HomeMy WebLinkAbout1389 13.1. If the Lessee pays part but not all of the rental
due in any given quarter and said failure to pay all of the rental is
due entira2y to the failure of one of the members to pay their prorata
share o~ the quarterly assessment af rental, the Lessee shall have sixty
(60) days to institute legal action against such member pursuant to the
By-Laws and the Declaration of Condominium in order to collect said ;
prorata share of the rental provided, ho~ever, that the delinquent por- ;
tion of the rental payment shall bear interest at the rate of eight per- i
cent (8x) from the time it shall become due, and further provided that ~
the Lessee must take ia~mediste action against the delinquent member to
collect same and pursue such action diligently.
13.2 If a sublessor or a third party, other than a mort-
gagor as contemplated in Section 16.2 of the Declaration of Condominium,
acquires title to a condominium unit by virtue of having acquired a lien
upon the unit during the term of the Lease, the party acquiring title
shall be required in order to hold title to the unit to enter into a sub-
lease or an assumption of the sublease witfi the sublessor.
14. ffi~iINSNr D(yMAIN. If the whole or any part of the leased
premises shall be taken by any public suthority under the power of
eminent domain, then this Lease shall cease on the part so taken from
the day possession of that part shall be taken for any public purpose,
and the rent shall be paid up to that day.
14.1 The rent thereafter shall be reduced in an amount in
proportion to the value that the condemned portion bears to the total
value of the land as determined by the Lessor's appraiser at th e time
of the taking.
14.2 If such portion of the leased premises is so taken
as to completely destroy the usefulness of the premises for the purposes
for which the premises are here leased, then, from that day the Lessee
shall have the right either to terminate this Lease by written notice
given by the Lessee to Less~ within thirty (30) days after such day, or
to continue the possession of the remainder of the leased premises under
all of the terms herein provided. ~
!
14.3 All damages awarded for such taking shall belong to ~
and be the property of Lessor, whether such damages shall be awarded as ~
, compensation for diminution in the value to the Lease or to the fee of ~
the leased premisea. ~
;
i -
! 15. HOLDING OVER. In the event Lessee remains in possession `
~ of the leased premises after expiration of this Lease without the execu- ~
~ tion of a new Lease, it shall be deemed to be occupying said premises f
g as a I,essee from month to month, subject to all the conditions,~provisions ;
~ and obligations of this Lease. F
6
~ 16. WAIVER. One or more waivers of any covenant or condition
~ by Lesaor shall not be construed as a waiver of a subsequent breach of
the same covenant or condition, and the consent or approval by Lessor to
or of any act by Lessee requiring Lessor's consent or approval shall not
~ deem to waiver or render unnecessary Lessor's consent or approval to or
~ of any subsequent similar act by Lessee.
- ~
' 17. TEMPORARY RSDUCTION IN RSNrAL. If any lending institution ~
~ acquires a condomini~n unit in VILIA DEL SOL, INC. as a result of having ~
~ .
n had a first mortgage on same whether it be by mortgage foreclosure or ;
- acceptance of a Deed in satisfaction of the mortgage, the rental due from '
~ t he Lessee shall be reduced in an amount equivalent to the prorata share `
~ of the rent due fram the lending institution by virtue of their ownership }
~ of the condominium unit, provided that the lending institution's assess-
ment is reduced by their prorata share of the rental, and further provided
~ that said condominium unit is not occupied or leased. Upon occupancy, sale
~ or lease of said condominium unit, the rental payment shall be im~ediately
~ restored to the former amount.
~
~
~
~
~
~
~ Page four
~
' ~OQ11182 ~~1387
~
~ '
ae
~
,
, _ . _ . - - - . .
' . _ . .
~3
~F-~; 5 . r. ....r_.. _ . , . ~ - _ . ,e.~`."y-~'~