HomeMy WebLinkAbout1126~ as payee, the Insurance Trvstee shall also name the
mortgagee as payee of any distribution of insurance
proceeds to a unit owner; 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.
22.7 E~uitable Relief. In the event of major damage
to or destruction of ail or a substantial part of the condominium
property, and in the event the property is not repaired,
reconstructed, or rebuilt within a reasonable period of time, any
unit owner- 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 nat necessarily, include a
termination of the Condominium and a partition thereof.
23. TERMIt7ATION OF CONDOMINIUM. The condominium may be
terminated in the following manner in addition to any manner
provided by the Condominiu~ Act.
23.1 Destruction. If it is determined in the manner
elsewhere provided herein that the building shall not be
reconstructed because of substantial damage, the condominium plan
of ownership shall be terminated without agreen~ent.
23.2 Agreement. The condominium may be termined at
any time by the approval in wri~ting of all record owners of units
and all record owners of mortgages on units. -If the proposed
terminatiAn 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 percent (75~) of the common
elements are appurtenant, and of the record owners of al3
mortgages upon the units, are obtained in writing not later than
thirty (30) days from the date of such meeting, then the approving
owners shall have an option to buy all of the units of the other
owners for the period ending on the sixtieth (60th) day from the
date of such meeting.. Such approvals shall be irrevocable ~~ntil
the expiration of the option, and if the option is exetcised, the
approvals shall be irrevocable. The option sha21 be upon the
following terms:
(a) Exercise of Optian. The option shall be exercised
by delivery ar mailing by certified mail to each of the
record owners•of the units to be purchased an agreement to
purchase signed by the record awners of the units that will
perticipate in the purchase. The agreen~ent 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 be~ween beach seller and purchaser.
(b} Price. The sale price of each unit shall be the
fair ~~arket value 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,
~~ - 27 ao~K 346 P~~E 1124
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