HomeMy WebLinkAbout0753 at ateu in a cer;:i ficat e~~~cuted by the president or vice-
I)i-esi~tent an.i sec.~~•tary t)r lssistalit secretary of the As-
sc)Li:::..ion in recorc!ai>le f~rrl~. The certificate shall be
ur~:~>~i in t I?e ;~ilt~ 1 is r~~~•urc?s c)i tit . Lucie County ~ Florida
:it the eX~c'r151' O~ t:ll U" C):Jller.
11.3. DISAPPROVAL BY THH ASSOCIATION. If the Association
shall disapprove a transf`-er or own
rship
of a residential unit,
the matter shall be treated in the fol.lowiny manner:
a. Sale. If the proposed transaction is a sale
and if the notice of gale given by the unit owner shall so
demand, then within fifteen (15) days after receipt of the
notice and information the Association shall deliver or wail by
certified mail to the unit owner an agreement signed by a
purchaser approves'. by the Association and obligating the
purchaser t uy the unit upon the terms hereafter stated. The
seller shah be obligated to sell the unit to the purchaser
upon the following terms:
(1). At the option of the purchaser to be
stated in the agreement, the price to be paid shall be
that stated in the disapproved contract to sell or shall
be the fair market valuQ deteralined by arbitration in
accordance with the then existing rules of the American
Arbitration Association, except that the arbitrators shall
be two appraisers appointed by the American Arbitration
Association who shall base their determir ion upon an
aver,•e of their appraisals of the unit] and a judgment
of br~cific performance of the sale upon the decision
rendered by the arbitrator8 may be entered in any court
of competent jurisdiction. The expense of the arbitra-
tion shall be paid by the purchaser.
(2). The purchase price shall be paid in
cash, or upon terms approved by the seller.
s
` ( 3) . The se~le shall be closed within thirty
(30) days after the delivery. or mailing of the agreement
s to purchase, or within ten (10) days after the determina-
tion of the sale price if it is by arbitration, whichever
~ .s the later.
(4). A certificate of the Association
~ executed by its president or vice-president and secretary
or assistant secretary and approving the purchaser shall
be recorded in the public records of St . Lucie County,
Florida, at the expense of the purchaser.
•
(S). If the Association shall fail to provide
a purchaser upon the demand of the unit owner in the
manner provided, or if a purchaser furnished by the
'~;sociation shall defeult in his agreement to purchase,
~ ~nen notwithstanding the disapproval the proposed
g transaction shall be deewed to have been approved and
the Association shall furnish a certificate of approval
i _
saoK 343 ~a~E ~'~2
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