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HomeMy WebLinkAbout1812 to all others, including apartment owners, upon i}s assets and cornmon surplus. c. Condominium Property. The Lessee does hereby ~ive _ and grant un e ssor a continuing lien upon all of the condominium parcels and condominium property as described in the Declaration of Condominium of the Condominium, including all appurtenances thereto, now or herea~ter placed tnoreon, all furniture, fixtures, furnishings, machinery and equipment nolv or hereafter located thereon, kept or used in and about including air conditioners, stoves, ranges, refrigerators, hot water heaters., and dishwashers, said lien being prior and su- perior to all other liens and encumbrances except institutiona.l first mortgages against condominium units. d. Obli~ation of Unit Owner. All liens provided for here- in shall secure e paymen o a 1 monies due the Lessor here- under and may be foreclosed in a manner provided for the fore- closure of mortgages, provided, however, no lien against any fixtures or equipment in a condominium unit shall secure a sur~ greater than the percentage of the total existing monies due ~ and owing the Lessor by the Lessee then in default equal to the percentage af the total interest in the common eler~ents and com- mon surplus attributable ~to such condominium unit, and the lien against any equipment, f'urnishings, fixtures or portion of the • s.aid condominium unit ma.y be discharged by the owner thereoP by . payment to the Lessor of such sum, and provided, further that so long as a condominium unit owner shall pay that portion of - the total monthly rental due and owing the Lessor equal to his proportionate share of the comm~on expenses of the association, either to the Association or direct~jr to the Lessor, the Lessor will not and may not enforce ar~y of the rights which it might otherwise have against the condominium unit owner under the terms and provisions hereof, notwithstanding that the Lessee is in de- - fault of this Lease, and/or that any other condominium unit own- er has failed to perform or keep its obligations as a member of the Lessee to pay his prorata share of the common expenses of - -which the monthly rental under the terms and provisions hereof is a part. ~ 'f e. Foreclosu~e Not to Operate as Termination. ~'orec2osur-e ~ or other ac on o e orce e ens ere n prov ed for shall i not operate or be construed as a termination or cancellation of ' this Lease, or as an extinguishment of any such lien, e~ccept such liens.shall not stand as security for any amounts realized and ~ actually collected by the Lessor in foreclosure_ or other such ~ ~ action. : f. ~iohts of Institutional First I~ortgagees. (1) Definition. ~n institutional first mortoa,oee is defined as a an , savings and loan association, insurance " company or trust holding a first mortgage secured by a con- dominium apartment unit. (2) Subordination by Lessor. The Lessor hereby agrees that a'!1 1 ens crea e n s avor pursuant to and by the provisions of this Ninety-Nine Year Lease, as well as by op- eration of law, shall bE subordinate to the lien of ar~y in- ~ stitutiona.l first mortgagee a~ainst a condoriinium axaartr:ent ~ unit, and further agrees to sign and execute a~~ ins~rur::ent _ reflectirag acknowledgrr:ent of such subordinat~on or ~o ~cin r i:~ the execution and delivery of a r:or~gage (prcvided it does ~ not thereby assume or becor.~e obligated to perform any cove- nants of the rrArtga~or therein) as the r:ort~a~;ee m2y reoui; e, ~provided, ftirther, tnat the Lessor has ar~ does hereby spec- ifically suborclinate- all o~ its Iien ri~ints ~o ~he ' ier. c£ each and ever~ r~ort~a~e Iien aaainst cor.dor.liniun~ agart^~nt units at the Condom~nium craated by first nortga~es r~corded in the Public Records of ~t. Lucie County, Flarida pr;o~~ to or subsequent to the date hereof, rrherein the mortgagee ~s ~i~5~ ~ Federal Savings and Loan ~ssociation of rort Pierce, Florida. -1?- aooK 188 ~1809 LAW OFfICES OF GOLDSTEIN, FRANKLiN, CNONIN A SG1iRANK, RA., 20Z0 IiORTF1EA~T 16'RO iTRER, NORTH MIANI BEACH. FLORIGA 331b2 . ~ r.'S`~~>.v~ -.3,.~. F f , " _ _ ._:~,yro ~,~~-t~,-_ - ~ , . . - _ .W:~'"''a' . .