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American Arbitration Association, except that the arbitrators will be
two agpraisers appointed by the American Arbitration Association who
will base their determination upon an average of their appraisals of
the apartments and a judgment of specific performance-of the dale - '
upon the award rendered by the arbitrators maybe entered in-any -
Court of competent jurisdiction. The expense of .the arbitration will '
be paid by the Purchaser. '
- 2. The purchase price will be paid in cash.
3. The sale will be closed within ken (1Q) days
following the determination of the sale price.
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 requrired by this instrument, or ff a purchaser furnished
by the Associatifln shall default in his agreement to-purchase, then
notwithstanding-the disapproval, the transfer or ownership previously
disapproved will be deemed to have been approved, and the Association
will furnish a certificate of approval as elsewhere provided. -
14.4.. ~Mort a__~~e. No apartment owner may mortgage his -
apartment or .any me in it without the approval of the -
Association unless it is by an institutional mortgage of a mortgage
to-the Developer to secure a portion or all of the purchase price.
The approval of any other mortgage may be upon conditions determined
by the Association or may be arbitrarily withheld:
- 14.5. Exceptions. The foregoing provisions of this
section entitled- aintenance of Community Interests" will-not apply.
_ to a transfer to oc a purchase by the holder of an institutional
mortgage, that acquires its title as the result of owning such.
mortgage or lien upon the-apartment concerned; and this will be so
- whether the title is acquired by deed from the apartment owner, his- -
successors or assigns, or through foreclosure proceedings; nor mill -
such provisions apply to a transfer, sale or lease by the holder of
an institutional mortgage, that so acquired its title;-, nor will such
provisions apply to a transfer, sale or lease by-the- developer.
I Neither will such provisions require the approval of a purchaser who -
acquired the title to an apartment at a duly. advertised public sale
with open bidding provided by law, such as but not limited to
execution sane,- foreclosure sale, judicial sale, or tax sale.
14.6. Unauthorized Transaction.- Any sale,-mortgage, or
lease not authorized pursuant to the terms of this Declaration will
be void unless subsequently approved by the Board of DirPCtors of_the
Association, -
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15. COMPLIANCE AND DEFAULT.
Each apartment owner will be governed by and will comply
~ with the terns and provisions of this Declaration, the Articles of
Incorporation and Bg-Laws of the Association, and the rules and -
regulations adopted-pursuant to those documents, as they may be
amended from time to time. Failure of an apartment owner tc comply -
~ with such documents and regulations will entitle the Association or
other apartment owners. to the following reliez in addition to the
F remedies provided by the Condominium-Act or otherwise.
ls.l. Increase in Insurance Premiums. An apartment owner
shall pay the Assoc anon the amount o any- ncrease in its insurance
f - premiums occasioned by use, misuse, occupancy or abandonment of an
~ apartment om its appurtenances, or of the common elements, by the -
-apartaent owner. -
15.2, Costs and Attorne s' Fees. In any proceeding _
arising because of an alleged fa ~.ure of an apartment owner or the
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