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owner's ownership of his unit. Such approval or
disapproval shall be transmitted to the owner in writing
within the aforesaid fifteen {15) day period, and
failure to do so shall constitute approval of the
ownership. If approved, the approval shall be stated in
a certificate executed by the President or Vice
President of the Association, which shall be recorded in
the public records of St. Lucie County, Florida, at the
expense of the unit owner.
19.3 Disa royal b Association. The Association may
disapprove the transfer o ownership o~ a unit if the transferee
does not qualify to be a unit owner pursuant to this Declaration
by delivering or mailing to the transferor, within ten (10) days
after receipt of the notice of intent to transfer, notice of the
disapproval and the grounds therefor. If the Association shall
otherwise disapprove a transfer of ownership of a unit, the matter
shall 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 unit owner shall so
demand, then within fifteen (15) days after receipt of such _ -
notice and information, the Association shall deliver or
mail, to the unit owner an agreement to purchase the unit
concerned by a purchaser approved by the Association who will
purchase and to whom the unit owner must sell the unit upon
the following terms:
(1) The price to be paid shall be the bona fide
price stated in the disapproved contract to sell, and a
judgment.of specific performance of the sale may be
entered in any court of competent jurisdiction. If a
question arises as to whether or not the sale price is a
bona fide price, the question shall be resolved by
having the price determined by arbitration in accordance
with the then existing rules of the American Arbitration
Association, except that the arbitrators shall be two
appraisers appointed by the American Arbitration
Association who shall base their determination upon the
average of their appraisals of the-unit.
(2) The purchase price shall be paid in cash.
(3) The sale shall be closed within thirty (30)
days after the delivery or mailing of the agreement to
purchase, or within ten (10) days after determination of
the sale price if such is by arbitration, whichever is
later.
(4) A certificate of the Association executed by
its President or Vice President approving the purchaser
shal l be recorded in the public records of St . Lucie
County, Florida, at the expense of the purchaser.
(S) If the Association shall fail to provide a
purchaser upon demand of the unit owner in the manner
provided, or if a purchaser furnished by the Association
shall default in his agreement to purchase, then
notwithstanding the disapproval, the proposed
transaction shall be deemed to have been approved, and
the Association shall furnish a certificate of approval
as elsewhere provided, which shall be recorded in the
public records of St. Lucie County, Florida, at the
expense of the seller.
DC-16
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