HomeMy WebLinkAbout2119 hypothecate or u~ortgage his gr~~~e as security for any obliyation,
without the consent of any othe?- person. The Owner shat-1, prior
to any hypothecation, inform and give notice to the security
holder of this Management And Operating Agreement.
(b) The Owner may, by gift to a member of his
immediate family, Cransfer, assign or devise his grove, or any
portion thereof, free of any obligation to sell his grove to
any of the other Owners or Operator as required by subparagraph
(a) immediately preceding. "Immediate family" for purposes of
this agreement shall be deemed to mean Owner's spouse or issue,
or a trust for his, her or their benefit; provided, however,
such member of Owner's -immed-sate family shall hold such property
sub3ect to all of the terms and provisions hereof and shall make
no further transfer, other than as herein provided, except for
transfers by way of gift or devise to such a trust- or to members
of said donee's immediate family.
(c) Any option which becomes a contract for sale
and purchase shall be enf-orceable as if the same were a contract
for sale and a purchase on the form approved by the Florida
Association of Realtors and The Florida Bar, Copyright 1978, a
copy of which is attached.
12. During the term hereof, Operator shall be exclu-
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sively in charge of water control and management (including
without being limited to irrigation, drainage and Common
Property operation) and all road maintenance, at cost, for the
benefit of all persons owning groves in the Grove, and the costs
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and expenses thereof shall be pro rata- among all such owners.
13. The title to the Common Property shall be held by
g Operator in its name as Trustee for the benefit of all persons
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owning groves in the Grove, each of whom shall have an undivided
interest therein a uivalent to the pro onion that acres in his
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grove bear to the entire number of acres in the Grove; and the
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costs of management and maintenance of the Common Property shall.
be borne by all of the owners in the same proportion,
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