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ana ma~~ ue for~eloe:ed in a ma.~ilcr ~%rovic:eci i:or L-l~e roreclosure "
of i:~or~~3agcs, I~roviucci, hoti~r:vcr~ ::o licn a,•ai:zst a::y fi: tarc~
or equi~:~lent in a condor.liniur,l unit si~all secure a surn greater
than t:ie percentag~ of the ~otal ~::tisting monies due anc:
ocming t::c Lcssor by ciie Lessee then ir. c:icfault equal ro ~ze
percentage of tize total interest in the co:.z^~on eler:ents ar.d
COI,L'.tOi1 8i'.Y'`,~ZUS .~,.ttribuL-a~Z.^~ t0 SUC;: COiaC:O:
:l: 1:.i:
:*u::l u::'~
tl:c lien against c2111/ equi~~r,ie:~c, furnisi:in~*s, fi-r.tures or
portion of the said condominiu::~ unit r.iay be discnarccd by
ti:e owner thereof by payman;: to tY:e Lessor of such sun,
and ~arovidcd, fur~ner t~iat so loag as a condominiura unit >
owne~ shall pay that portion of the ~otal mo::thly rer.tal due ~
and o~aing the =essor equal to nis proportionate share of the s
co:n.~on expenses of the Associaticn, either to e Associa~ion
or d~reczly to the Lessor, the Lessor will not and riay r.ot
~ enforce any of tne rights ~~hiciz iL r:tight otherwise have
against the condominium unit o~aner un~der the terras ar:u _r.ro-
visions hereof, notwithstanding that tY~.e Lessee is in cefault
of tnis Lease, ana/or i~hat any o~her condo:~iniur~ unit ow:.er
has fziied to ~erform or keep its obiigatioris as a;;~e,-;~~er of
tne Lessee to pay his prorata snare of the co:lmor, ex: er.ses of ~•rhicr.
the monthly rental unner tz2 terMS and provisi.ons hereo~ is a part.
e. For~ciosure I~ot to Opera-c~ as Ter::ination. Fereclosure
or other ac ~ion to enforce '~:he liens herein provic;:ed for
shall i:ot oaerate or be cons~.raed as a termination or cancellation
of this Lease, or as an extinguishment of any sucn lien, except
sucn liens shall not stand as security for any anounts
realazeci and actualZl collected by the Lessor in foreclosure
-~r other such action. i
f. :i5n ~s of Ir.stitutiona2 First :-`_ortgagees .
Definition. A;~ institutional first mortgagee
is detined as a banx, savings and ioan associaLion,
ir.s~arance company ar trust noiding a first r:?or~.gage
secured by a condor.iiniura apart~:~en~ u~~it.
(2) S~:bordination ay Lessor. The Lessor hereby ;
agrees ~;~at a1Z lier.s crea~ein its favor pursuar.~ ~
to and by t.Y~.e provisions oi t;:is ~vinety-~:ine Year ~
Lease, as well as by operation o~ laca, shall be sub- '
ordina~e to the lien of ar.~ i::stitlitional firs~
' :,iortgagee against a concio::linium apar ~aent Lnit,
E ar.d further ayrees to sicn and execute any i;~sLr~:- -
F r.t~:~t ref lectir.g ack:~oc~lec .«ent of such subordir.ation
~ or to joi.n in ;.he eaecution and del~very of a:~or; -
~ gage (provided it does r.ot thereby assu.-ne or becorce
; obiic a~ed to perforn any covenants o~ t.he .~?ortgaao~
~ t:r.e~ein) as the r.:ort5agee r:~ay reauire, provide3, ^
furt'r.2r, t.~at tY~.e Lessor has and c:oes hereby speci~ically
s~ardina:.e all of its lien rights to t:~e liea of each
and every mor ~gar,e lien agair.st conaominii~-:? apartr:e;zt
~ units at the ~or.3or: iniu:-n createci by first ::ortgaaes
~ recorded in ~:~e ~ublic Records of St. Lucie Count~,
Florida, ~rior to or subsequent to t'r,e date r.zreo~,
~ w:zereir. the mortgagee is First Federal Savings and
~ Loan ~ssociation of Ft. Pierce, Florida.
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~ ~3~ .
For~~closure bv ins ~i'.:utional r ~rs ~:•IoY acre~ .
i I~: t~e even` ar~ ins~ituc.ional firs~ :nortgagee s:ali
k; ~_ccuire title to a condorair.iu.^: unit by conv~ya.^.ce in
~ lieu of foreclosure, then so long as suc:: institutioi?al
~
ii:ortgagee shall continua to liold title to ttie saici
~ COi~C:Oi`11:71L':ti unit, t:.e re: proviceu for and ~o bc
~ naid during tile term of t.'i~s Lease shall ~e rcaucc3
i~y a pcrcer.tage ficjure e::ual to thc percen~~:ge
~ i:~ ~eres t in tr,2 cor:ti.^on e l~: i::.':1 ~S and ir: the cc:~:.~o:~
~ sur~alus attriaut~ie to sacn condo:; iniu::, unit, anc
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i1.Y~ OFFIGES OF GOLDSTESN. FRAtirCLt~, CHOtil~3 Q SCHRAPiiC, P.A., 2020 \GF:HEAST 163RD STR~ET. N09TH MIAMI :.i~ACH, FLORI'JA 337G2 ~
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