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Home My WebLink About0334 ii ~ i~ - { i ~ fj I - I . i ~ l. Lessee's Interest. The Lessee does hereby give and ~ grant unto the saor a con nuinq first lien paramount and ; superior to all others upon any right, title and interest of the Lessee in and to this lease and the demised premises. ? t ~ 1 2. Lessee's Assets. The Lessee does hereby give and ~ ~ grant unto ~he essor a con inuinq first lien paramount and ~ superior to all others, including unit owners, upon its assets , and common surplus. ~ I - 3. Condominiwn Pro ert . The Lessee as agent for each ~ individual future con om n um unit owner hereby does give and ~ : grant unto the Lessor continuing liens in the nature of individ- } ual mortgages upon each and every of the condominium parcels . ; described in the Declaration.of Condomi.nium as aforementioned, ' and thefr Appurtenances, and all fixtures and equipment now or ; hereafter contained or placec~ upon any condominium unit, i~cludin ~ ~~r conditioners, stoves, ranqes, refrigerators, hot water_ ' heaters, and dish washers, which liens shall be prior and sup- ~ ~ erior to~all other liens and encumbrances except institutional f~ ~ fi=st mortgages. These liens shall seeure the payment of all ~ monies due the Lessor hereunder from the respective condominium ~ ~ parcel owners and may be foreclosed against said owner and his { F condominium unit in a court of equity in the manner provided ; for the fnreclosure of mortgages. In any such action or other ~ ~ action to enforce the provisions of these liens, including - ~ ~ appeals, the Lessor shall be entitled to recover reasonable ~ ~ attorneys' fees incurred by it, abstract bills and court costs. ; 4. Foreclosure Not Termination. The foreclosure or ~ other actions o en orce e iensTie e n provided shall not be ~ considered or construed as a termination or cancellation of this ~ lease_or operate as an extinguishment of such liens, exceu~ such 2iens shall not stand as security for any amounts re~lized and ~ ~ ac~ually collected by the Lessor in foreclosure or such other ; -action. i ' 5. Rights of Institutional First Mort a ees. An in- ~ stitutional first mortqage re erred to erein s a e a mortgage ' upon a single condominium unit originally granted to and owned by a bank, savings and loan association or insurance company or . through tY~.eir respective loan correspondents, intended to finance the purchase of a condominium unit or its refinance, or secure -E ~ a losn where the.primary security for the same is the single condominium unit involved. ~ (a) ~Subordination b Lessor. The Lessor does hereb " ~ agree to subordina e s en un er . and 9.3 to the lien of ~ ` any institutional first mortgaqe against a single condominium i - I unit and will execute an instrument of subordination or join in ~ the execution and delivery of a mortqage (provided it does not ~ " -assume or become obligated to perform any of the covenants of the mortgagor therein), as the mortgagee may require. ~ ~ ~ I (b) Foreclosure b Institutional First Mort a ee. t ~ ~ If an institutiona irst mortgagee s a orec ose its mortgage ; i against a condominium unit and obtain title to the same by pub- lic sale held as a result of such foreclosure suit, or should such institutional first mortqaqee acquire title by conveyance in lieu of foreclosure, then so long thereafter as such in- 4 ` stitutional mortqagee shall continue to hold the title to said ~ ~ condominiwa unit, the rent provided under 6 above shall be RDIER R GRANOOFF reduced to the extent as if such condominium unit did not exist. ; ,7•°R~EYS ~?w...~. SaiB institutional first mortqagee shall receive the. benefit of ~ °fl•~x•~~: such reduction in rerit by credit aqainst its portion of the ; B.SYSNOR[ OAND[N! common expenses of the condoininium of which the Lesaee is the SHOP?IN6 C[NT<R ~ ' 4 9a~0ENTON. FlOR10A } l3SOS . ~ ~O ~ ~ : TELEPHONE ~1l-753•2~74 " ~ ~ ~ . . _ „i x:k _ YfY ~ ~ ~ 'r