HomeMy WebLinkAbout1791 such reduction i~ rent ehall inure to the benetit o! th~
- inetitutional first iportgagee acquiring ~itle to
such condaainium unit by creditinq the amount thereo!
aqainst its share o~ the comn?on expensea of the
Condaninium. In the event an institutional first
mortqaqee shall acquire title to a condominium
unit ae a? reeult of a forecloaure sale, then the
rent provided for and to be paid durinq the term
of this Leaee shall be reduced by a percentage fiqure .
equal to the percentaqe interest in the common elements ~
and in tha cwnmon surplus attributable to such condo=
- minivm unit, and such reduction in rent shall inure
to the benefit of the inatitutional first mortqagee ~
acquirinq title to such condominium unit, its assigns
and successors, and such.reduction and credit shall ~ .
be permanent and continuinq in nature, for the texm of
this Lease. Nothinq herein contained shall operate
as an extinguishment of this I,ease, in whole or in
part, or as a termination of the Lessor's lien,
afore-described, as aqainst the entire condominium
: property, eucept as to a condominiwn unit foreclosed
upon, and to the extent herein provided. Notwith-
standinq reduction of rent payable under the provisions !
hereof, the vwner or occupant of any condominiwn 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 right to
enjoyment and use of the recreational facilities in
the same manner as thouqh the said rent had not been
- reduced and the benefit of the said reduction had not _
accrued to the a~rner of the said condoaninium unit.
18. Consent and Ratification of This Lease b Unit Owners. ~
Each and every person,^w e er natura or corporate, w o s a
acquire or take any title or interst whatsoever in or to a condo- ~
minium apartment uni~ in the Condominium, shall by acceptance and/or
the recordation of the deed, qrant, assiqnment, or other instrument
qrantinq, conveying or providinq for such interest, or by the
exercise of the riqhts or uses_qranted 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 forn~alities required in the deed, and shall be deemed
. to have subordinated and subjected each and every fnterest of such ~
person to the terms of this Lease, includinq the provisions pravidinq ~
' for the Lessor's lien rights in th,e condaminium Property and in the
~ c~o~ndaminium apartment units .
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~ 19. Assiqnment.
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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 assiqnment or transfer shall be valid
unless and until the assignee shall expressly asswae and
aqree to perform each and every one of the covenants of this
Lease which, by the tenas hereof, the Lessee aqrees to keep
and perform, said assumptfon to be evidenced by-written in-
strument, executed in recordable form, and delivered to the
Leasor after the San?e has been recorded in the Public Records
of St. Lucie County, Florida. No such assiqrnaent, transfer or
assumption shall operate to release a prior Lessee from any ~
of the obliqations hereof, and no such prior Lessee shall
~ be released unless and until a written discharqe or release
of such Lessee, duly e~ceucted by the Lesso=, shall be re- ~
corded maonqst the Public Records of St. Lucie County, Florida. -
b. The Leesor ehall have the riqht to assiqn and to '
encumber ita interest under. thia Leaae and to the Demised
Presises Mithont tha conseat of th~s Lessee, Provided, hor?-
e~ver, that ths Lsssea shall, at the Leasoac's requeat, siqn
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