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(c) Gift. If any apartment owner shall acquire his
title by gift, the continuance of his ownership of his apartment will
be subject to the approval of the Association.
(d) Devise or Inheritance. If any apartment owner
shall acquire his title by devise or inheritance,'~the continuance of
his ownership of his apartment will be subject to the approval of the
Association. :
(e) Other Transfers. If any apartment owner shall
acquire his title by any manner not considered in the foregoing
subsectioris, the continuance of his ownership of his apartment will
be obtained in the manner set forth in Paragraph 14.2.
14.2. Approval by Association. The approval of the
Association that is required for the transfer of ownership of
apartments will be obtained in the following manner; '
(a) Notice to Association.
1. Sale. An apartment owner i~tending to make a
boria fide sale of his apartment or of any interest in it will give to
the Association notice of such intention, together with the name and
address of the intended purchaser and such other information.concern-
ing the intended purchaser as the Association may reasonably require.
Such notice, at the apartment owner's option, may i.nclude a demand by
the apartment owner that the Association.furnish a purchaser of the
apartment if the proposed purchaser is not approved; and if such
demand is made, the notice will be accompanied by an executed copy of
the proposed contract to sell.
2. Gease. An apartment owner intending to make
a bona fide lease of his apartment or of any interest in it will give
to the Association notice of such intention, together with the name
and address of the intended lessee, such other information conce~ning
the intended lessee as the Association may reasonably require and an
executed copy of the proposed lease.
- 3. Gift; devise or inheritance; other tra.nsfers
An apartment owner who has obtained his title by gift, devise or
inheritance, or by any other manner not previously considered, will
give to the Association notice of the-acquiring of his title, togeth-
er with such information concerning the apartment owner as the Asso-
ciation may reasonably require, and a certified copy of the instru-
ment evidencing the owner's title.
4. 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
or possession of an apartment the Association at its election and
without notice may approve or disapprove the transaction or owner-
ship. .If the Association•disapproves the transaction or ownership,
it will proceed as if it had received the required notice on the date
of such disapproval. . .
(b) Certificate of Approval.
1. Sale. If the proposed transaction is a sale,
then within thirty (30) days after receipt of 'such notice and inform-
ation, the Association must either approve or disapprove the proposed
transaction. If approved, the approval will be stated in a certifi-
cate executed by the President and Secretary of the Association.
2. Gease. If the proposed transaction is a
lease, then within thirty (30) days after receipt of such notice and
information the Association must either approve or disapprove the
~roposed transaction. If approved, the approval will be stated in a
certificate executed by the President and Secretary of the Associa-
tion.
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B07K 348 ~A~E 1fi03
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