HomeMy WebLinkAbout1967 11.3. Foreclosure by Ir.stitutional First "~ort5aaze. ~
I: an institutional first mortgagee s~.all foreclose its :nortga5e
against a condominium unit and obt~in title to the same by p~~ic
sale held as a result of suc:z foreclosure suit, or should suc::
institutional first iaortgagee ac~Lire title by conveyance ir. lie•a o~
foreclosure, then so long the~eafter as such institutional mortra~ee
shall continue to hold the tit:ze to suic condominium unit, th~
rent shall be reduced by the a.:.o;:n~ c~ ~3.50 per month and ~~:e sr.a-r=
ir.g of the common expenses s'r.a~l ~e ~e3uced by one "unit of ~artici-
pation". Said institutiona~ first :,~~rtga5ee shall receive the be:ezit
t
o~ such reduction in rent by crecit ar~ain~t its portior. of the col-;ti..o~
exper.ses of the condominium of w~~cn t::e Lessee is the Condomir:~u:~
Association. The same shall not reduce or abate any ot~er of the
~roru.ses and coyenants of tY:e :.essee :~-.ereir.. The foreclosure o~
an institutional first mortgagee's lie: s::all not operat~ as an
extinguis:zment of this lease in whole or in part or as a ter:nir.at~o:.
of the Lessor's lien, as aforesaid, as agair.st the entire condo~,i:~ii;.:~
pronerty or the condominium parcel so foreclosed. Upon an instiLli=
tional first mortgagee conveying i;.s title to the condo:~iniz:za u: ~z sc ,
acquired by it, the forego~n5 a:.at~::.en~ of rent and sharing o~ ex- '
penses shall ir?unediately cease a:~c te=.:.inate.
12. LESS~R'S RIGE~ ~'G ~:~5~;:_~ ~.~;D EvCUl'~BER. The Lessor
shaZl have the right to assign a.~d e:~c~:z~.ber its interest uncier t:.is .
lease and to the Recreation Center as :zerein provided.
12.1. Existina :~{ortq~aes. The Recreation Cente~ and
other lands are subject to existi :g :r.ortgages to Wal~e: E. ~:ei~er
Company of Florida, Inc. , whicr. :r.ortgages have beer. recor~ed i: t'r.e
~ub ~ic Records of St. Lucie Colinty, Fiorida.
12.2. Further ~tor~ga;es. The Lessor shall have t':e rignt
at all . ti.~ s to further and additior,ally mortgage and enci:.TM?ber its
interests under this lease and in and to the Recreation Center ar.d
the Lessee's interest in and to the sane shall a~ all times be sucordi-
nate and inferior to those of such additior.al and further mortga5es,
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