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HomeMy WebLinkAbout0619 such reduction in rent shall inure to the benefit of the institutional first mortgagee acquiring title to such condominium unit by crediting the amount thereof against its share of the common expenses of the Condominium. In the event an institutional first mortgagee shall acquire title to a condominium unit as a resu].t of a foreclosure sale, then the rent provided for and to be paid during the term of this Leas~ shall be reduced by a percentage figure equal ~a ~he percentage interest in the common e2ements and in the common surplus attributable to such condo- minium unit, and such reduction in rent shall inure ~ to the benefit of the institutional first mortgagee acquiring title to such condominium unit, its assigns and successors, and such reduction and credit shall be permanent and continuing in nature, for the term of this Lease. Nothing herein contained shall operate as an extinguishment of this Lease, in whole or in part, or as a termination of the Lessor's lien, afore-described, as against the entire condominium property, except as to a condominium unit foreclosed upon, and to the extent herein provided. Notwith- standing reduction of rent payable under the provisions hereof, the o~wner or occupant of any condominium unit as to which an institutional first mortgagee has acquired title, whether by conveyance in lieu of fore- closure or by foreclosure, shall have the full right to enjoyment and use of the recreational facilities in the same manner as though the said rent had not been reduced and the benefit of the said reduction had not- accrued to the owner of the said condoninium unit. 18. Consent and Ratification of This Lease ~ Unit Owners. Each and every person, w e er natura~ or corporate, w~ s~ acquire or take any title or interst whatsoever in or to a condo- minium apartment unit in the Condominium, shall by acceptance and/or the recordation of the deed, grant, assignment, or other instrument granting, conveying or providing for such interest, or by the exercise of the rights or uses granted therein, be deemecr to have - consented to and ratified the provisions of this Lease to the same effect and extent as if such person or persons had executed the ~f ~ease with the formalities required in the deed, and shall be deemed to have subordinated and subjected each and every interest of such ~ person to the terms of this Lease, including the provisions providing ~ for the Lessor's lien rights in the condominium property and in the ~ condominium apartment units. ~ 19. Assignment. ~ a. Provided that this Lease is not in default and is in good standing the Lessee n.ay freely assign the same ~ provided that no such assignment or transfer shall be valid ~ unless and until the assignee shall expressly assume and agree to perform each and every one of the covenants of this ~ Lease which, by the terms hereof, the Lessee agrees to keep and perform, said assumption ta be evidenced by written in- ~ strument, executed in recordable form, and delivered to the Lessor after the Same has been recorded in the Public Records ~ of St. Lucie County, Florida. i1o such assignment, transfer or assumption shall operate to release a prior Lessee from any ~ of the obligations hereof, and no such prior Lessee shall # be released unless and until a written discharge or release ~ of such Lessee, duly exeucted by the Lessor, shall be re- ~ corded amongst the Public Records of St. Lucie County, Florida. ~ ~ b. The Lessor shall have the right to assign and to encumber its interest under this Lease and to the Demised ~ Premises without the consent of the Lessee, provided, how- ~ ever, that the i.essee shall, at the Lessor's request, sign -15- eo~K ~8~ s~s LAW OFFICES OF 30LDfTEIN, FRANKL~N, CHONIN Q SCHRANK. P. A., 1020 NORTNEAST 183~u STREET, NORTM MIAMI BEACH. FLORIOA ~3i62 / - - - -