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ownership of any apartment unit by one spouse~to another or to
another unit owner.
B. ~ease. No apartment owner may dispose of an
apartment unit or any interest in an apartment by a written or
oral lease without the written approval of the Association except
to another apartment unit owner. In addition,~all leases must be
for a period of not less than three (3) months.
C. Gift. If any apartment owner shall acquire his
title by gift, the continuance of his ownership of his apartment
shall be subject to the written approval of the Association.
D. Devise or Inheritance. If any unit owner shall
acquire his title by devise or inheritance, the continuance of his
ownership•of apartment unit shall be subject to the written
approval of the Association.
E. Other Transfers. If any unit owner shall
acquire his title by any manner not considered in the foregoing
subsections, the continuance of his ownership of apartment unit
shall be subject to the written approval of the Association.
F. Approval bv Association. The approval of the
Association as required for the transfer of ownership of
apartments shall be obtained in the following manner:
1. Notice to Administration.
(a) Sale: The apartment owner intending to
make a bona fide sale of his apartment unit or any interest in it
shall give to the Association a notice of such intention, together
with the name and address of the intended purchaser and such other
information concerning the intended purchaser as the Association
may reasonably require, including but not limited to, an executed
copy of the proposed contract to sale. Such notice at the unit
owner's option may include a demand by the unit owner that the
Association furnish a p~rchaser of the apartment if the proposed
p~rchaser is not approved.
(b) Lease: An apartment owner intending to
~~ake a bona fide lease of his apartment or any interest in it
shall give to the Association notice of snch intention, together
with the name and address of the intended lessee, and such other
information concerninq the intended lessee as the Association may
reasonably require including an executed copy of the proposed
lcase.
(c) Cift; devise or inheritance; other
transfers: An apartment unit owner who has obtained his title by
gift, devise or inheritance, or by any other manner not previously
considered, shall give to the Association notice of the acquiring
of his title, together with such information concerning the
apartment owner as the Association may reasonably require, and a
cet-tified cop}~ of the instrument evidencing the owner's title.
(d) Failure to give notice: If the
above-required notice to the Association is not given, then at any
time after receiving knowledge of a transaction or event
transferring ownership o~ possession of an apartment, the
Association at its election and without notice may approve or
disapprove the transaction or ownership. If the Association
disagrees with the transaction or ownership, the Association shall
proceed as if it had received the required notice on the date of
such disapproval and said transfer shall be deemed null and void.
2. Certificate of Approval.
ta) Sale: If the proposed transaction is a
sale, then within thirty (30) days after receipt of such notice
~nd the information, the Association must either approve or
~isapprove the proposed trans~ction. The Association may require
a personal interview with the ~r~spective purchaser(s) before a
,~~mmi tt~~ c~~~ i~n.~tec~ t~}~ tt~e R~~ar~ c~f ni rectors of the Association.
If approved, the approval ~hall b~ statec~ in a C'ertificate
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