HomeMy WebLinkAbout2133 hypothecate or mortgage his grnve as security for any obligation,
without the consent of any othe~• person. The Owner shall, 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, transfer, 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 immediate family shall hold such property
subject -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 enforceable 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-
. sively in charge of water control and management (including
without being limited to irrigation, drainage and Common -
E Property operation) and all road maintenance, .at cost, for the
~ benefit of all persons owning groves in the Grove, and -the costs
and expenses thereof shall be pro rata among all such owners.
13. The title to the Common Property shall be held by
Operator in its name as Trustee for the benefit of all persons
owning groves in the Grove, each of whom shall have an undivided
interest therein equivalent to the proportion that acres in his
grove bear to the entire number of acres in the Grove; and the
f"
costs of management and maintenance of the Common Property shall
t be borne by all of the owners in the same proportion.
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