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HomeMy WebLinkAbout1756 s first such payment to be due and payabla on the first month imme- ~ diately sacceedinq the commencement of the terra hereof , that is, ~ on the first day of the month inunediately succeedinq the date upon ~ which the Oeclaration of Condominium is recorded in the Public ~ Records of St. Lucie County, Florida, provided, however, the I,essee shall receive as a credit aqainst the monthly rental due as afore- said, until such tinae as the Developer, shall have closed on the sale of all of..the condominium apartment units, an amount of money, canputed by addinq toqether the percentaqe share in the ccanmon elements appurtenant to the condominiwa apartments which the De- .veloper hae title to as the first day of the month for which the rent ia due, and multiplyia~g the total monthly rental by the aq- graqate percentage fiqure thus obtained. The credit aqainst rent . ~thus received ehall inure to the benefit of the Developer. . ~ . a. Rent shall be payable in current legal tender~of • the United States of America at such place or places as ; ~ the Lessor shall from time to time in writing direct, and a ~ place once desiqnated fo~ the~payment of rent shall remain such untfl it shall be chanqed by written notice from the Lessor. All rent shall be payable without notice or demand. • For the present, and until further notice, rent shall be payable at the Colonnades Condominiums, Ft. Pierce, Florida. Waivers, ~ indulgences or chanqes by the Lessor as to any rental payment or rental payments with reference to the place of payment, or ~ in acceptinq anythinq oth~r than current leqal tender as rent, shall not be construed as a waiver, indulqence or chanqe upaa a~c?y subsequent occasi~n. i ~ ~ b. Cost of livinq adjustment to rental. The monthiy ~ rentals herein provided for sh:all be adjusted frora time to time, as herein set forth, to compensate for any increase in the cost of living as computed by reference to the "index~ : number" as of December l, 1970, provided, however, in-no i event shall the monthly rentals herein provided forever be tiecreased, and once increased, pursuant to the provisions of this section, rentals shall not thereafter be decreased. ; . t lShe index to be used shall be the "Consumer's Price Index, United States Average - All Items of Food" published ~ in the monthly Labor Review of the Bureau of Labor Statis- tics of the United States Department of I.abor. If the ~ said index shall become unavailable, the index to be used shall be the "Consumer's Price Index" issued by the { United States Department of Labor for the South Atlantic qroup of states; and if both of the said indexes shall ~beco~ae unavailable, the index to be used shall be the "Index of the General Price Level" issued by the Federal Reserve k Bank of Atlanta, Georgia. Adjustment in rentals due ~ under the tenas heraof shall be computed on January 1, 1972, ' ~ and on the first day of January of each and every year thereafter, each of which dates is herein called a"compu- tation date". Each adjustment shall be in effect commencinq from the computation date until the end of the term unless further increased by adjustment at a subsequent date. The amount of adjustment shall be arrived at by multiplication of the basic monthly rental herein provided for by a 4 . fraction, the numerator of which shall be the index number ~ for December ~lst :imu~ediately preceding the computation ~ date, and the denominator the index number for December 1,1970. ~ ~ Failure on the part of the Lessor to exercise the right to , an adjustment in the basic rental pursuant to the provisions ; hereof as of any computation.date shall not operate as a waiver of the riqht to an adjustment and increase of : the basic rental as of any subsequeat and future camputation i date. S. Ri hts~ Reserved unto IIevelo er. Until the Developer shall have c.c~np eve oponent, proa~o on and sales of all condo- ~ mfai~m? apartmsntt to ba con~tructed at th~a Coadaninium it ahall ~ -3- 0R ~p ~ 1vQ PACE~ I~ ' d00K ~ _ _ . U1W OI/IGii OI OO~Q~iT[IFI. /RANIWN. CMONIN <iCMI{ANK. RA.. 2020 MORTi/L1R 1~~~ iTR[~T• N011TM MIAMI YEACH. F4oR1G~ 33~ eZ - . ~b ~ .;c~~ ~.;~=>:-~s.~ s~~.~~~ .