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executed by the President and Secretary of the Association, which
can be recorded in the Public Records of ST. LUCIE COUNTY, Florida
(b) Lease: If the proposed transaction is
a lease, then within thirty (30) days after receipt of such notice
and the information, the Association must either approve or
disapprove the proposed leasehold transaction. The Association
may require a personal interview with the prospective lessee(s)
Uefore a committee designated by the Board of Directors of the
Association. If approved, the approval shall be stated in a
Certificate executed by the President and Secretary of the
Association.
(c) Gift, devise or inheritance; other
transfers; If the apartment unit owner giving notice'has acquired
his title by gift, devise or inheritance or in any other manner,
then within thirty (30) days after receipt of such notice and the
information, the Association must either approve or disapprove the
continuance of the apartment owner's ownership of his apartment.
The Association may require a personal interview with the
apartment unit owner before a committee designated by the Board of
Directors of the Association. If approved, the approval shall be
states in a Certificate executed by the President and Secretary
of the Association, which can be recorded in the Public Records of
St. Lucie County, Fla. at the expense of the apartment unit
owner.
3. Approval of corporate owner or purchaser:
Inasmuch as the Condominium may be used only for reszdential
purposes and a corporation cannot occupy an apartment for such
use, if the apartment unit owner or purchaser of an apartment is a
corporation, the approval of the ownership by a corporation may be
conditionec3 by requiring that all persons occupying the apartment
be approved by the Association. The Association may require a
personal interview with the corporate owner or purchaser and any
or all persons occupying the aparment before a committee
designated by the Board of Directors of the Association. If
approved, the approval shall be stated in a Certificate executed
by the President and Secretary of the Association which can be
recorded in the Public Records of St. Lucie County, Fla.
- 4. The Association may require the unit owner
seeking approval of the Assaciaition to pay a fee to the
Associaition for the expenditures of the Association reasonably
incurred by the Association for the transfer, sale or lease of the
apartment unit.
G. Disapproval by Association. If the Association
shall disapprove a transfer or ownership of an apartment, the
matter shall be disposed in the following manner: ~
1. Sale: If the proposed transaction is a
sale and if the notice of sale given by the apartment owner shall
so demand, then within thirty (30) days after receipt of such
notice and information, the Association shall deliver or mail by
registered mail to the apartment owner an agreement to purchase
the said apartment concerned by a purchaser approved by the
Association who will purchase and to whom the apartment owner must
sell the apartment upon the following terms:
(a) 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 determined by arbitration in accordance with the then
existing rules of the American Arbitration Association, whichever
is less, 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
apartment; and 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 the arbitration shall
be paid by the purchaser.
(b) The purchase price shall be paid in
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