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FIRST FED. SAV. & LOAN v. DEPT. OF BUS. REG.

No. 84-653.

472 So.2d 494 (1985)

FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF SEMINOLE COUNTY, etc., Appellant, v. DEPARTMENT OF BUSINESS REGULATION, DIVISION OF FLORIDA LAND SALES AND CONDOMINIUMS, Appellee.

District Court of Appeal of Florida, Fifth District.

Rehearing Denied July 12, 1985.

Attorney(s) appearing for the Case

Phillip H. Logan of Shinholser, Logan, Moncrief and Barks, Sanford, for appellant.

Sandra P. Stockwell, Tallahassee, for appellee.

COWART, Judge.

Appellant savings and loan association, as mortgagee, made convertible construction/permanent type loans on individual condominium units to an original condominium developer of a large condominium project. In lieu of foreclosure the loan association took deeds from the developer on eleven units and sold one unit to one buyer and ten units to another buyer.

Section 718.103(13), Florida Statutes, provides in relevant part:

"Developer...

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