HomeMy WebLinkAbout1803 have completed the development, pron~vtion and sa~ea of all apartments
and shops to be constructed at the Condominium, it shall have the fol-
lowing rights with regard to thQ Demised Prerr~ ses, notwithstanding any
other provisions of this Lease to the contrary:
a. The ri~ht to u~e and occupy exclusively any portio n of
the Demised Premises designated as 'offices" in the aforereferred
to plans of the Demised Premises.
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b. The right to use, occupy and demons trate, on a non-ex-
c~usive basis, all of the Demised Premises for the purpose of ~
promoting and aiding in the sale or rental of the condominium ;
~ units on or to be constructed in the condominium apartment build- ~
ing. Such rights shall not be exercised in an unreasonable man-
ner not consistent with the rights of the r.iembers of the Lessee
to use, oecupy and ~n~oy such portions of the Demised Premises.
c. ~othing herein contained shall serve in any way to re-
duce Lessee's obligations for the payment of rent, taxes, repair
and maintenance o~ the Demised Premises.
d. The Developer shall have the further right to display
and erect .signs, billboards ar~d placaz~ds, and to store, keep, ex-
hibit and distribute written, audio and visual promotional mate-
rials in and about the Demised Premises.
~ e. No act of the Developer exercised or performed pursuar.t
to the rights reserved to it under the provisions of this Article
shall be construed or deemed as a breach of the Lessor~ s covenants
hereunder or as an actual, implied or constructive failure of the
Lessor to deliver possession of the Demised Premises to the Les-
see, or as an actual; implied or constructive eviction of the Z,es-
see from the Decr~sed Premises, or as an excuse or ~ustification
for the Lessee's failure . to p~onmtly, ~1.illy, completely and con-
tinuously perform its covenants and obligations hereunder.
6. Association and Management Agreement. The Lessee, in its
capacity as o om n um ssoc a on, as en ered into a Ntanagement
Agreement with Recap Management Corporation as Manager. The Manager
has the duty and responsibility to perform all administrative and man-
agerial acts required to be performed by tMe Lessee under this Non-r.'~-
clusive Ninety-Nine Year~Lease Agreement.
i
~ Due to the size and extent and the complexities involved in ad- ~
ministering the COIANNADES CONDOMINIUM COMPI.~X, it is mutually agreed
that in the event aforesaid Management Agreement is terminated, the
Lessee shall cause to be formed a Management Association consisting of
the members of all the Condominiu~n Associations at Colonnades Coridomin-
ium Complex. .
:'he owner of each condominium unit, as evidencec~ by the recorla~ion
of a deed thereto, shall automatically become a member of the Yanage-
ment Association; in the event that the aforesaid ?~lanage~r.ent ~greement
is terminated in any manner. Each condominium unit shall be entitled
to cast one (1) vote in matter upon which a vote is required. The
affirmative vote of a ma~ority of the members constituting a quorum ~
shall be necessary to conduct the business of the Nanagem.ent ~ssociation. i
1
It is recognized that the sole purpose o: the I~anagement nssociation ~
shall be to perform the terms and provisions of this ~ton-~cclusive
e rTinety-I~iine Year Lease in lieu of the N~.znager and that the iessee shall ;
~ continue ta be entitl.ed to possessory and use interests herein and ~r.ake ;
all payments required by this Agreement and be bound by its terr,ls and
provisior,s . ~
7. F.ignts Reserved ~o Lessor.
a. Non-exclusivity. The Lessee speci£ically ac~nox?ie3~es
that ~tr.is s a non-exc usive Lease, and that the Lessor reserves
the ri~ht to lease the Demised Premises to other persons, natural
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LAW O'/~Gi.i OF GOLDiTEIN. FRANKLIN.CHONIN • SCHRANK, P.A., 2020 NORTHEAST 163~D STREET, NOR7M MIAMI 6EACH, FLORIDA 33162
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