HomeMy WebLinkAbout1847 provided the Lessee shall at a21 times have the right to use, occupy
and enjoy the demised premises in accordance with the provisions of
this lease so long as it shall perform all of its promises and cove- -
nants as herein provided. The Lessee does hereby agree that it will
for itself (and if required by the Mortqagees) and/or as aqent for
all of the condominiwn unit owners of the Condomin~um, and for each of
their spouses and for each owner of any other interest in the property
of the condominiwa forthwith subordinate i~s and/or their respective
interests in and to the demised premises and-this lease to an~ such
mortgaqe or mortgages by an instrument of subordination or by joinder
as mortgaqor in such mortgage, provided that by such joinder the Lessee
and/or the principals for which it shall have acted as agent shall
not assume the obliqations of the mortqagor, as the mortqagee may
require, subject always to Lessee's right to use, occupy and enjoy the ~
Recreation Center in accordance with the provisions of this lease so
long as it shall perform all of its promi.ses and covenants as herein
provided.
12.3. Assi~nment. ~he Lessor may freely assign in Whole
or in part all or any of its right, title and interest in and to
this lease and the Recreation Center.
13. ~LESSEE'S RIGHT TO ASSIGN ,AND ENCUMBER. The Lessee
shall have no riqht to mortgage or otherwise encuiqber any of its
riqht, title and interest in and to this lease or the Recreation
Center nor shall it have any riqht to assign the same or arLy part
thereof except upon termination of .The Condominium,-the I,easee's
interesta in the leasehold created herein shall be diatributed to
unit owners as a common element of The Condaminiwn and as an asset
of the Lessee as its Association and the unit owners shall there-
upon jointly and severally comprise the Lessee.
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14. EMINE"JT DOMAIN AS TO THE RECREATION CENTER.
14.1. Total Taking. If during the term of this lease _
the entire Recreation Center shall be taken as a result of the exercise
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