HomeMy WebLinkAbout1897 . , ~ ~
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Rent. The Lesseo a~rce~ to pay to ~hc Le~~or, a~ ren~, tt~e ,
sum or One undred rorty (~'140.UJ) Dollar~ p.r r,~nt3~i, ~
tho Pirs~ such p~ym:nt tb be d~ao and p~yablc on tt~c t'ir::t ~lu;/ of t2'~e '
mon~h immcd3at~ely suceecdin~; Lhe comrncnec:ment of
tne L-erm hcreof, ~
that is, on tho f3.rst cily oP ~he moni:h Imrncd lu'~:c ly ~ucc~ecl~r,L tr,c aate
upon which the Declara~ion oP Condominium is recordeci in t?-~ Public
Records oP St. Lucie County, I~'lorida, provided, hor~ever, ~he LV ~I V V e
shall receive as a credit a~ainst the monthly ren~al due a~ zi'ore:;aid,
until such time as the Developer, Shall have closed on the sal~ of
all of the condominium apartment units, an amount o~ money,~ccmputed
by adding together the percentage share in the common ele:r.ents appur-
tenant to the condOminium apartments which the Developer ras titie to ~
as the first day of the month for which the rent is due, a.~d multiplyir,g
the total monthly rental by the aggregate percenta~e figure thus ob-
tained. The credit against rent thus received shall inure to the
benefit of the Developer.
~ ~ a. Rent shall be payable in current le~al tender of t'r.e s
i United States of America at such place or places as the Lessor ;
~ . shall from time to time in writing direct, and a place once ~
I designated Por the payment o~ rent shall remain such u:~til it
shall be char~ed by written notice from the Lessor. ~12 rent
~ shall be payable without notice or demand. For the present,
and until~ further notice, rent snall be payable at the Colonnacies
Condomin~ums, Ft. Pierce, r^lorida. Waivers, indulgences or char~es
~ by the Lessor as to ar~y rental payaAent or rental payments tvith
reference to the place oF payment, or in accepting a:~y~hing
other than current legal tender as rent, snall not be cors t,„ued
. ~as a waiver, indulgence or change upon ar~y subsequen~ occasion.
,
~ b. Cost of living ad~ustment to rental. The rrbnthiy rent-
als herein pr~ovided for shall be ad~usted fror,l tiMe_ to tine, as
herein set forth, to compensate for ar~y increase in the cost of
living as cor.?puted by reference to the "Index Nu:n~er" as oi ,~e- ~
cember 1, 1Q70, provided, however, in no event shall the mo ntr.-
ly rentals nerein provided forever be decreased, arad once in-
creased, pursuant to the provisions oP this section, ren~als
shall not thereafter be decreased.
i The ir~dex to be used shall be the "Consumer's Price Index,
~ - United States Average All Ite~ns of r^ood" publisned in ~he
f monthly Labor Review of the Bureau oi ~.abor Sta~isLics oi the ~
~ United States Departryent of Labor. If the said index shall be- ~
~ come unavailable, the index to be used shall be the "Consumer~s
Price Index" issued by the United Sta~es Department of Iz~or i'or
the South ~L-lantic group of states; and i~ both of tne saici
indexes shall become unavailable, the index to be used snall
be the t'Index of the General Price Level" ~ssued by tne ~~ed-
eral Reserve Bank of atlanta, Georgia. Ad~ust:z~ent in rer.~als
due under the terms hereof snall be corrputed on ~ar.uary 1,
19?2, a:xi on the first day of January of each ~.nd every year
thereaf'ter, each of which dates is herein called a~'co~pu~a~ion
- date" . i.ach ad~ustment shall be in ePfect co~er,cino ~ro~;
the comoutation date until ~he er~d of the term unless ~u= ~'r~er
increased by ad~ustment at_a subsequent date. ine a:.oun~ o~
ad~ustr~nt s3~11 be arrived at by ~ultipl~ca~~on of ~he a~s~s
nontnly reatal herein provided for by a ~ ractior., tne r.~a.
~ ~
a-
tor o~ which shali be the index. number for Dece:n~e: ist i:r:-
:~ediate?y p~~zceding tne cor::putation date, ar~ tne der.om~ir.ztor w..
the index num~e: for~ ~ecember 1970. ~,a~l•are on ~:~e ~zr~ of
~ t:~e ssor to exercise the rig'r.t to an ad~us ~r:~ent in Lhe ~s~c
rer.tai pursuant to the provisions he~of as oi' any cc .r:~~ataL-~on
c~te s:~ali not operate as a waiver oP the r~ght to an ad~ust-
men~ ar.d incr2ase of the basic re:~tal as of a:y suosequer.t and
Future computation date.
5. Rights ~eserved Unto Developer. Until the Jeveloper shall
- 3- aoaK 188 ~1894
{.AW OfIiGEi OF GaLDiTFiN, FRAi~tKLIN, Gi40NIN ~ iCHRANK, r.A., 2020 NORTH[Ai1 10~~0 iTRE['T, KORTM M~A1.t~ Cc~Cr~. FLOR:J~. 3~1~=
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