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HomeMy WebLinkAbout1004 • • i • . . • . ` • i . • • , . . . : . • ~ , ~ , ~ ~ i i 1. ss~~'~ int~rost. The Leasee does hereby qive and qrant uato th~ saor a ooa auiag first lien paramount and ~ superior to all othsrs upon any riqht, title and intereat o# the ~ . Lae~a• in and to this leaso and th~ demised pramieee. ~ Lesse~'~ ~?saets. Th~ L~saee~does hereby qive and ~ ~qrant unto th4 saor a con iaufaq first lien paramount and ~ - suparior to ail oth~ra, ineludinq unit owners,~upon ita assets ~ and com~non aurplus . ~ • ~ ~ ~ ~ 3. Condominium Pro ~ert~ . The Lessee as aqent for-each ' ~ individual fu ure con Om n um unit owner hereby does qive and ~ grant unto ths Leasor oontinuinq liene.in the nature of individ- 1 ual mortqaqee upon asch and every of~the condominium pareels ; deacribed in the Declaraition of Condominium as aforementioned, ~ ~ and their appurtenancea, and all fixtures and equipment now or ! hereaftsr contained or placad upon any condominium.unit, includinq 1~r conditioners, stoves, ranqes, refriqerators, hot water ; heaters~, and~dish•waahers, which liena ahall be prior and sup- j erior to all other liene and encumbrancea except inatitutional first mortqaqes. Thess~liena shall sacure the payment of all : moniea due the Lessor hereunder frona the respective condominiwn parcel owners and m~y be foracloeid again4t said owner and his . condominium unit i~ a court of equity in ttie manner provided for the foreclosure of mortqagea. in any such action or other . ~ction to anforce the provisions of thsse liens, including appeals, the Lessor shall be entitled to recover reasonable ! attorneys' fees incurred by it, abstract billa and court costs. 4. Foreclosure-Not Termination. The forecloaure or ~ other actions o en orce e ens erein.provided shall not be considered or constsued as a termination or cancellation of this lease or operate as an extinquishment of such liens, except such liena shall not stand ae security for any amounts realiaed and ~ ac~ually collected by the Lesaor in foreclosure or such other action. . ~ ~ 5. Rf hta of Inetitutional First Mort a ees. An in- t stitutional f rat mor gaqe re erre to erein s a a mortgaqe upon a sinqle condoniai~na unit originally granted to and owned ~ by a bank, savinqs and loan association or insurance,company or ' throuqh their respactive loan correspondents, intended to finance` the purchase of a condominium unit or its ~efinance, or sacure ; - a lo~a where tha primary security for the same is the sinqle ~ condo~aniniwn unft involved. . . ~ . _ - ~ (a) Subordination b Lessor. The Lessor does hereby aqree to subordina s en un r' and 8.3 to the lien of . - any institutional first mortgaqe°aqainst a,single condowinium . unit and will execute an inetrwa~nt of subordination or join in ` the executfon and delivery of a miortgaqe (provided it does not ~ a~eume or becoias obliqatad to p~i~orm any of the covenants of ~ . t~the mortqaqoX ther~in), ae th~.moi~tqaqee may require. ~ , ~ (b) For~cloeure b~Snstitutional First Mort a ee. If an institutiona s mor aqQe e a orec ose ts mortgage , against a aondominiua ~-unit anQ. o#~tain title to the eaune by pub- ; lic aale held as a~reault of 0uc2itt~foieclosure suit, or ahould such institutfonal i'ir4t mortqagse acquire title by conveyance ; in lieu o~ foreclosur~,~thsn so ~ong there~fter as euch ~ Btitutional ~ortqiqse ehall continue to hold the title to said ~ condaminiua? ~nit, t~ - reat provi~ed under 6 above shal~l: be ~ ^-~Ek ° a~~Na°~ reduced to the oxtaat as if ~uch_:~c~oAdominium unit did not` exist. ~ ~~'cw~Ctf~ Af LAw. ~-A Said institutioilal firat mortqaq~e shall receive the benefit of I p= ~such reduction in ~:ent by credit aqainst its portion of tAe ~ ~•~y~~ c~?on expen~es of tho condominini~ bf which the I.~soee i~e the s~w?nws twsts - ••.ocwrow.iaoe~M sssos . - ~ ' • ru~?~wr[ ~~ssN-sls~ . . • ~ 10 ! ~Onr~~ . YA ~ . • ! ~ r,- . _ . - .