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IANDMARK VII.IAS, INC. ~
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PROPBRTY MANAGSMSNT GROUP, INC. _ ~
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LBASB
IS L8AS8 AGRL~~ENf, executed this •23 it~ day of ;
, 19~, by and between IANDMARK VILIAS, INC., ~
a F rida Co ration, of Jensen Beach, Florida, hereinafter called k
the "Lessee," and PROPBRTY MANAGEMENr GROUI', INC., a corporation organ- j
ized under the lawe of the State of Florida, hereinafter called the '
"Lessor," of Jenaen Beach, Florida
WITNSSSBTHs
Lessor does lease, rent, let and demtse, and by these presents
does lease, rent, let snd demise unto said Lessee the following described ~
property.
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1. DESCRIPTION. See Schedule "A" hereto attached.
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~ 2. TERM. To have and to hold together with the appurtenances
for a term of years co~encing on the lst day of July 1969, and ending
on the 30th day of June, 2068. ~
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~ M 3. LFASE CONSIDERATION. Lessee shall pay and does hereby agree
3,~ to pay Lessor at auch place or places as Lessor may designate from time `
~v to time in writing a lease payment for the use of the described premises
o'~, as follows: An annual rental of T~N THOUSAND, FIVB HUNDRED SDCTY AND ;
0 00/100 DOLIARS ($10 560.00) to be payable TWiO HUNDRED FORTY DOLIARS ~
I~~~ a~ w ($240.00) per condominium unit. '
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~ 3~~~ 3.1 The first pay~nent to become due at the time of the delivery
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o~o ce of the firat Warranty Deed from IANDMARR VILIAS, INC., as grantor, to a
~ third party on one of the condominium units in VILIA DEL SOL, INC., a
o~ condominium located on the above described real property.
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~ 3.2 The first payment to be prorated to the first day of the
i following July, and thereafter payments to be due on or before the first
~ day of July annually, for the balance of the term of the Lease. ~
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~ 3.3 The ~.essee will pay rental based on those condominium units ~
actually sold on the basis of Two Hundred Forty Dollars ($240.00) per
annum per condominium unit. Payments to couaoence upon delivery of the
y Warranty Deed. (For example: When a Warranty Deed is delivered on the
~ first unit, a$240.00 annual payment will be prorated to the firet day of ~
~ July when a full $240.00 payment will be due.) As more Deeds are delivered ,
~ for units, the annual rental will go up $240.00 per annum for each deed 3
~ so delivered, and where a Deed is delivered prior to the first of July, ~
~ the rent commencing as a result of said delivery ahall be prorated to the ~
= first of the next July. '
~ 3.4 Rental is subject to increase in accordance with the
~ provisions of paragraph 25 below. ~
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~ 4. USE OF THB PREMISES. It is understood and agreed between the ?
; partiea hereto that said premises during the continuance of this Lease
~ may be used and occupied only for recreational and social purposes and
~ such use ahall be limited to the uae of the members of VILIA DEL SOL, INC.,
~ their familiea and guesta, pursuant to rules and regulatfona to be promul-
~ gated by the Leasee or ite aucceaeors in interest a~ authority.
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~ s°ooK 182 PacE 13'~3
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