HomeMy WebLinkAbout0607 first such payment to be due and payable on the first month imme-
diately succeeding the commencement of the term hereof, that is,
on the first day of the month immediately succeeding the date upon
which the Declaration of Condominium is recorded in the Public
Records of St. Lucie County, Florida, provided, however, the Lessee
shall receive as a credit against the monthly rental due as afore-
said, until such time as the Developer, shall have closed on the
sale of all of the condominium apartment units, an amount of money,
coanputed by adding together the percentage share in the common
elements appurtenant to the condominium apartments which the De--
veloper has title to as the first day of the month for which the
rent is due, and muZtiplying the total monthly rental by the ag-
gregate percentage figure thus obtained. The credit against rent ~
thus received shall inure to the benef it of th~ Developer.
a. Rent shall be payable in current legal tender of
the Un~ted States of America at such place or places as
the Lessor shall from time to time in writing direct, and a
place once desig~ated for the payment of rent shall remain '
such until it shall be changed by written notice from the
Lessor. All rent shall be payable without notice or demand.
For the present, and until further notice, rent shall be payable ;
at the Colonnades Condominiums, Ft. Pierce, Florida. Waivers, i
indulgences or changes by the Lessor as to any rental payment °
or rental payments with reference to the place of payment, or
in accepting anything other than current legal tender as rent,
shall not be construed as a waiver, indulgence or change unon
any subsequent occasion.
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b. Cost of living adjustment to rental. The monthly ;
rentals herein provided for shall be adjusted from time to
time, as herein set forth, to compensate for any increase
in the cost of living as computed by reference to the "index
number_" as of December l, 1970, provided, however, in no
event shall the monthly rentals herein provided forever be
decreased, and once increased, pursuant to the provisions
of this section, rentals shall not thereafter be decreased.
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The index to be used shall be the "Cor.sumer's Price ;
Index, United States Average - Al1 Items of Food" published ;
' in the monthly Labor Review of the Bureau of Labor Statis- i
t tics of the United States Department of Labor. If the -
~ said index shall become unavailable, the index to be used ~
~ shall b~ the "Consumer's Price Index" issued by the
~ United States Department of Labor for the South Atlantic
, group of states; and if both of the said indexes shall
become unavailable, the index to be used shall be the "Index
of the General Price Level" issued by the Federal Reserve
Bank of Atlanta, Georgia. Adjustment in rentals due
under the terms hexeaf shall be computed on January 1, 1972,
~ and on the first day of January of each and every year
~ thereafter,~~each of which dates is herein called a"compu- _
~ t a t i o n d a t e . Each ad justment shall be in effect commencing
~ from the computation date until the end of the term unless
~ further increased by adjustment at a subsequent date. The
~ amount of adjustment shall be arrived at by multiplication
~ of the basic monthly rental herein provided for by a
~ fraction, the numerator of which shall be the inder. number
far December lst immediately preceding the computation
~ date, and the denominator the index number for December 1,1970.
~ Failure on the part of the Lessor to exe~cise the right to
~ an adjustment in the basic rental pursuant to the provisions
~ hereof as of any computation date shall not operate as
' a waiver of the right to an adjustment and increase of
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the basic rental as of any subsequent and future computation
~ date.
~ 5. Ri hts Reserved unto Uevelo er. Until the Developer shalZ
~ have comp ete the eve opment, promotion and sales of all condo-
minium apartments to be constructed at the Condaminium it shall
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LAW OFFICES OF GOLDiT[IN, FRANKIIN. CHONIN Q bCHRANK. P. A., 2020 NORTHEAST 163~o STREET, NORTH MIAMI BEACH. FLORIDA 33162
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