Common use of Purchase by Qualified Person Clause in Contracts

Purchase by Qualified Person. In the event that neither Declarant nor Association accept an irrevocable Offer made by an Owner pursuant to this Section 1 within the time allowed, and that none of the qualified persons who have priority over the prospective qualified purchaser exercise their right of refusal to purchase the Condominium, Owner may sell his Condominium to such prospective qualified purchaser upon the terms set forth in subsection (c) hereof. The failure of Declarant and Association to accept such irrevocable Offer and the subsequent sale of such Condominium to such qualified purchaser shall not constitute a waiver of the restrictions set forth in Article XIII, and the use, possession and occupancy of such sold Condominium shall continue to be subject to, among other things, the provisions of said Article XIII, and all other provisions of this Declaration. The failure of or refusal by the Declarant or Association to exercise the rights given by this subsection with respect to one bona fide offer shall not constitute or be deemed to be a waiver of such rights in the event of any subsequent bona fide offer.