritance, or in any other manger, then within thirty
(30) days after receipt -frogs the apartment owner of the notice and
information required to be furnished, the Association will deliver or
mail by registered mail to the apartment o~tner an agree®ent to
a purchase the apartment concerned by a purchaser approved by it, who
will purchase and to whom the apartment owner must sell the apartment
upon the following terms: - -
r
~ 1.- The sale price will be the fair market value
determined by agreement between the seller and purchaser within
thirty (30) days from the dPliaery or mailing of such agreebent. -In
-the absence of ayreement af: to price, the price-will be determined by -
arbitratfon in accordance with the then existing rules of the
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