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Home My WebLink About1790 and may be foreclosed in a apanrier provided !or the forecloaur~ of ~aortgagea, provided, h~wever, no lfen against any fixtures or equipment in a condoa?iniun~ unit shall secure a eum qreata~c than ~he percentage ot tha total existing monies due and awninq the Lessor by the Lessee then in default equal to tha percentaqe of the total intereat in the coamaon elements and common aurplus attributable to such condo~ainfuan unit, and the lien aqainst any equfpment, furnishinqs, fixtures or ~ portion of the safd condaainiwa unft may be dfscharqed by the owner thereof by payment to the Lessor of such swa, and provided, further that so long as a condominium unit awner shall pay that portion of the total monthly rental due and awinq the.I.essor equal to his proportionate share of the ~ com~aon expenses of the Asaociation, either to the Association L or directly to the Lessor, the Lessor will not a~nd may not enforce any of the riqhts which it miqht otherwise have aqafnst the condominium unft awner under the ternns and pro- visfons hereof, notwithstandinq that the Lessee is in default of this Lease, and/or that any other condaainium unit awner has fafled to perform or keep its obligations as a member of ~ the Lessee to pay his prorata share of the caamon expenses of which the monthly rental under the terms and proviaions~hereof is a part. e. Foreclosure Not to O ate as Tennination. Foreclosure or other act on to en orce e ens .ere~.n prov ed for shall not operate or be construed as a termination or cancellation ~ of this Lease, or as an extinquistunent of any such lien, except auch liens shall not stand as secwcity for any amounts reslized and actually collected by the I.essor ia~foreclosure o~r ather such a?ctfon. ~ f. Righta of Institutional First Mortqaqees. (1) Defini~ion. An institutfonal first mortqaqee - is defined as a savings and loan association, insurance c~?pany or trust holdinq a ff=at mortgaqe secured by a condominium apart~nent unit. (2) Subbrdination b Lessor. The Lessor hereby aqrees that a ens crea e n ts favor pursuant ~ 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 • mortqagee against a condominium apartinent unit, . and further aqrees to siqn and execute any instru- ~ ment reflectinq acknawledqment of such subordination or to join in the execution and delivery of a mort- qaqe (provided it dces not thereby assume or becaae ~obliqated to perform any covenants of the mortgaqor therein) as the mortqagee 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 Condaninium created by first mortgaqes : recorded in the Public Records of St. Lucie County, Florida, pri~r.to or subsequ ent to the date hereof, ~ wherein the mortqaqee is FirBt Federal Savinqs and Loan Association of Ft. Pierce, Florida: t ~ ~ (3) Foreclosure by Institutional First Mortgagee. ~ In the event an t tut ona irst mortqaqee sha ~ acquire title to a condaainium unit by conveyance in liet~ of foreclosure, then so lonq as ~uch institutional : mortqaqee shall continue to hold title to the said = condaminium unit, the rent provided for and to be paid durinq the term of this Lease shall be reduced by a peroii?taqe fiqura equal to the percentaqe intereat in th~s c~ommon alementa and ia th~e coma~on aurplus att~ributabla t~o such conda~infu~a uait, and -14- ~188 ~1?~? - uw onress o~ oo~o~sn+. n~~wKUU. c~iN ~ acNiw+ic. w.. :o:o ~TM~?sr ~ss.e srncaT. N011TM MIAMI ~[ACM. ?w~~ow aa~a: ~ m,, , ~ ~ = - - - =s~