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(2) Lease or Mort a e. If the propoeed
. .transaction is a ease or mortgage, then within
thirty (30) days after receipt of euch notice and
information the Aesociation must either ap~rove or.
di8approve the propoaed traneaction. If approved,
the approval shall be stated in a Certificate
executed by the Preeident or any Vice President and
Secretary or any Assietant Secretary in recordable
form, which at the election of ~he Association, shall
be delivered to the lessee or mortgagee or shall be
recorded in the Public Records of St. L~cie County,
Florida, at the expease of the leesee.
(3) Gift DeviBe or Inheritance•~Other
Transfers. If t e un t oWner g v ng not ce s~
acqu re his title by gift, devise or inheritance or
in any other manner, then within thirty (30) days
after receipt of such notice and informatioa the
Association must either approve or disapprove the
continuance of the unit o~ner's owner8hip of his
unit. If approved, the approval shall be ~stated in a
Certificate executed by the President or any Vice
President and Secretary or any AsBistant Secretary in
recordable form and shall be delivered to the unit
owner and shall be recorded in the Public Records of
St. Lucie County, Florida, at the expense of the unit
owner .
11.2 Disa roval b Association. If the Association ~
shall dieapprove a trans er o oWner-s p of a unit, the matter
shall be disposed of in the following manner:
a. Sale to Unit Owners. If the proposed
transaction is a sa e, t en t n seven (7) days of
receipt of such notice and information, the Association
must notify all record unit oWners of the proposed sale-
~ accom anied by ell documentation provided pur8uant to~ll.l
a. (1~ above. Within twenty-one (21) days after receipt
, of such notice and information from the Association,.each ~
' record unit owner, except the record unit owner who is
~ offering his unit for sale, shall have the right to
~ purchase said unit on the same teran8 and conditions as
contained i~ the said notice and information. Each unit ~
owner desiring to participate in purchase of the unit
~ offered for sale or any interest therein 8ha11 be entitled
to acquire his proportionate share of the interest offered .
for sale in the ratio of his ownership of the common -
elements to the total ownership-of common elements of all .
unit owners participating in said purchase, the formula
for such is as follows:
Individual participating unit
~ owner's common elements ~
Proportionate share of
participating unit owner =
. ,
Sum of all common element
ownership of all unit owners'
~ participation in the said
purchase. ~
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b. Sale to Non-Unit Owner. If the proposed ~
transaction is a sa e an no un t owner exercises his ~
rights as set forth in Paragraph 11.2 a. above, then ~
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~ ~ ano,~c388 P~cE 962 =
JOROEN. MELROSE 6 SGHUE7TE. P A., NINTH FLOOii. 1401 BRICKELL AVEHUE, MIAMI. FLOf11DA 33131 • TEIEPMONE (308) 373-~671