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(b) Lease. If the proposed transaction is a lease then
within ten (10) days after receipt of the notice of intent to
lease given by the.unit owner and accompanying information,
the Association shall deliver or mail, to the unit owner a
written statement of its disapproval of the proposed
transaction.
(c.) Gifts, Devise or Inheritance; Other Transfers. If
the unit owner giving notice has acquired his title by gift,
devise or inheritance, or in~any other manner, then within
fifteen (15) days after receipt from the unit owner of the
notice and information required to be furnished, the Associa-
tion 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 sale price shall be the fair market value
determined by agreement between Seller and Purchaser
within thirty (30).days from the delivery. or mailing of
such agreement. In the absence of agreement as to
price, the price shall be 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 determina-
tion upon the 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.
(3) The sale shall be closed within ten (10) days
following the determination of the sale price.
(4) A certificate of the Association executed by
its President or Vice President and approving the
Purchaser shall be recorded in the public records of St.
Lucie County, Florida, at the expense of the Purchaser.
(5) If the Association shall fail to provide a
purchaser as required by this instrument, or if a
purchaser furnished by the Association shall default in
his agreement to purchase, then notwithstanding the
disapproval, such ownership shall be deemed to have been
approved, and the Association shal 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 unit owner.
19.4 Mortgage. No unit owner may mortgage the unit,
or any interest in it, without the approval of the Association,
except to an Institutional Mortgagee, as defined herein, or to a
vendor to secure a portion or all of the purchase price. The
approval of any other mortgagee may be upon conditions determined
by the Association or may be withheld by the Association.
19.5 Exceptions. The foregoing provisions of this
Paragraph 19 shall not apply in the following instances:
(a) A transfer to or purchase by an Institutional
Mortgagee, that acq«~res its title as the result of owning a
mortgage upon the unit concerned, and this shall be so
DC -17
~~x 327 F~~~~ ~6