HomeMy WebLinkAbout0618 and may be foreclosed in a manner provided for the foreclosure
of mortgaqes, provided, however, no lien against ~ny fixtures
or equipment in a condominium unit shall secure a sum greater
than the percentage of the total existing monies due and
owning the I,essor i~y uie i,es~ee 'r_iieii iii u~iauiL eyua3 c~ fiiie
percentage of the total interest in the common elements and
comm~n surplus attributable to such condominium unit, and
the lien again5t any equipment, furnishings, fixtures or
portion of the said condominium unit may be discharged by
the owner thereof by payment to the Lessor of such sur.i,
and provided, further that so long as a cendominium unit
owner shall pay that portion of the total monthly rental due
and owing the Lessor equal to his proportionate share of the
common expenses of the Association, either to the Association
or directly to the Lessor, the Lessor will not and may not
enforce any of the rights which it might otherwise have
against the condominium unit owner under the terms ar.d pro-
visions hereof, notwithstanding that the Lessee is in default
of this Lease, and/or that any other condominium unit owner
has failed to perform or keep its obligations as a member of
±h~ T.P4CPP t~ nav his prorata share of the common exnenses of which
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the monthly rental under the terms and provisions hereof is a part.
e. Foreclosure Not to O erate as Termination. Foreclosure
or other action to enforce the liens herein provi ed for
shall not ogerate or be construed as a termination or cancellation
of this Lease, or as an extinguishment of any such lien, except
such liens shall not stand as security for any amounts
realized and actually collected by the Lessor in foreclosure ;
or other such action.
a
f. Rights of Institutional First Mortgagees.
(1) Definition. An institutional first mortgagee
is defined as a bank, savings and loan association,
insurance company or trust holding a first mortgage
secured by a condominium apartment unit.
ti
(2) Subordination b Lessor. The Lessor hereby ~
agrees that a iens create in its favor pursuant
i to and by the provis ions of this Ninety-tline Year
; Lease, as well as by operation of law, shall be sub-
ordinate to the lien of any institutional first
; mortgagee against a condominium apartment unit,
~ and further agrees to sign and execute any instru-
? ment reflecting acknowledgment of such subordination
' or to join in the execution and delivery of a mort-
~ gage (provided it does not thereby assume or become
^ obligated to perform any covenants of the mortgagor .
therein) as the mortgagee may require, provided, '
further, that the I,essor has and does hereby specifically
~ - subordinat~ all of its lien rights to the lien of each
~ and every mortgage lien against condominium apartment ~
~ units at the Condominium created by first mortgages
~ recorded in the Public Records of St. Lucie County,
~ Florida, prior to or subseguent to the date hereof,
~ wherein the mortgagee is First Federal Savings and
Loan Association of Ft. Pierce, Florida.
(3j ~~oreciosure by instizuLi~iiai ii~5i. P1C~Lll.t~dt3CC.
~
In the event an institutional first mortgagee shall
~ acquire title to a condominium unit by conveyance in
~ lieu of foreclosure, then so long as such institutional
~ mortgagee shall continue to hold title to the said :
~
~ condominium unit, the rent provided for and to be r
~ paid during the term of this Lease shall be reduced ~
~ by a percentage figure equal to the percentage '
~ interest in the common elements and in the common
~ surplus.attributable to such condominium unit, and
~
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V,W OFi1CE6 OF ISOLDfTE1N, FRANKLIN, CHONIN S GCHRANK, P. A., 2020 NORTNfAST t6~~o STREET. NORTH MIAMI BEACH. FLORIDA J]162
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