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and may,be foreclosed in a manner provided for thQ foreclosure
of mortqages, provided, hawever, no lfen against any fixtures
or equipment in a condominium unit shall secure a sum qreater
than the percentaqe of the total existing monies .due and
. . owninq the Lessor by the Lessee then in default equal to the
. percentaqe of the total interest in the common elements and
~ common surplus attributable to such condominium unit, and
' the lien against auiy equipment, furnishinqs, fixtures or
portion of the said condominiwa unit may be discharged by
the owner thereof by payment to the Lessor of such sum,
and provided, ~urther`that so lonq as a condominium unit
awner shall pay that portion of the total monthly rental due
_ and awinq the Lessor equal to his proportionate share of the
~ common expenses of the Association, either to the Association - ~
or directly to the Lessor, the Lessor will not and may not :
.enforce any of the rights which it migtit otherwise have }
~ aqainst the condominium unit owner under the terms and pro- ~
~ visions hereof, notwithstandinq that the Lessee is in default
of this Lease, and/or that any other condominium unit owner .
. has failed to perform or keep its obliqations as a member of
. the Lessee to pay his prorata share of the common expenses of which.
: the monthly rental under the terms and provisions hereof is a part.
e. Foreclosure Not to O rate as Terminat'ion. Foreclosure
~ or other action~to en orce the liens erein provi ed for
: shall not operate or be construed as a termination or cancellation
of this Lease, or as an extinquishment of ar~y such lien, except
~ such liens shall not stand as security for any amounts
realized and actually collected by the Lessor in foreclosure
' . ar othex euch action. -
. f
• f. Rights of Institutional First Mortgaqees. ~
(1) Definition. An institutional first mortqaqee
. . is defined as a bank, savinqs and loan association,
• insurance co~npany or trust holding a f irst raortqaqe
aecured by a condominium apartment unit.
(2) ~Subordination b Lessor. The Lessor hereby
~ aqrees that a iens create in its favor pursuar~t
to and by the provisions -of this Ninety-Nine Year -
- - Lease, as well as by operation of law, shall be sub-
~ ordinate to the lien of any institutional first
mortqaqee aqainst a condominium apartment unit,
j ~ and further aqrees to sign and execute any instru-
; ment reflectinq acknawledgment of such subordination
or to join in the execution and delivery of a mort-
~ gaqe (provided it does not thereby assume or became ~
~ obligated to perform any covenants of the mortgagor ~
~ ~ therein) as the mortgaqee may require, provided,
further, that the Lessor has and does hereby specifically
subordinate all of its lien rights to the lien of each -
• and every mortqaqe lien aqainst condominium apartment
units at the Condaminium created by first mortqages ~
, - recorded in the Public Records of St. Lucie County,
Florida, prior to or subsec~uent to.the date hereof,
wherein the mortqagee is First Federal Savings and
Loan Association of Ft. Pierce, Florida.
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- ~ (3)- Foreclosure by Institutional First Mortgagee. K
~ In the event an institutional flrst mortgagee shall
i acquire title_to a condominium unit by conveyance in
lieu of foreclosure, t
hen so lonq as ~uc
h ins ti tu tiona l
~ mortgagee shall continue to hold title to the said
condo¢ninium unit, the rent provided for and to be
paid duririg the tern? of this Lease shall be reduced
by a percentaqe fiqure equal to the percentaqe
interest fa th~ canm~on elements and in th~e co~maon
surplua attributabla to such condaninium uait, and
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$~i88 ~~i7S~4
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