HomeMy WebLinkAbout0820 ' hav~ ti~e followinc~ riglits witii rcrard ~o the C~:mi:,ecl Prc~~nises,
notwitlis~a:~cling ai~y otlicr provisior.s of this Z.ca::c to tt:c con~rary:
a. 'l~ilc rigilt ~o usc ai::: occu~y c::clu~ivc~y any .or~ion
of tt:~ Ucmis~c~ Premi~es aesign~z:.cu as "of f ices" in ti:e
a~orcr`fcrred to plans of t;.c ,~cmiscu Premises.
b. ~i~e : iqh~ to use, occup~r 111C: C~CA1uTls tra Lc
non-e~:clusive basis, all of the i~emised Prc~~i £c.r t~.c
purpose of promoting and aiuinc~ in the salc ~r rental of
the condominium units on or to be constructed in t,~e
condoininium apartment building. Such rights shall not be
eaercised in an unreasonable manner not consistent wit~
the riglits of the members of the Lessee to use, occupy
and enjoy such portions of the Demised Premises.
c. Nothing herein contained shall serve in ar.y way
to reduce Lessee's obligations for tne pay:z?ent of ren~,
taxes, repair and maintenance of the Demised Premises.
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d. The Developer shall have the further right to
display and erect signs, billboards and placarcis, ar.d 5
to store, keep, exhibit and distribute written, audio -
and visual promotional materials in and about the
Demised Prer.iises .
e. .~o act of the Developer exerciseG or perforr.~,ed
pursuant to the rights reserved to it uncier the provisions .
of this article si:all be construed o: deemed as a breac:z
of the Les~or's covenants hereunder or as ar~ actual,
implied or constructive failure of the Lessor to deliver
possession oi the Demised Pre.~ises to the i.essee, or as
an actual, implied or constructive eviction of the Lessee
from the Lemised Premises, or as an excuse or justification
for the Lessee's failure t~ promptly, fully, cor.zpletely
and continuously perform its covenants and obligatior.s
nereuncier .
6. Association and Mar.ager.:ent ~'lgree..-nent. The Lessee, i:~
its capacizy as Coadominiw-~?.~ssociation, has enterea into a
~ Manage.-nent :lgree.:teni: with Recan :•ianagement Corporarion as :jiar.ager .
i The Manager has the duty and responsinility to perforn all ac:-
~ ministrative a;~d managerial acts rcquireci to be performea by t~e
' Lessee wzder tY~.is ::on-;:xclusive .:ine~y-~Iine Y~ar Lease Agreement.
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~ ~ue to the size and exte:.t and tt;e cor~.~lexities involvea zn
~ administering the Colonna~es Conciomir.iam Complex, it is ..iutually
s agreed ~..h~t in tne event aforesaid A:anagement Agreement is ~e~-
~ mina~ed, the Lessee snall cause to ~e formed a Manage~-r.ent Lsso-
~ ciation co~:sisting of tne ;~embers of all the Conno~ini•.zm Associ-
ations at Colonnades Condominiu,-~ Complex. .
~•:~e ow:~er of eacr. condominiur,t unit, as evidenced by ti:e re-
cordation o~ a deed tnereto, shail auto:~aticaliy become a:ae,:.::.er
~ of t:~e ~:a:~agem.ent Association; ir. t?^.e event t~at the aforesa~G
~ r:anage.~ent F~greene:~t is terninated in any manner . ~acn condo::ir~-
~ iur.~ un~t s:.all be entit~ed to cast one (1) vote in natt~er upo:.
~ w'r.ic:~ a vota is required. ~he affinnative vote of a majority or
~ ~.:~e r,te.-;~ers co.^.stitutir.g a quoru.m shall be necessary to conduct
;iie business of tne Manager.te.^.t Association.
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It is recognized ~hat t:ze sole purpose of the Aia;~ag~-r.~:~t
~ Associatior. sizall he to per=orm t: e ~erms ~nd grovisions of t:~is
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~ ,tio:~-i:xclusiva ::inety-;~ine Yez.r Lease in lieu o~ the :%~anager a:~
tY~.~t t~a Lessez snall continue to be entitled to possessory ar.d use
~ interesr.s :~erein a:.d :aake al2 pay:r?er_ts reguired by this Agree.^:ent
and be bouac, by its terms ana grovisions.
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aoo~ ~87 ~ ~
LAW OFFICES OF GOLDS:EIN. FRANXIt~, GHCNIN Q SGHRANK. P. A.. 2G2G \G~3iHEAST ii13R0 S:REcT, NORTH M~AN.~ k.. AL.... ' ~Oi~..^.A 33:02
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