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reconstructed, this Declaration of Condominium and the Condominium
established herein shall be terminated if there exists any
regulation or order of any governmental authority having
jurisdiction of the Condominium which may then p'revent'the
reconstruction of said Condominium building, although nothing
herein corttained shall be construed as releasing or in any manner
changing any obligation which may be owed to the Association for
itself and for the benefit of the unit owners of all apartment
units, under any insurance policy or policies then existing. If
as above-provided, this Delcaration of Condominium and the
Condominium established herein are to be terminated, then a
Certificate of a Resolution of the Board of Directors of the
Association ta said effect and notice of canccllation and
termination hereof shall be executed by the President and
Secretary of the Association in recordable form and such
insturment shall be recorded in the Public Records of St. Lucie Co,
Florida. . Upon termination of the Declaration of
Condominium, and the Condominium established herein, all the unit
owners of all apartment units in this Gondominium shall be and
become tenants in common as to the ownership of all the real
property located in this Condominium and which is described herein
theretofore subject to said Condominium ownership together with
any then remaining imnorvement thereon. The undivided interest in
any such real property and the remaining improvements thereon held
by the unit owner or unit owners of each apartment unit in this
Condominium shall be the same as the undivided interest in the
common elements appurtenant to each apartment unit as set forth in
this Declaration of Condominium and the lien of any mortgage or
other encumbrance upon each apartment unit shall attach, in the
same order of priority to the percentage of undivided interest of
the unit owner of an apartment unit in the paroperty and the then
remaining improvments as above provided. Upon termination of this
Declaration o€ Condominium and the Condominium ownership
established herein, the Insurance Trustee shall distribute any
insurance indemnity which may be due under any policy or policies
of casualty insurance to the unit owners of the apartment units
and their respective mortgagees, as their respective interest may
appear, such distribution to be made to the unit owner or unit
owners or each apartment unit in accordance with the then
undivided interest in the real property and the remaining
improvements as hereinbefore provided. Upon termination of this
Condominium ownership created hereby, that portion of the assets
ot the Association owned by the unit owner or unit owners of aIl
apartment units in this Condominium shall be then distributed to
all of the unit owner or unit owners of each apartment unit as to
his or their mortgagees as their respective interests may appear.
In the event of termination of Condominium as above
provided any exclusinve right to use any area constituting limited
common areas and which may be an appurtenance to any apartment
unit shall sutomatically become~a part of the apartment unit to
which it is appurtenant.
B. Agreement. The Condominium may be terminated
at any time by the approval in writing of all unit owners of all
apartments and all record owners of mortgages on apartment units.
If the proposed termination is submitted to a meeting of the
members of the Association, the notice of the meeting giving
notice of the proposed termination, and if the approval of the
unit owners of not less than seventy-five (75$) percent of the
common elements, and of the record owners of all mortgages upon
the apartments, are obtained in writing not later than sixty (60)
days from the date of such meeting, then the approving unit owners
shall have an option to buy all the apartment units of the other
unit owners for a period ending on the 120th day from the date of
such meeting. Such approval shall be irrevocable until the
expiration of the option, and if the option is exercised, the
approvals shall be irrevocable. The option shall be upon the
following terms:
1. Exercise of option. The option shall be
exercised by delivery or mailing by registered mail to each of the
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