HomeMy WebLinkAbout0824disbursements from the construction fund are to be upon
the order of the Association or upon approval of an
architect or otherwise, nor whether a disbursement
is to be made from the construction fund, nor to
determine whether surplus funds to be distributed are
less than the assessments paid by owners. Instead, the
Insurance Trustee may rely upon a certificate of the
Association, made by its President and Secretary, as to
any or all of such matters and stating that the sums to
be paid are due and properly payable, and stating
the name of the payee and the amount to be paid,
provided, that when a mortgagee is required to be named
as payee, the Insurance Trustee shall also name the
mortgagee as payee of any distribution of insurance
proceeds to a unit awner; and further provided, that
when the Association or a mortgagee which is the
beneficiary of any insurance policy, the proceeds of
which are included in the construction fund, so
requires, the approval of an architect named by the
Association shall be first obtained by the Association
before disbursements in payment of costs of
reconstruction and repair.
21.7 E~c~sitable Relief. In the event of major damage
to or destruction of all or a substantial part of the condominium
property, and in the event~the property is not repaired,
reconstructed, or rebuilt witnin a reasonable period of time, any
unit awner shall have the right to petition a court of equity,
having jurisdiction in and for St. Lucie County, Florida, for
equitable relief which may, but need not necessarily, include a
termination of the Condomini~un and a partition thereof.
22. TERMINATION OF CONDOMINIUM. The condominium may be
terminated in the following manner in addition to any manner
provided by the Condominium Act.
22.1 Destruction. If it is determined in the manner
elsewhere provided herein triat the building shall not be
reconstructed because of substantial damage, the condominium plan
of ownership shall be terminated without agreement.
22.3 Agreement. The condominium may be terminated at
any time by the approval in writing of all record owners of units
and all record owners of mortgages on units. If the proposed
termination is submitted to a meeting of the members of the
Association, the notice of such meeting shall give notice of the
proposed termination, and if the approval of the owners of units
to which more than seventy-five per cent (75$) of the common
elements are appurtenant, and of the record owners of all
mortgages upon the units, are obtained in writing not later than
thirty (30) days from the date of such meeting, then the approving
awners shall have an option to buy all of the units of the oth~r
owners for the period ending on the sixtieth (60th) day 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 upon the
following terms:
(a) Exercise of Option. The option
by delivery or mailing by certified mail t
record owners of the units to be purchased
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FEE. KOBLEGARD & TEEL. P. A.
ATTORNEYS AT LAW
POST OFFICE BOX f000
FORT PIERCE. FLORIDA 9~450
T[~[-NOn[~ (305) 461•6020
shall be exercised
o each of the
an agreement to
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