HomeMy WebLinkAbout23083. Gift= devfse or inheritancej other transfers.
If the apartment owner giving notice has acquired his titYe by gift,
devise or inheritance or in any other manner, then within thirty (30)
days after receipt of such notice and information the Association
must either approve or disapprove the continuance of the apartment
owner's ownership of his apartment. If approved, the approval will
be stated i~ a certificate executed by the President of the
Association.
14.3. DisaQproval bv Association. If the Association
shall disapprove a transfer or ownership of an apartment, the matter
will be disposed of in the following manner;
(a) Sale. If the proposed transaction is a sale and
if the notice of sale given by the apartment owner shall so demand,
then within thi~ty (30) days after receipt of such notice and~inform-
ation the Association will deliver or mail by registered mail to the
apartment owner an agreeme~t to purchase the apartment concerned by a
purchaser approved by it, who will purchase and to whom_the apartment
owner must sell the-apartment upon the following terms:
l. At the option of the purchaser to be stated
in the agreement, the price to be paid will be that stated in the
disapproved contract to sell or it will be the fair market value
determined by arbitration in accordance wi~h the then existing rules
of the American Arbitration Association, except that the arbitrators
will be two appraisers appointed by the American Arbitration Associa-
tion who will base their determination upon an ~verage 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 arbitra-
tion will be paid by the purchaser.
2. The purchase price will be paid in cash.
3. The sale will be closed within thirty (30)
days after the delivery or mailing of the agreement to purchase; or
within ten (10) days after the determination of the sale price if
such is by arbitration, whichever is the later.
4. A certificate approving the purchaser will be
executed by the President and Secretary of the Association.
5. If the~Association shall fail to provide a
purchaser as required by this instrument, or if a purchaser furnished
by it shall default in his agreement to purchase, then notwithstand-
ing the disapproval, the transfer or ownership previously disapproved
will be deemed to have been approved; and the Association will furn-
ish a certificate of approval as elsewhere provided.
(b) Lease. If the proposed transaction is a lease,
an apartment owner will be advised of the disapproval in writing, and
the lease will not be made.
(c) Gifts; devise or inheritance; other transfers.
if the apartment owner giving notice has acquired his title by gift,
devise or inheritance, or in any other manner, then within thirty
(30) days after receipt from the apartment owner of the notice and
information required to be furnished, the Association will deliver or
mail by registered mail to the apartment owner an agreement to
purchase the apartment concerned by a purchaser approved by it, who
will purchase and to whom the apartment owner must sell the apartment~
upon the following terms:
~ 1. The sale price w.ill be the fair market value
determined by agreement between the seller and purchaser within
thirty (30) days from the delivery or mariling of such agreement. In
the absence of agreement as to price, the price will be~determined by
arbitration in accordance with the then existing rules of the
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g~~~ 348 P~~E 2:306
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