HomeMy WebLinkAbout0759 d. Closing. The sale shall be closed within .ten
(10) days following the determinatiun of the sale price, or
within sixty (60) days after the exercise of the option, which-
ever shall last occur.
e. Termination. The closing of the purchase of
alI of the units suo;ect to the option shall effect a termina-
tion of the Condominium without further act except the filing
of the certificate hereafter required.
f. Failure to Purchase. If the option to purchase
all of the units owned by unit owners who do not approve the
termination of the Condominium is nat exercised, and if all of
the sales under the option are not closed within a reasonable
time after the closing date provided above, the proposed
termination of the Candomium shall fail. The failure shall be
evidenced by a certificate of the Association, and thereafter
the offers and agreemen*_s to purchase under this provision that
have not resulted in dosed sales s~~all be void.
14.4. CEF,'I'IFTCATE. The termination of the Condominium in
either of the foregoing manners shall be evidenced by a certi-
ficate the Association executed by its president and secretary
certifying as to facts effecting the termination, which certi-
f icate shad become effective upon being recorded in the public
records of St . Lucie County ~ ~ lorida.
14.5. SHARES OF OWNERS AFTER TERMZNATiON. After termina-
tion of*_he Condominium, unit owners s a own the Condominium
property and all assets of the Association as tenants in common
in undivided shares, and their respective mortgagees and
lierors sha?1 have mortgages and liens upon the respective
un~ivided shares of the unit owners. The undivided shares of
the unit owners s!~all be the same as the undivided shares of
the common eleTer.ts appurtenant to the owner's units prior to
the termination.
14.G. AMI:NDMEI~T: This section concerning termination
ca^noc be amendP~
without consent of all unit owners and of all
-•rord owners of mortydyes upon the units.
SEVERABILITY. The invalidity in whole or in part
o` any covenant or restriction, or any section, subsection,
sentence, clause, phrase or word, or other provision of this
Declaration of Condominium, the Articles of Incorporation of
tie Association, the By-laws and Regulations of the
Association, shall not affect the validity of the remaining
portions.
IN WI =:~ES5 h'HEREOF, *_he Developer has executed this
Geclaratior~, the da;f and year first above written.
T_SLAND PARTNERS, INC.
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