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(3) Foreelosure by Tn~~itut3onal :~'irst i~:ort~:a~~ee.
In ~he even an ns ~ u~ ona rs mor ~a~ee s a ac-
quire title to a condominium unit by conveyance in lleu
of Poreclosure, then •so lor~ as such institutional rrart-
~a~ee shall continue to hold title to the said condomir.-
ium uni t, the rent provided for and ~o oe paicl durinn tho
term of this Lease shall be reauced by a percenta~e fig-
ure equal to the percen~a~e interest in the common ele-
ments and in the con~rr:on surplus attributable to such con-
dominium unit, and such reduction in rent shall inure to
the benefit of the institutional first mortga~ee acquir-
ing title to such condominium unit by creditin~ the arrnunt
thereof against its share of the common expenses of the
Condominium. In the event an institutianal first :nort-
~ gagee shall ~cquire title to a condominium unit as a re-
sult of a foreclosure sale, then the rent provided for
and to be paid during the term of this Lease shall be re-
duced by a percentage figure equal to the percenta~e in-
terest in the common elements and in the com.mon surplus
attributable to such condominium unit, and such reduction
in rent shall inure to the benefit of the institutional
f~rst mort~agee acquiring title to such condominium unit,
its assigns and successors,.and such reduction and credit .
shall be permanent and continuing in nature, for the term
of this Lease. Nothing herein contained shall operate as
~ an extinguishment of this Lease, in whole or in part, or
as a termination of the Lessor~s lien, afore-described,
as a~ainst the entire condominium property, except as to
a coridominium unit foreclosed upon, and to the extent he~e-
in provided. Notwithstanding reduction of rent payable
un3er the provisions hereof, th~ owner or occupant of any
condominium unit as to which an institutional first mort-
g~gee has acquired title, whether by conveyance in lieu of
foreclosure or by foreclosure, shall have the full ri~ht
to en~oyment and use of the recreational facilities in the
same manner as though the~said rent had not been reduced
and the benefit of the said reduction had not accrued to
" the owner of the said condominium unit. ~
18. Consent and Ratification of this Lease by Unit Owners.
; c^.ach and every person, w e er na ura or corpora e, w o s a acquire
or take any title or in~erest whatsoever in or to a condominiur~~ apart-
~ ment unit in the Conc3ominium, shall by acceptance and/or the recordation
~ of the deed, grant, assignment, or other instrument grant~ng, conveying
r or providing for such interest, or by the exercise of the rights or uses
~ granted therein, be deemed to have consented to and ratified the pro-
~ visions of this Lease to the same effect and extent as if such person
~ or persons had executed the lease with formali~ies required. in the deed,
and shall be dee~ed to have subordinated ar~d sub~ected eacn and eve ry ~
interest of such person to the terms of this Lease, including the ~ro-
visions providing for the Lessor's lien rights in the condominiiur: prop-
erty and in the condominiwn apartment units.
19. Assignment.
a. Provided that this Lease is not in defaul~ and is ~n
~ ~ood _ standing the Lessee m.ay freely assign tre same provided that
no such assigrunent or trar:sfer shall be valid unless the assignee
~ shall expressl.y assume and agree to perforrr. each and every one
~ of tne covenants of this Lease which, by the term.s herecf, ~he
~ Lessee a~rees to keep and perform, said assu.*r:ption to be evidence3
~ by written ins ~rzament, e:cecuted in recordable form, and delivered
to the Lessor after the sa^~e has been recorded in ~'r~e Publi.c ~ec-
ords of St. Lucie County, Floriaa. i~o such assigr,ment, transfer,
or assumption shall operate to release a prior Lessee P:cm ar~y
of the obligations hereof, and no such prior Lessee shall be re-
leased unless and until a writ~en discharge or release oF s~sch
Lessee, duly executed by the 3.essor, shall be recorded amon~st
the Public Records of St. Lucie County, ~lorida. ~
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_14_ ~ooK188 ~1810
LAW ORF1G[8 O~ GOLDi'CEIN, F1tANKLM, CHONIN ~~CNRANK, r. A., 2020 NORTHEA~T 16~aD fi7REET, NORTN MIAMI BGCH. PLORIDA 33162
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