HomeMy WebLinkAbout1056 ARTICLE XVII
TERMINATION -
This Condominium may be voluntarily terminated in the manner
provided in Section 718.117 of the Condominium Act at any time
and, in addition hereto, as provided in Article XIII hereof;
provided however, the written consent of all Institutional Mortgagees
shall also be required to such tenaination except as provided in
said Article XIII hereof. In addition to the said method estab-
lished in said Article XIII, if the pioposed voluntary termination
is submitted to a meeting of the membership of the Association,
pursuant to notice, and is approved in writing within sixty_(60)
days of said meeting by three-fourths (3/4) of the members of the
Association, and by all Institutional Mortgagees, then the Associ-
ation and the approving Owners, if they desire, shall have an '
option to purchase all of the Units of the other Owners within a
period expiring one hundred twenty (120) days 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 exercised
upon the following terms:
A. Exercise of O tion: An Agreement to Purchase, executed
by the Assoc
Lion an or t e record Owners of the Condominium
Units who will participate in the purchase, shall be delivered by
certified or registered mail, to each of the record owners of the
Condominium Units to be purchased. Such delivery shall be deemed
the exercise of the option. The Agreement shall indicate which
Condominium Units will be purchased by each participating Owner
and/or the Association, and shall require the purchase of all
Condominium Units owned by Owners not approving termination, but .
the Agreement shall effect a separate contract between the seller
and his purchaser.
- B. Price: The sale price for each Condominium Unit shall
be the fait
market value determined by agreement between the
seller and the purchaser, within thirty (30) days from the delivery
or mailing of such Agreement; and in the absence of agreement as
to price, it shall be-determined by appraisers appointed by the f
Chief Judge of the Circuit Court In And For St. Lucie County, on
I the petition of the seller. The expenses of appraisal and customary ~
closing costs shall be paid by the purchaser.
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~ C. Payment: The purchase price shall be paid in cash.
D. Clo, sing: The sale shall be closed on the Condominium
Property within sixty (60) days following the determination of
the sale price. Title shall be conveyed by special warranty
'deed.
ARTICLE XVIII
~ OCEAN VILLAGE PROPERTY OWNERS= ASSOCIATION, INC.
A. Membership.. Each Unit Owner ah~l~ automatically and
immediately upon acquisition of title to a Unit, become a member
of Ocean Village Property Owners' Association, Ine., a Florida
corporation not for profit which shall be the Property Owner's
Association for the entire development built and to be built by
the Developer on the land subject to this Declaration of Condominium
and upon lands adjacent thereto.-
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