HomeMy WebLinkAbout2597 American Arbitration Association, except that the arbitrators will be
two appraisers appointed by the American Arbitration Association w•ho
will base their deter~~ination 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 may be entered in any
Court of competent j~risdictfon. 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 ten (10) 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 Associati~~n shall fail to provide a
purchaser as reyuired by this instrument, or if a purchaser furnished
by the Association shall default in his agreement to purchase, then
notwithstandiny 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. Mortgage. No apartment owner may mortgage his •
apartment or any interest in it without the approval of the
Association unless it is by an institutional mortgage or 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 "Maintenance of Community Interests" will not apply
to a transfer to or 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 will
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.
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 sale, 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 Directors of, the
~ Association.
15. COMPLIANCE AND DEFAULT.
Each apartment owner will be governed by and will comply
with the terms and provisions of this Declaration, the Articles of
Incorporation and By-Laws of the Association, and the rules and
regulations adopted pursuant to those d~~cuments, as they may be
( amended from time to time. Failure of an apartment owner to comply
with such documents and regulations will entitle the Association or
other apartment owners to the following relief in addition to the
remedies provided by the Condominium P.ct or otherwise.
a
15.1. Increase in Insurance Premiums. An apartment owner
_ shall pay the Association the amount of any increase in its insurance
f premiums occasioned by use, misuse, occupalcy or abandonment of an
apartment or its appurtenances, or of the common elements, by the
{ apartment owner.
15.2. Costs and Attorneys' Fees. In any proceeding
arising because of an alleged failure of an apartment owner or the
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