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HomeMy WebLinkAbout1802 ~ 4. Rent. The I,essee a~rees to pay to t~e Lessor, afi rent, the sum of On~ndred Forty ~(~140.00) Dollars per r~onth, the first such p~yment to be due and p~yable on the first day of the month immediately succeeding the commencement of the term he reof, . that is, on the f irst day of the month imcnediAtely succeedin~ the date upon which the Declaration of Condominium is recorded in tr~ Public Records of St. Iucie County, Florida, provided, however, the Lessee shall receive as a credit a~ainst the monthly rental due as afbresaid, until such time as the Developer, shall have closed on the sale of ~ all of the condominium apartment units, an amount of money, computed . by adding together the percentage share in the common elements appur- tenant to the condominium apartments which the Developer has title to as the first day of the month for which the rent is due, and multiplying the total monthly rental by the aggregate percentage figure thus ob- ~ tained. The credit against rent thus received shall~inure to the benePit of the Developer. ~ a. Rent shall be payable in current legal tender of the j United States of ~merica at such pl~.ce or places as the Lessor i shall from time to time in writing direct, arxl a place once ~ designated for the payment of rent shall remain such until it i shall be chariged by written notice From the Lessor. ~11 rent shall be payable without notice or demand. For the present, arid until further notice, rent shall be payable at the Colonnades Condominiums, Ft. Pierce, Florida. Waivers, indulgences or changes ~ by the Lessor as to any rental payrr~nt or rental payments tvith reference to the place of payment, or in accepting ar~ything other than current legal tender as rent, shall not be construed as a waiver, indulgence or change upon ar~y subsequent occasion. b. Cost of living ad~ustment to rental. The rrbnthly rent- aIs herein provided for shall be ad~usted f'rom time to time, as herein set Forth, to_compensate for any increase in the cost of living as cor.iputed by rePerence to the "Index Number" as of De- cember 1, 1970, provided, however, in no event shall the mo nth- ly rentals herein provided forever be decreased, ar~d~once in- - creased, pursuant to the provisions of this section, rentals shall not thereafter be decreased. The in~lex to be used shall be the "Consumer's Price Index, United States Average - All Items oP Food" published in the. ~ monthly Labor Review oF the Bureau of I,a3or Sta~istics of the ~ ~ United States Department .of Labor. If the said index shall be- .come unavail,able, the index to be used shall be the "Consumer;s ~ Price Inde~c" issued by the United States Department of Labor for i the South ~tlantic group of states; and if both of tne said ~ indexes shall~become unavailable, the index to be used shall be the t'Index of the General Price Level" issued by the ~'ed- eral Reserve Bank oP Atlanta, Georgia. Ad~ustment in rentals due under the terms hereof shall be cor.iputed on January 1, 1972, and on the first day of January of each and every year thereafter, each o£ which da~es is herein called a"computation _ date" . r^.ach ad~ustment shall be in effect corr,~nencing fror~ the computation date until the end of the term unless further increased by ad~ustment at a subsequent date. The ar~ount o~ ~ ad~ustment shall be arrived at by multiplication of the basis monthly rental herein provided for by a fraction, the nui?~era- tor of which shall be the index.number for December lst irr,- mediately preceding the camputation date, and the denominator ~ the index numoer for December 1, 1970. Failure on tne p2rt of the Lessor to exercise ~he right to an ad~ustment in ~he basic rzntal pursuaint to the provisions hereof as oi' any computation date shall not operate as a waiver of the right to an ad~ust- men~ ar~d increase of the basic rental as of any subsequent and. future computation date. 5. Rights Reserved Unto Developer. Until the ~eveloper shall - 3- a~K 18$ ~1799 LJ1W OFFICES OI GOLDiTEIN, FRANKLIN, CHONIN ! iGHRANK. P. A., 2020 NORTHEAST 163RD iTREiT. NORTH MIAMI BEAGH. FLORtDA 33162 t"~~ s-~ ' ' ' ',k ~ Y.,F^' ' 3 f ~ ~`i:,~Y~-'~}~ _ "'~.°29X. t _