HomeMy WebLinkAbout1243(3) Gift, Devise or Inheritance; Other
Transfers. If t e un t owner g v ng not ce as
acqu re is title by gift, devise or inheritance
or in any other manner~ then within thirty (30) days
after receipt of such notice and information the
Association must either approve or disapprove the
continuance of the unit owner's ownership of his
unit. If approved, the approval shall be stated
in a Certificate executed by the President or any
Vi_ce President and Secretary or any Assistant
Secretary in recordable form and shall be delivered
to the unit owner and shall be recorded in the
Public Records of St. Lucie County~ Florida, at
the expense of the unit owner.
11.2 Disa roval b Association. If the
Association shal isapprove a trans er o ownership of a
unit, the matter shall be disposed of in the following manner:
a. Sale to Unit Owners. If the proposed
transaction is a sa e, t en wit in seven (7) days of
receipt of such notice and information, the Association
must notify all record unit owners of the proposed sale
accompanied by all documentation provided pursuant to
11,1 a. (1) above. Wittiin twenty-one (21) days after
receipt of such notice and information from the Association,
each record unit owner, except'the record unit owner
who is offering his unit for sale, shall have the right
to purchase said unit on the same terms and conditions
as contained in the said notice and information. Each
unit owner desiring to participate in purchase of the
unit offered for sale or any interest therein shall be
entitled to acquire his proportionate share of the
interest offered for sale in the ratio of his ownership
of the common elements to the total ownership of
common elements of all unit owners participating in
said purchase, the formula for such is as follows:
Individual participating
unit owners common elements
Proportionate share of
~articipating unit owner =
Sum of all common element
ownership of all unit owners'
participation in the said
purchase.
b. Sale to Non-Unit Owner. If the proposed
transaction is a sa e an no unit owner exercises his
rights as set forth in Paragraph 11.2 a. above. then
within thirty (30) days after receipt of notice and
information of sale the Association shall deliver or
mail by certified mail to the unit owner an agreement
to purchase by a purchaser approved by a majority of
the membership of the Association who will purchase and
to whom the parcel unit owner must sell the parcel unit
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 value deter-
mined by arbitration in accordance with the then
existing rules of the American Arbitration Associ-
ation, except that the arbitrators shall be two
appraisers appointed by the American Arbitration~
Association who shall base their determination
upon an average of their appraisals of the unit;
and a judg~tent of specific performance of the sale
` 9 - g07~K J`t~ PAGf ~~
i
HELItWELL. MELROSE b OEWOL~, NINTN FLOOR, 1401 BRICKELL AVENUE, M~AM1, FlORIOA 33131 • TEIEPHONE (305) 373-757f
~
-.g~~ r _.:T ~` ,:._ _ " ,. `~--~....1~
~ ~.~~s:':_ ..r- >:;~- ?~ _ - .. _ -~i~'"-~s.~x^