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record owners of the apartments to,be 3~urchased an ayreement to
purchase signed by thn recorc~ owners of apartments who will
participate in the purchase or a nominee th~reof. S~ch aqreem~nt
shall indicate which apartments will be rui-chased by each ~
participating unit owner or nominee and st~ali require the purchase
of all apartments ~wnc.,d by c>wners not ap~rovinq the termination,
. but the agreement shall effect a separatH contract t~tween each
seller and his p~trchaser.
2. Price. The sales price for c~ach a;~artmcnt
unit shall be the fair market value determined by aqrecrr.ent
t,etween the seller and tt~e purchaser ~rithi~ thirty (30) days from
the delivery or mailing of such agr~ement, and in the absence of
agreemenk as to price it shall be determined by arbitration in
accordanee with the then existing rules of the American
Arbitration Ass~~iation, 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 spe~ific performance of the
sale upon the award rendered by the arbitratars may be entered in
any court of competent jurisdiction. The expense of the
arbiti-ation snaii ~e ~a;3 by ~he ~=~_r~ha~er.
3. Fayment. The purchase price shall be paid
in cash unless othe~-wise aqreed between the buyer and seller.
4. C2osing. The sale shall be closed within
thirty (30) days followinq the determination of the sales prire.
This sertion c~ncerninq termination cannot be amended
kithout consent of all apartment owners and all record owners of
:r~~c-*_gages upon the apartment uni ts.
ARTICLE XXIV
SEVERABILITY
ln th~ event that any of the terms, I~tovisions ar other
c~~vt~nant~ of tY~is D~c;ara~iQn ~f Conci~minium are helc~ to he
partia2ly or wholly invalid or unenforceable for any reason
wt~atsoever such holding shall not ef~ect, alter, modify or impair
in any manner whatsoever any of the other terms, provisions, and
covenents hereof or the remaininq portions of any terms,
provisions or cavenants held to be partially invalid or
unenforceable.
ARTICLE XXV
LIRERAL C(~NSTRUCTION
The provisions of this Declaration shall be liberally
cor.strued to affect its purpose of creatinq a uniform Plan of
C'~nc~~mini um Own~rship.
ARTICLE XXVI
T)fiCI.ARRTI (~S~ C1F c~hn~~t I n i v~~ f3T Ni~I Nr UPON DFVF.I.OPER ~ ITS
SUCCF,SCORS ANI) ASSIGNS ANn SUBSEC~UfiNT nWNERS
The re st r i ct i ~ns anc~ h-~rc~~ns i mposed by the eovenants of
this Declaratic~n af Conciaminium are iniended to and shall
c~nstitute c~vc-n~~nts r~fnninq Mith thr land, and shall constitute
an equitable s~rv~tuc~c~ ~z~~n r,~ch anartment unit anc~ its
a~p~rtenant undivided interrst in the c~~rr,mon el~m~nts, and this
Declaration of ~onc~~minium shall t~c binding upon Devela~er, its
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