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within thirty (30) daya after receipt of natice and
informarion of sale the.Association shall deliver or mail
by certified mail to the unit owner an reement to
purchase by a purchaser approved by a ma~ority of the
membership of the Aasociation who will purchase and to
whom the parcel unit owner must sell the parcel unit upon
the following terms:
(1) At the.option of the purcha$er to be
stated in the agreement, the price to be paid shall
be that stated im the disapproved contract to aell,
or shall be the fair market value determined by ~
arbitration in accordance with the then existing
rules of the American Arbitration Association, except
that the arbitrators 8ha11 be two appraisers ~
appointed by the Americaa Arbitration Asaociation who
shall base their determination upon an average of
their appraisals of the unit; and. a~udgment of
specific performance of the sale upon the award
rendered by the arbitrators may be entered in any
~ court of competent juri8diction. The expense of the
arbitration ehall be paid by the purcha8er.
(2) The purchase price shall be paid in
cash. ~
(3) The sale ahall be closed within thirty
(30) days efter the delivery or mailing of said -
agreement to purchase, or within ten (10). days after
the determination of the sale price if such is by
arbitration, whichever is the later, sub~ect to a
reasonable time extension to permit t~tle examination
by the Purchaser. "
(4) A Certificate of the Association
executed bq its President, or any Vice President, and
Secretary, or any Assistant Secretary, and approving
the purchaser shall be recorded in the Public Recorde
' of St. Lucie County, Florida, at the expense of the
' purchaser. .
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i
~ (5) If the Association shall fail to
provide a purchaser upon the demand of Che unit owner ;
in the manner provided, or if a purchaser furnished ~
by the Asaociation shall default in his agreement to
purchase, then notwithstanding the disapproval, the
proposed transaction shall be deemed~to have been
approved and the Association shall furnish a
Certificate of Approval as elsewhere provided which
shall be recorded in the Public Recorde of St. Lucie
County, Florida, at the expense of purchaser.
c. Lease or Mort a e. If the proposed
transaction is a ease or mortgage, the unit owner shall
be advised of the disapproval in writing, and the lease or
mortgage shall not be made.
k.
d. Gift Devi~e or Inheritance• Other
Transfers. If the un t oMrner g v ng not ce s acquired ;
s t t e by gift, devise or inheritance, or in any other
manner, then within thirty (30) days after receipt from
the unit owner of the notice and information required to
be furnished, the Association sha11 deliver or mail by _
certified mail to the unit owner an agreement to purchase
by a purchaser approved by the Association Who will
purchase and to whom the unit owner must sell the unit -
upon the following terms:
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~~~r388 Pa~E 963
JOROEN, MElROSE S SCNUETTE. P A.. NIHTH FLOOR. 1401 BRIGKELL AVENUE. MIAM1. i~ORIDA 33131 • TELEPHONE (305) 3~3-7571