HomeMy WebLinkAbout1779 firet such payment to be dus and payable on the first month incaae-
diately succaedinq the camaencement of the term hereof, that is,
on the first day of the moath inanediately succeedinq the date upon
which the Declaration of Condominium is recorded in the Public
Recorda of St. Lucie County, Florida, provided, however, the Lessee
ehall receive aa a credit aqainst the monthly rental due as afore-
8aid, until such time as the Developer, shall have closed on the
sale of all of the condaninium apartment units, an aiaount of money,
caaputed by addinq toqether the percentaqe share in the ccmmon
elemente appurtenant to the condaainium apartments which t~?e De-
veloper has title to as the lirst day of the month for which the
rent ia due, and multiplyfnq the total monthly rental by the aq-
qraqate percentage fiqure thus obtained. The credit aqainst rent
~ thv~s received shall . inure to the benef it of the Developer .
a. Rent shall be payable in current legal tender of
the United States of Aaaerica at such place or places as
the Lessor shall froan time to.-+~~ne in writinq direct, and a
place once designated for the payment of rent shall remain
such until it shall be changed 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~Condominiw~as, Ft. Pierce, Florida. Waivers,
indulqences or chanqes by the Lessor as to any rental payment
or rental payments with reference to the place of payment, or
in acceptinq an~rthinq other than current leqal tender as rent,
shall nat be construed as a waiver, indulqence or chanqe upan
any subsequent occasion.
b. Cost of livinq adjustment to rental. The monthly
rentals herein provided for shall be ad juste.d fraa~? time t~o
~ time, as herein set forth, to compensate for any increase
in the cost of livinq as computed by reference to the "index
number" as of December 1, 1970, provided, however, in no
event shall the monthly rentals herein provided forever be -
decreased, and.once increased,~pursuant to the provisions
of this section, rentals shall not thereafter be decreased.
_.The index to be used shall be the "Consumer's Price
Index, United States Averaqe - All Items of Food" published
I in the monthly Labor Review of the Bureau of Labor Statis-
tics of the United States Department of Labor. If the
i said index shall become unavailable, the index to be used
~ shall be the "Consumer's Price Index" issued by the
k United States Department of Labor for the South Atlantic •
qroup of states; and if both of the said indexes shall
becaae unavaflable, the index to be used shall be the "Index
of the General Price Level" issued by the Federal Reserve
Barilc of Atlanta, Georgia. Adjustment in rentals due
under the tenas hereof ahall 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"coiapu-
tation date". Each adjustment shall be in effect canmencinq
frcm the caaputation 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 hereia provided for by a
fraction, the numerator of which shall be the index nwaber
for Dece,mber lst immediately precedinq the canputation
K, date, and the denominatox the index number for December 1,1970.
Failure on the part of the Lessor to exercise the right to
an adjustsaent in the basic rental pursuant to the provisions
hereof as of any canputation date shall not operate as `
a waiver of the right to an adjustment and increase of
th~e basic rental as of any subsequent and future canputation
date.
5. Ri hta Reserved unto Develo er. Until the Developer shall
have comp~ t~ie ve po~en~p=
~n and sale4 ot all condo-
miniuo aparta~enta to ba co~nstrwcts~d at the Condaiiniva it ahall
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