HomeMy WebLinkAbout1780 hava tha follawing riqhts with reqard to tha Deaaised Presaiaea,
notxithstandinq any other provieions ot thfa Leasa to the contrary:
a. The riqht to use and occupy exclusively any portion
of the Demised Premises desiqnated as "offices" in tha
aforereferrad to plane of the Demised Premises. -
b. The right to~use, occupy and demonstrate, on a
non-exclusive basis, all of the Demised Premises for the
purpose of praaotinq and aidinq in the sale or rental o! ~
tha condoaainfum units on or to be constructed in the
condominium apartment bufldinq. Such riqhts shall not be
exerciaed in an unreasonable manner not consiatent with
tha ri hts of the members of the Lessee to use, occupy
and en~oy auch portfons of the Demised Premises. i
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c. Nothinq herein contained shall serve in any way
to reduce Lessee's obliqations for the payment of rent,
taxes, repafr and maintenance of the Demised Premisea.
d. The Developer sha11 have the further riqht to~
display and erect siqns, billboards and placards, au~d
to store, keep, exhibit and distribute written, audfo
and visual promotional materials in and about the
Demised Premises.
e. No act of the Developer exercised or_performed
pursuant to the riqhts reserved to it under the pravisions .
of this article shall be construed or deemed as a breach
of the Lesaor's covenants hereunder or as an actual,
implied or constructive failure of the Lessor to deliver-
possession of the Demised Premises to the 7~essee, or as
an actual, implied or constructive eviction of the Leasee
from th~e Demfsed Premisee, or as an excuse or justification
for the Lessee's failure to promptly, fully, campletely
and continuously perform its covenants and obliqations
hereunder. ~
6. Association and Mana ement A remient. The Lessee, in
its capacity as Con wa Associat on, as entered into a
Manaqement Aqreaaent with Recap Manaqement Corporation as Manaqer.
The Manaqer~has the duty and responsibility to perform all ad- ~
ministrative and manaqerial acts required to be performed by the
; Lessee under this Non-Exclusive Ninety-Nine Year Lease Aqreement.
~ Due to the size and eutent and th~e complexities involved in
~ ~administerinq the Colonnades Condominiwa Co~aplex, it is mutually
~ aqreed that in the event aforesaid Manaqement Aqreement is ter- .
~ minated, the Lesaee shall cause to be formed a Manaqement Asso-
ciation consisting of the members ~of all the Condaminium Associ-
. ations at Colonnades Condaminium Camplex.
The o~ner of each condominium unit, as evidenced-by the re-
cordation of a deed thereto, shall autoonatically became a~member t
of the Manaqement Association; in the event that th~e aforesaid
Manaqement Aqree~aent is terminated in any manner. Each condaain- "
ium unit shall be entitled to cast one (1) qote in iaatter upon
Mhich a vote is required. The.affirmative vote of a majority of -
the members constitutinq a quarum shall be necessary to conduct
the business of the Manaqe~nent Association. - -
~ It is recoqnized that the sole purpose of th~e Manaqement
Association ahall be to perform the terms and_ provisions of this
Non-Exclusive Niaety-Nine Year Lease in lieu of th~e Manaqer and
that the Lessee ahall continua to be entitled to posaea~ory and use
intere4ta hereia a~d mske all paymenta requirad by thia Aqree~snt
an~d ba bowad by ita teras aad provisfona.
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° R 188 ~1777 '
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