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HomeMy WebLinkAbout1768 ~ . i ~ ' such reduction in rent shall inure to tho benefit of the institutional first mortqaqce acquirinq title to ~ such condominfum unit by crediting the ~n?ount thereo! ~ aqainst its. share of the common expenses of the Condominfum. In the event an institutional first- ~ mortqaqee shall acquire title to a condominfum unit as a result of a foreclosure sale, then thQ rent provided for and to be paid durinq the term ~ of this Lease shall be reduced by a percentage fiqure equal to the percentaqe in~terest in the common elements . and in the common surplus attributable to such condo- - minium unit, and such reduction in rent shall inure to the benefit of the institutional first mortqaqee ~ acquirinq title to such condominiwn unit, its assiqns . • and successors, and such reduction and credit shall be permanent and continuinq in nature, for the term of this Lease. Nothinq herein contained shall operate • as an extinquishment of this Lease, in whole or in part, or as a termination of the Lessor's lien, ~ ~ . afore-described, as aqainst the entire condominium ~ property, except as to a condominium unit foreclosed . . upon, and to the extent herein provided. Notwith- ~ standinq reduction of rent payable under the provisions~ ~ hereof, the awner or occupant of any condominium unit as to which an institutional first mortqaqee has ~ ~ acquired title, whether by conveyance in lieu of fore- ~ . closure or by foreclosure, shall have the full riqht to _ enjoyment and use of the recreational facilities in _ ~ . the same manner as though the said rent had not been I reduced and the benefit of the said reduction had not _ f accrued to the awner of the said condominium unit. i i 18. Consent and Ratification of This Lease b Unit Owners. Each and every person, w e er natura or corporate, w o s a acquixe or take any title or interst whatsoever in or to a condo- minium apartment unit in the Condominium, shall by acceptance and/or the recordation of the deed, grant, assiqnment, or other instrument . qran~anq, conveyinq or providinq for such i.nterest, or by the exercise of ttie riqhts or uses granted therein, be deemed to have consented to and ratified the provisions of this Lease to the same effect and extent as~if such person or-persons had executed the ~ lease with the formalities required in the deed, and shall be deemed ' to have subordinated and subjected each and every interes~ of such ~ ~ person to the terms of this Lease, includinq the provisions providinq ' _ fo= the I.essor's lien rights fa tlla condominium property and in the € .oondaninium apartment units.~ 19. Assignment. ~ a. Provided that this Lease is not in default and is - in qood standinq the Lessee may freely assign the same provided that no such assignment or -transfer shall be valid unless and until the assiqnee shall expressly assume and aqree to pe=form each and every one of the covenants of this I.ease which, b~ the tenas hereof , the Le~ssee agrees to keep and perform, said~assumption to be evidenced by written in- strument, executed in recordable form, and delivered to the Lessor after the Same has been recorded in~the Public Records ~ of St. Lucie County, Florida. No such assignment, transfer or = assumption shall operate to release a prior Lessee from any uf of the obligations hereof, and no such prior I,essee shall ` be released unless and until a written discharqe or release of such I.essee, duly exeucted by the Lessor, shall be re- ~ . corded amonqst the Public Records of St. Lucie County, Florida. _ b. The Lessor shall have the right to assign and to encumber its interest under this Lease and to the Demised Premiaes witbout tha coaseat of th~e Lessee, provi~ded, how- sver, that the Lessee ahall, at the Leasor's request, siqn -15- ~i~ ~i?~i LAW OIfIGis Ot 006DiTtIN. ~RANK6IN. CMONIN ~ iCMRANK, /.A.. 2020 NOItTMEAfT f4~~0 iT11E[T. NORTH MIAMI DEACH. FIORIDA 1~162 ~u- - _ ` s „ : ~ _ ~ ~ _ _ - r~.~. x ~ - _ f?:.~~"::~~~ . - -