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e. Forecloaure Not to 0 erate as Termiriation. Foreclosure
ar other ac on o en orce e ena ere n prov ed for ahal].
not operate or be construed as a terlni~afiion or cancellation of
this Lease, or as an extingulahment oP a~yr auch lien, except auch
].ians shall not stand as aecurity Por any amounts realized and
actually collected by the Lesaor in forecloaure or other auch
action~ i
f. Rights ot' Institutianal P'irst Mortgagees.
(1) Defir~ition. An inatitutional first dartgagee is !
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defined aa-a T~'Tc, savings and loan association, inaurance
corapany or truat holding a first mort,gage secured by a con• ~
dominium apartment unit. `
(2) Subordination b Lessor. The Lessor hereby agrees
tha~ all 1 er?s cx~ea e n s avor pursuant to and by the
proviaior~ oP this Ninety-Nine Year Lease, as Mell as by op-
eration oP la~?, shall be subo~+dinate ta the lien of ar~r ir~-
stitutional fir8t mortgagee against a condominium aparta~ent
unit, and.further agreea to sign and e~cecute any inatrument
r~f'lecting acknoMledgment oP such subordinatian or to ~oin
in the execution and delivery of a mortgage (provided it does
not thereby assume or become obligated to perPorm at~r cove-
nants oP the mortgagor therein) as the mortgagee may ~quire,
provided, further, that the Lessor has and does_hereby spec-
ific~l2y subo~dinate a12 of its lien rights to the lien oP
each and every mortgage lien against condominium apartment
uni~s at the Condnminium created by first mortgages recorded ~
in the Public Records of St. Lueie Coun~y, Florida prior to or ;
subsequent to the date hereof, ~herain the mortgagee is `
Firat Federal Savings and Loan Association oP Fort Pierce,
Florida.
(3) Foreclosure b Institutional First Mort agee.
In the even an na u onal-3'~'rs~mo gagee s a~l ac-
quire title to a condominium unit by conveya~nce in lieu
of foreclosure, then so long as auch institutional mert- t
gagee shall continue ta hold title to the said condomin-
ium unit, the rent provided for and to be paid during the
term of this I.ease ahall be reduced by a percentage f3g-
ure equal ta the percentage interest in the common ela-
ments and in the common surplus attributable to such con- L
dominiwa unit, and auch reductior~ in rent shall inure to i
the benePit of the inBtitutional Pirst mortgagee aaquir- ?
ing title to auich eondominium unit by crediting the amount j
thereoP againat its ahare of the coa~non expenaes of the ~
Condominium. In the event an institutional rirat m~rt- ~
gagee shall acquire title to a condominium unit as a re- - ~
sult of . a forecloaure $ale, then the rent provided for =
and to be paid during the term of this Leaae shall be re- ~
duced by a percentage figure equal to the percentage in-
terest in the coamon element8 and in the comoan surplus
attributable to euah condominium unit, and sueh reduction
~ in rent shall inure to the benefit o~ the inatitutional
firat mortgagee acquiring title to such cor~dominium unit, ;
ita asaigns and auccesaors, and auch reduction and credit
shall be permanent and eontinuing in nature, for the te~?
of thia Lease. Nothing herein contained ahall operate as
an extinguishment of this Leaae, in xhole or in part, or
as a termination oP the Leasor'a lien, afore-described,
aa against th+e entire condominium property, except aa to ~
a condominiuns~ ur~-t foreclosed upon, and to the eatent here-
in provided. NotNi.thatar~ding reduetion of rent paqable ~
urider the provisiona hereof, the o~ner or occupant of any
- condominium unit ~s to r+hich an institutional Pirst mort- ~
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LAW OFFICES OF GOLOSTElN, FRANKLIM. CHONIM Q SCHRANK. P A.. 2020 NpRTHEAST 163RD STAEET. NOATH 1MIAM1 HEACH. FLORIDA 33162 }