HomeMy WebLinkAbout1907 . ~
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to all otliers, includir~; apartment ownars, _upon its a~sets aru: ~
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common.surplus. . {
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c. Condominium Propert,y. The Le~see docs 'r.erebf ~~ve . ~
and ~rant un - e ssor a contlnuin~ 11en upon a?1 af
the t
condominium parcels and condominium proper~y as descr~bed in
the DeclArai;ion oP Condor:iinium of the Condor.?inium, includin~
all •appurtenanees thereto, now or hereafter placcd t'r.creen,
all furniture, ~ix~ures, furn~shin~s, machinery and equiorr~nt
now or hereaPter located thereon, kept or u~ed in ~:,d a~out
includin~ air conditioners, stoves, ran~es, rei''ri~erators, 'r.ot
water heaters, and d3sh«ashers, said lien beir~ prior a:x? su-
perior to all other 13ens and encumbrances except institutional
~ first mort~a~es a~ainst condominium units. .
d. Obli~;ation of Uni ~ O~Jner. ?~ll liens provided for ~:e: e-
in shall secure ne payrr.en~ o a 1 monies due the Lessar r.ere-
- under and ma~y be foreclosed in a r~anner pravided for the fore-
closure of mort~ages, provided, how~ver, no lien a~ainst ~.ny
fi:ctures ~or equi.pr~~ent in a condom:.nium ur~it shall secure a su^~
~reater than the percenta~e of the total existir.~ r,:onies due
and owing the i~essor by tne Lessee then in defau3t eq•.~al to ~he
percen~age of the total in~erest in the cor:~mon eler~en~s zrxi cor~-
mon surplus attributable to such condominium unit, a.~d tr.e iien
against any equipment, furnishings, fixtures or portion of the
~ said condomin3um unit ma.y be discharged by the owner t:~.e=eof by
. payment to tr.e Lessor of such suir:, and provided, Fur ~her ~hat
so long as a condominium unit owner siiall pay that ~or~ion o~ -
. the total monthly rental due and owing the Lessor eo.ual to his ~
~ proportionate share oP the com~mn expenses of t.=:e ~ssocia~ion, 1
either to the Association or ciirectly to the ~ Lessor, the i,essor :
will not and may not enforce any o~ the rights ivnich it riight ~
otherwise have against the condominium unit owner urider ~he ter.~s
_ and provisions hereof, notwiths:anding i.hat the Lessee is in de- ~
fault of this Lease, ann/or tha~ any oth~r condo;ainium unit ov?•n-
er has failed to perform or keep i ~s obligations as a~ rr.ember of
the Lessee to pay his prorata share of ~he comr.lon expenses of
which the monthly rental under the terms and provisions hereof -
is a part. .
e. Foreclosu~^e No~ to One-rate as Ter~ni.nation. ~'oreclosure
j or other ac on o e orce e iens erein provi ed for shall
' not operate or be construed as a termination or cancellation of
this Lease, or as an ex~inguishment oF ar~y such lien, ezce~t such
liens shall not stand as security for any arrr~unts ~realized a:~d
- actually collected by the Lessor in foreclosure or other such . ~
action. - ~
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f. ~i~hts of institutional First I~ort~a~ees. _ ;
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(1) Definition. an ins~itu~ionai iirs~ mor~ga~ee is
defined as a an , savings an3 loan associatior., irisurance
~ co:r~any or trust holding a first mortoage secured by a con-
dominium apartment unit. ~ ~
(2) Subordination by L~essor. ine i.essor he:eby a~rees
that all 1 ens crea~e n s ~avor pursuan~ to an~ oy ~he ~
provisions of tnis Nir.ety-Ninz ~ear Lease, as well.-as ~y op- t
~ eration of law, shall be subordinate to ~he ?ien of ar{y in-
~ • sti~utional first mortgagee against a cordor~nium at~r~r:.en~ ~
ur.it, and further agrees to si~n aru e:cecu~e an~t ins~ri;.::ent f
_ ' reflectino acknowledgrr:en~ of such suborninat~o:: or ~c~n €
ia t'r,e execution and cielivery of G r.ort;a~a (provided i~ cioes f
not thereby assume or becor.3e obli~ated ~o perforn any cove-
nants of the mort~a~or the-rein) as tr,e r;Ar~~a~ee w~~ : e~Li: e,
provicied, flxrther, that the Lessar has a:~ cio~:s ne:eby sxe-
~ i£ically suoordinate a~l o° its lien rignts ~o ~r.e ~ier. o-
each and every r~or ~~a~;e li en a~ains ~ condo~.~niun. z~rt;:~~ nt
units a ~ the Condom; nium crea ~2d 'oy ~'irst c~r ~~a~e s i~ corded ~
in ~he Puolic Records of St. :ucie County, filo; id~ pr~or zo or s
s
subsequent to the date hereof, ~+~'r,erein the mort~a~ee is ,~rs ~ i
Federal Savings and Loan ~ssociation.of ~ort Piarce, Florida.
- ? sooK 188 ~190~4
I.AW O/ftG[b OF GALDb7Elt~,'RANKLiN, CMONIN ~ iG1i11ANK, RA., Z020 NORTHEAL? 167w0 SYR[ET, !lOitTH MIAMI ~E~GH. fLOR~DA 33t6~
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