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purchase signed by the record owners of the units that will
participate in the purchase. The agreement shall indicate
which units will be purchased by each participating owner and
shall require the purchase of all units owned by owners not
approving the termination. The agreement shall effect a
separate contract between each seller and purchaser.
(b) Price. The sale price of each unit shall be the
fair market va~ue determined by agreement between the seller
and purchaser within thirty (30) days from the delivery or
mailing of such agreement, and in the absence of agreement as
to price, it shall be determined 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 determination upon the
average of their appraisals of the units. A judgment of
specific performance of the sale upon the award rendered
by the arbitrators may be entered in any court of
competent jurisdiction. The expense of arbitration
shall be.paid by the purchasers.
(c) Payment. The purchase price shall be paid in
cash.
(d) C3o~ sing. The sale shall be closed within ten (10)
days following the determination of the sale price.
22.3 Certificate. The termination of the
condominium in either of t e foregoing manners shall be evidenced
by a certificate of the Association executed by its President and
Secretary certifying as to facts effecting the termination, which
certificate shall become effective upon being recorded in the
public records of St. Lucie County, Florida.
22.4 Shares of Owners After Termination. After
termination of the condominium, t e unit owners s all own the
condominium property and all assets of the Association as tenants
in common in undivided shares that shall be the same as the
undivided shares in the common elements appurtenant to the owners'
respective units prior to the termination.
22.5 Amendment. This Article concerning termination
cannot be amended without consent of all~unit owners and all
record owners of mortgages upon.the units.
23. AMENDMENT TO DECLARATION. This Declaration may be
amended from time to time y reso ution adopted at any regular or
special meeting of the unit owners called in accordance with the
By-Laws at which a quorum is present, such adoption to be by the
affirmative vote of seventy-five per cent (75$) of the total number
of votes to which the unit~owners present and voting shall be
entitled. Such amendment shall be duly recorded in compliance
with requirements of the Condominium Act.
23.1 Alteration of ~nits. No amendment may change
the configuration or size of any unit in any material fashion,
materially alter or modify the appurtenances to the unit, or
change the proportion or percentage by which the owner of the
parcel shares the common expenses and owns the common surplus
unless the record title awner of the unit and all record title
owners of liens on the unit join in the execution of the
amendment. •
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. x~.c~..~.. F. . .. ._ _ r... _. :.
FEE. KOBLEGARD & TEEL. P. A.
ATTORNEYS AT LAW
POST OFFIGE BO% 1000
FORT PIERC[. FLORtDA 33+50
Ttu~HOr+c: (3051461•5020
~0~345 PacE 8~~
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