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by certified ~r registered mail, to each of the Owners of
the Condominium Units to be purchased. Such delivery shall
be deemed the exercise of the option. The Agreement shall
indicate which t-nits are to be purchased by each participating
Owner and/or the Association, and shall require the purchase
of all Condominiurn Units owned by Owners not approving
termination, provided~ however~ the Agreement sha11_ effect a
separate contract between each respective seller a~d his
purchaser.
(2) Price. The sale price for each Condominium
Unit to be purc~iased hereunder shall be its fair market
value determined by agreement between the respective seller
and his purchaser, within thirty (30) days from the delivery
or mailing of such Agreement. In the absence of agreement
as to price, the price shall he determined by 3rbitration in
accordance with the then existing ru~es of the American
Arbitration Association, except that the arbitrators shall
be two appraisers appointed by the American Arbitration
Association who shall base their determination uvon an
average of their appraisals of the Unit. A judgment of
specific performance of the sale upon the decision rendered
by the arbitrators may be entered against the Seller in any
court of competent jurisdiction. The expense of the arbitration,
shall be paid equally by the Seller and his purchaser,
except as to enforcement of the arbitrators decision.
(3) P~a~m e~nt. The purchase price shall he paid in
cash or such ot e~ r terms as the Seller and his Purchaser
agree upon. .
(4) Closin . The sale shall be closed within
~forty-five (45 ays following the determination of the sale
price. Title shall be conveyed by special warranty deed.
(5) Termination. The closing of th~ vurchase of
all of the Units su ~ect to the option~shall effect a termination
of the Condominium without further act except the filing of
the certificate hereafter acquired.
~(6) Failure to Purchase. If the option
to purchase al o t e Units owned by tlnit Owners who do not
approve the termination of the Condominium is not exercised
and if all sales under said option are not c2osed within a
reason~~le time after the closing date provided above, the
proposed termination of the Condominiu~ shall fail. The
failure shall be evidenced by a certificate of the Association
and thereafter the offers and agreements to purchase under'
this provision that have not resulted in closed sales shall
be void.
D. Certificate. The termination of the Condominium in
any cf the oregoing manners shall be evidenced by a certificate
of the Association executed by its President and Secretary
certifying as to the facts effecting ~he termination, which
certificate shall become effective upon being recorded in
the public records of St. Lucie County and filing in such
other places as may be required in the Condominium Act.
E. Shares After Termination. After termination of the
Condominium, nit ers s a own the Condominium Propertv
and all assets of the Association as tenants in common in
undivided shares and their respective mortgagees and lienors
shall have mortgages and liens upon the respective undivided
shares of the Unit Owners. The undivided shares of the ilnit
Owners shall be the same as the undivided shares of the
Common Elements appurtenant to the Owners' ~Tnits prior to
the termination.
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