HomeMy WebLinkAbout0758 units of tt~e ether unit owners for the period ending on the
6Jth day after the date of that meeting. Approvals of the
ter,ninat ion shal l be irrevocable unt i 1 tine expiration of the
option, and if the option is exercised, the approvals shall be
irrevocable. The option shall be upon the following terms:
a. Exercise of Option. The option shall be exer-
cised in the following manner.
(1). A party desiring to exercise the option
shall execute and deliver to the Association two counter-
parts of an agreement in the form supplied by the
Association agreeing to purchase the units desired by him
upon the terms hereafter stated. An agreement signed by
the seller may be conditioned upon the termination of the
Condominium. IF the agreement is not signed by the
.seller, it shall be an offer to purchase. If more than
one offer is made for the .purchase of the same unit, .the
unit will be sold under the first offer received by the
Association, which offer shall be irrevocable and shall
constitute an agreement to purchase conditioned upon the
exercise of the option to purchase all of the units
subject to the option and the termination of the
Condominium.
(2). The option shall be deemed to be
exercised if the Association received within the time
stated contrac*_s or offers for the purchase of .all of the
units owner' by the unit owners who do not approve the
termina*_i~:..
(3). The exercise of the option shall be
evidenced by the certificate of the Association executed
by its coresident and secretary stating that all of the
u^.i*_s owned by the unit owners who do not approve the
termination have been purchased and identifying the
pur~'rasers and *_he units purchased by them. A copy of.
the certificate shall be delivered or mailed by certified
or registered mail, return receipt requested, to each
recorr owner c~ the units being purchased, together with
an execut.~d ccunteroart of the agreement or offer to
p~.sr~hase each unit owned by the person receiving the
~ certificate.
I
h . Price . The sale price of a un i t sold under
an agreement signed 5y the seller shall be the price stated in
the agreement. The sale price of a unit sold under an offer to
purchase shall be t5e fair market value determined by agreement
between the seller and purchaser within thirty (30)-days from
ttre de'_iver}~ ~r mailing of the agreement to the seller. In the
absence o` agreemer.*_ as to price, the price shall be determined
by arbitration in accordance with the then existing rules of
the American Arbitration Association, except that the
arbitrators sha'_1 be two appraisers appointed by the American
Arbitration Association who shall base their determination upon
an average of their appraisals of the unit. A judgment of
specific performance of the sale upon the decision rendered by - #
~ the arbitrat~~rs may be entered in any court of competent
;urisdiction. The expense of the arbitration shall be paid by
the purchaser.
1 c. Pa ment. The urchase
in cash, or upon terms approved by theicsellerll and pthe
Association.
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BOOK~`t~ .FaGE 7~7