Pursuant to Article XIX of the Master Deed Establishing Tall Ship Horizontal Property Regime, the Tall Ship Association has a right of first option to purchase any unit that is offered for sale.
Before a sale can take place a Unit co-owner must comply with Article XIX by making a request for a Waiver of First Option to Repurchase and submitting it to the current President of the Tall Ship Homeowner's Association together with a copy of the purchase and sales agreement. This request must be made in writing at least forty-five (45) days prior to the date of the proposed sale.
If the Board of Directors determines that a waiver should be signed, a Board member will sign the waiver and return it to the person submitting the request. Otherwise, the Board of Directors will call a special meeting of Unit co-owners to determine if the Association should purchase the unit.