HomeMy WebLinkAbout1516 ~aiaed Premisea aha21 further comply with raqu~.ramenta of all
. inaurers carryir~g inaurance in force with reepect to the De-
miaed Premisea.
~4. Rent. The Leaaee agreea to pay to the Leasor, aa rent, the
sum of TWtrHUNDRED AND EI(iHTY ($280.00 ) Dollara per ~aonth
the firat auch payment to be due and payable on the firet day of ~he
month in~aediately succeeding the commencement of the term hereof,
that is; on the flrat day of the month insraediately euc~eeding the date
upon Mhich the Declaration of Condominiwn is recorded in the Public ~
Rscords of St. Lucie County, Florida, prov~ided, hoMevar, the I~asee :
shall receive as a credit against the monthly rental due as aforeaaid, ~
until such time as the Developer, shall have closed on the sale of ,
all of the condominiwn apartme~t units, an amount ot money, coraputed ~
by adding together the percentage share in the common e2ementa appur-
tenant to the candominium apartments xhtch the Developer haa title to
as the P3rst day oP the u~nth for.Mhich th~i rent ia dus,-and multiplying
the total monthly rental by the aggregate percentage figure thua ob-
tained. The credit aga~nat rent thus received ehall inure to the
benefit of the Developer.
a. Rent shall be payable in aurrent legal tender of the
United ~tatea of America at sueh place or places as the Lessor
shall from time to time in Nriting direct, aM a place once
deaignated Por the payment of rent shall remain sueh until it
shall be changed by Mritten noti~e from the Lesaor. All rent
shall be payable without notice or demand. For the preaent,
and until further notice, rent shall be payable at the Colonr~ade$
Condominiums, For~ Pierce, Florida. Waivers, iridulgences or changea
by the Lesaor as to any rental payment or rental paqments Mith
reference to the place of payment, or in accepting anythirg
other than curi*ent legal ter~der as rent, ahaZl not be construed
as a waiver, indulgence or change upon any subsequent occasion. ;
b. Coat of living ad~ustment to rental. The monthly rent-
als herain provided for shall be.ad~usted from time to time, as
herein set Porth, to compensate Por any increase in the coat oP
li~ring as cs~mputed by reference to th~ "Indea Number" aa oP De-
cember 1, 1970, provided, hoMever, in no event shall the m~nth-
ly r~ntals herein provided Por ever be decreased, and once in-
creased, purauant to the provisions of this section, rentals ~
shall not thereatter be decreased.
The iridex to be used shall be the "Consun~er's Price Inde~c,
United States Average - All Itema of Food" published in the
monthly Labor RevieM of the Hureau of Lnbor Statlstica oP the
United States Department of Labor. If the said index ahall be-
come unavailable, the index to be used shall be the "Consu~er~s
Price Index" issued by the United Statea Department of Labor for
the South Atlantic group oP statea; and 12' both of the aaid ~
indeaes ahall become unavailable, the indea to be used shall
be the "Indea of the Qeneral Price Level" ia~ued by the Fed-
eral Reserve Bank oP Atl.anta, Qeorgia. Ad~ustment in r~ntals
due under the terma hereof shall be computed on January I, ~
1972, and on the first day qf January oP each and every year j
thereaPter, each oP Mhich dates ia herein called a"computation
date". Each ad~ustment shall be in effect comnencing from
the computation date until the end of the term unless Purther
increased by ad~ustment at a subsequent date. The amount of
- sd~ustment ahall be arrived at by multiplication oP the basia
monthly rental herein provided for by a fra~tion, the numera-
tor of rvhich shall be the irxiex number for December lat im- '1
mediately preceding the computation dat-.e, arrl the denon~inator #
the index number for December 1, I970. Fallure on the part of
the Lesaor ~o eaercise th~ right to an adJuatment in the basic
rental pursuant to the provisions hereof as og ar~ co~utation
date sha22 not operate as a waiver oP the right to an ad~ust-
" 3" o~K i93 i5i4 '
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U?W OFi1CE5 OF GOLDSTEIN. FRANKLIN. CHON~N Q SCHRANK. P A. 2020 NORTHEAST 163wo STREET. NORTN MIAMI BEACH. FLpRIDA 33182 ~