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Failure of the Board of Directors to designate such person(s)
or failure of such person(s) to make such binding offer
within the said fourteen (14) day period shall be deemed consent
by the Board of Directors to the transaction specified in
the Unit Owner's notice, and the Unit Owner shall be free to
make or accept the offer specified in his notice, and sell,
leasee or rent said interest pursuant thereto the rospective
purchaser or tenant named therein within sixty (60~ days
after his notice was given.
15.05 In the event the sale to a third party is
apnroved by the Board of Directors of the Assocation but is
not ultimately consu~ated or the Unit Owner withdraws his
offer to the Association or rejects the offer of the stated
designee of the Assocation, the Unit Owner may not sell, lease
or rent his Unit without further complying with the terms and
conditions of this Article 15.
, 15.06 The consent of the Board of Directors of the
Assocation shall be in proper recordable form, signed by two
officers of the Assocation and shall be delivered to the purchaser
or lessee. Should the Board of Directors fail to act, as herein
set forth, and within the time provided herein, the Board of
Directors of the Assocation shall, nevertheless, thereafter
prepare and deliver its written approval in proper recordable
form, as aforesaid, and no conveyance of title or interest
whatsoever ~all be deemed valid without the consent of the Board
of Directors as herein set forth.
15.07 The sub-leasing or sub-renting of a Unit Owner's
interest shall be subject to the same limitations as are
applicable to the leasing or renting thereof. The Assocation
shall have the right to require that a substantially uniform
form of lease, or sub-lease, be used~ or in the alternative, the
Board of Director's approval of the lease or sub-lease form to
be used shall be required. After approval, as herein set forth,
entire Units may be rented provided the occupancy is only by
the lessee, his family and guests. No individual rooms may
be rented.
15.08 If a corporate entity is the owner of a L~nit,
it may designate the occupants of the Unit as it desires and
for such period of time as it desires without compliance with
the provisions of this Article 15, provided said occupants do
not pay rent or other compensation to the corporate entity or
any of its officers.The foregoing shall not be deemed an assign-
ment or sub-leas~ng of a Unit.
15.09 No fee shall be charged in connection with the
proposed transfer or approval in excess of the expenditures
reasonably required for credit report expenses which shall not
exceed Fifty Dollars ($50.00).
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