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HomeMy WebLinkAbout0335 i ,1 I1 ~I ( :I I ~ l ; ; ~ ~ association. ~he same ahall not reduce or abate any other of the promises and covenanta of the Lessee herein. ~The fore- closure of an institutional first mortgagee's lien shall not ; operate as an extinquiahment of this lease in whole or in part ~ or as a termination of the Lessor's lien, as aforesaid, as against the entire condominiwn property or the condominium ~ parcel so foreclosed. Upon an institutional first mortgagee ~ conveying its title to the condominium unit so acquired by it~, ~ the foregoing abatement of rent shall immediately cease and 3 terminate. S . } 6. Automatic Consent and Ratification of this Lease ~ ~ b Unit Owners an O ers. a spec ica y recognize an ~ ~ ; un ers oo a some or a 1 of the persons comprising the orig- ~ inal board of dixectors and the officers of the Association are also officers, directors and/or stockholders of the Lessor ~ ~ corporation under this Lease, and that such circumstance of in- ' terlocking board of directors, officers and/or stockholders ~ shall not and cannot be construed or considered as a breach of their duties to the Association nor as possible grounds to in- ~ validate this Lease in whole or in part. $ach and every person, ~ whether real or corporate, who shall take any interest whatso- ~ ; sver in or to The Condominium, recorded in Official Records Book ~ ; 182 pages 40 through 97 incluaive of the Public Records of St. 3 Lucie County, Florida, any of The Condominium's properties, or in or to any condominium units in The Condominium after the recording of this lease, by acceptance, delivery or the recording - of the deed, contract, grant, assignment or other instrument grantinq, conveying, or providing for such interest, or by the mere first exercise of the rights or uses granted herein, shall be deemed to consent to and ratify without further act being required, the provisions of this lease and especially the pro- ; visions of-the entire Sections g and 9 to the same effect and ~ extent as if such perscn or persons had executed this lease with ~ ~ the formalities required in deeds, for the purpose of subor- f ; dinating and/or subjecting such person or persons' interests, , ~ ~ in ful-l, to the terms of this lease and granting the lien rights I ' ~ ~o Lessor provided for in Section ~ ~ ~ ~ 9. LESSOR'S RIGBT TO ASSIGN AND ENCUMBER. The Lessor shall! . have the rig to ass gn an enc er ts interest under this ~ : , lease and to the de~ised premises as herein provided. ' ` 1. Existin Mort a es. The demised premises and other lands are sub~ect to ex sting mortgages civen by the Lessor ~ and/or others to Citizens Bank & Trust Company of Sarasota, I - ~ Florida and Walter E. Heller Company of Florida, Inc., which ~ i ~ mortqages have been, or will be, recorded in the Public Records ; of St. Lucie County, Florida, and which are not subject to the provisions of Section 16 of this lease. The demise herein made is subject to said mortgages. The Lessor, not the Lessee, sh~all , perform all of the covenants of the mortgagor in each case therei ~ ~ made. ~ ~ ; , ~ 2. Further Mort ~a es_. The Lessor shall have the right ~ at all times to ur er a~n~ a~ditionally mortgage and encumber its interests under-this lease and in and to the demised premises . and the Lessee's interest in and to the same shall at all times < be subordinate and inferior to those of such additional and i further mortgages, provided th4 Lessee shall at all times have ~ .,o~Ek a GRANDOFF ~e right to use, occupy and enjoy the demised premises in # ~ a?~ORNEVS AT UW. RA accordance with the provisi :ns of this lease so long as it shall ; Po.soxes+z perform all of its promis~s and covenants as herein provided. ~ ' 9~v5MOR[ 6AR0[N~ ~ SHOPPINa C[NT[R ~ eRADENTON.FlOR1DA aasos ~ 1 1 ~ ~ ~ TeLE?MON[ •1~-753•t{74 ~ t ~ - ~ ~ _ . . _ _ _ .