HomeMy WebLinkAbout1377 American Arbitration Association, except that the arbitrators will be
two appraisers appointed by the American Arbitration Association who
will base their determination upon an average of their appraisals of
the apartment; and a'judgment of specific performance of the sale j
upon the award rendered by the arbitrators may be entered in any ~
Court of competent jurisdiction. The expense of the arbitration will
be paid by the Purchaser. _
2. The purchase price will be paid.fn 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 Association shall fail to provide a ~
purchaser as required by this instrument, or if a purchaser furnished ~
by the Association shall default in his agreement to purchase, then ~
notwithstanding the disapproval, the transfer or ownership previously i
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.
f
14.5. Exce tions. The foregoing provisions of this
section entitled Ma ntenance 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.
I
14.6. Unauthorized Transaction. Any sale, mortgage, or
lease not authorize pursuant to t e 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 documents, 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 s
other apartment owners to the following relief in addition to the ~
remedies provided by the Condominium Act or otherwise. ~
15.1. Increase in Insurance Premiums. An apartment owner
shall pay the Associat on the amount of any increase in its insurance
premiums occasioned by use, misuse, occupancy or abandonment of an
apartment or its-appurtenances, or of the common elements, by the ~
~ apartment owner.
o
' -18-
~ ~ ~
IsR
8338 P~i375