HomeMy WebLinkAbout0977 as payee, the Insurance Trustee shall also name the
mortgagee as payee of any distribution of insurance
proceeds to a unit owner; and further provided, that
when the Association or a mortgagee which is the
beneficiary of any insurance policy, the proceeds of
which are included in the construction fund, so
requires, the approval of an architect named by the
Association shall be first obtained by the Association
before disbursements in payment of costs of
reconstruction and repair.
22.7 Equitable Relief. In the event of major damage
to or destruction of all or a substantial part of the condominium
property, and in the event the property is not repaired,
reconstructed, or rebuilt within a reasonable period of time, any
unit owner shall have the right to petition a court of equity,
having. jurisdiction in and for St. Lucie County, Florida, for
equitable relief which may, but need not necessarily, include a
termination of the Condominium and a partition thereof.
23. TERMINATION OF CONDOMINIUM. The condominium may be
termi-Hated in the following manner in addition to any manner
provided by the Condominium Act.
23.1 Destruction. If it is determined in the manner
elsewhere provided herein that the building shall not be
reconstructed because of substantial damage, the condominium plan
of ownership shall be terminated without agreement.
23.2 Agreement. The condominium may be termined at
any time by the approval in writing of all record owners of units
and all record owners of mortgages on units. If the proposed
termination is submitted to a meeting of the members.of the
Association, the notice of such meeting shall give notice of the
proposed termination, and if the approval of the owners of units
to which more than seventy-five percent (75$) of the common
elements are appurtenant, and of the record owners of all
mortgages upon the units, are obtained ir. writing not later than
thirty (30) days from the date of such meeting, then the approving
owners shall have an option to buy all of the units of the other
owners for the period ending on the sixtieth (60th) day from the
date of such meeting. Such approvals shall be irrevocable until
the expiration of the option, and if the option is exercised, the
approvals shall be irrevocable. The option shall be upon the
following terms:
(a) Exercise of Option. The option shall be exercised
by delivery or mailing by certified mail to each of the
record owners of the units to be purchased an agreement to
purchase signed by the record owners of the units that will
participate in the purchase. The agreement shall indicate
which units will be purchased by each participating owner and
shall.reguire the purchase of all units owned by owners not
approving the termination. The agreement shall effect a
separate contract between beach seller and purchaser.
(b) Price. The sale price of each unit shall be the
fair market value determined by agreement between the seller
and purchaser within thirty (30) days from the delivery or
mailing of such agreement, and in the absence of agreement as
to price,
DC -27
BOOK ~4GE ~76