HomeMy WebLinkAbout0819 first suci~ pa~nnent to be due ar.ci aayai~le on ti:c fir~t 7A0:1~:: i::~ae-
diately succccaing th~ COI~li~1C11CCT,ici:i: of t;:e i:crr: hereof, ti;a~ is,
on ~he f irs t day of th~ month im:acdia~cly succceding the G~ ~c: upon
, which the Dcclaration of Condor,iinium is recordeu in the Pu~Iic
Records of St. i.ucic County, Floricia, ~ravided, howcver, t'c:r_= T,cs~ee ~
shall receive as a creuit again~t ti,e monthly rental due ~s afare- t
said, untiZ such time as tne Developcr, shaZl have closeu on L•t,e ~
sale of all of the condominium apartrlent units, an a:.~ant o~ :;,oney, :
computed by adding together t~:e percentage siiare in tne ca.;LL-:~on
elements appurtcnant to the condominium a~artments w~zich tY-:e De-
veloper has title to as the ~irst czay of the month for whicz ~:~e
rent is due, and multiplying the tota2 monthly rental by the ag-
gregate percentaga f igure thus oi~tained. The credi.t against rent
thus receiv~d shall inure to the henef it of the Developer.
a. Rent shall be payable in current legal tender of
~he U7ited States of America at such place or places as '
t'r.e Lessor shall from tir.ie to tire in writing direct, anc: a
place once designated for tne paynent of rent s1a11 re:;ain ;
such until it sha11 be changed by written notice from ~.he '
I,essor . all rent shall be payable without notice or d~:~ar.c:. ~
For the present, anci un~il further notice, rent shal~ ~e paya5le
at tne Colonnades Condominiw-ns, F~. Pierce, rlorida. Y7aivers, ~
indulgences or cizanges by the Lessor as to any rental pay:ner.t ~
or rental payments with reference to the place of pay:nent, or
in acc~pting anything other tnan current legal tender as re:~t, :
shall not be construed as a waiver, indulgence or c:zange upon
any subsequent occasion.
b. Cost of living adjustmeat to rental. The mor.th2y
rentals herein provided for shall be adjuste3 from ti,:~e ~o
time, as herein set forth, to compensate for any increase
in tne cost of living as computed by reference to the "index
nunber" as of December l, 1970, provided, however, in no
event shall the monthly rentals herein provided forever be
decreased, and-once increase~,-vursuant to the provisions
of this section, rentals shall not thereafter be decreased. ;
The index to be used shall be ;he "Cansumer`s Price
Index, United States Average - AII Items of Food" pub~is::ed
in the mor.thly Labor Review of the Eureau of Labor Statis-
~ics of the United States Department of Labor. If the
said index shall become unavailai~le, the index to be used
shall be the "Consumer's Price Index" issued by ;he
ilnited States Department of Labor for ~he South Atlantic
group of states; and if both of t.ie sai~ indexes sha11
~ecome u~available, the index to be used shall be tne "Ir.c~ex
of the General Price Level" issued by the Federal ~eserve
Bank of Atlanta, Georgia. Adjustrient in rentals due
under the terms hereof shall be computed an January 1, 1572, °
and on the first day of January of each and every year ~
thereafter, each of which da~es is herein callea a"co::~~u-
i~tion date`~. ~:ach adjustme:~t sr~all be in effect corur,encing
from ;-.he co:.tputation date ur.~il t:ne end of the ter:n ur.Zess
furt::~er increased by adjustmen~ at a subseguent date. ~he
a~nount of adjustr.ent shall be arrived at by multiolica~ion
of t'~e basic monthly rental herein provided for by a
fraction, tne nur~erator of wnich snall be the inae~ r.;i.mber
for December lst im:~.ec3iately preceding the computatio :
uate , and tne deno:ninator tY,e i:aex r.w-n~er for Dzcer..b~r 1,19 7 0.
:ailure on the part of the Lessor to exercise tne ric;::~ to
a:. adjustment in tt~~e basic re;~tal nursuant to tne provisior.s
::~reof as of any computation date shall aot operate as
a~aaiver of the right to an adjustment ar.d increase of
c:ne basic rental as of any subsequent and future co:r,nuta;.ion
date.
5. Ri~its Reserv~d un~a ~evelo~er. Until the Developer s::all
have cornp~etea tne development, ~ ro:no:.ion and sales of all cor.uo-
miniu.~n apar:,mer.ts to be constructed at the Cond~:~ir.iun it sizali
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LAW OFFIGES OF ('iOLOStEIN, FRANKLIV, CHONIN A SGHRAIVK. P. A., 2020 t~ORTMEAST 1b3RD STREET. NORTH MIAMI BE~1CH. F1.Ofi1~,A 33142
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