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Home My WebLink About1716 m~sed Premises shall further comp2y with recluirenlen~s of all ' ; ingurers carryir~ insurAnce in f:>rce wi~h respect to the De- mised Premises. ~ . ; 4. Rent. The Lessea agrees to pay to the.-Le.~sor, as rer~i, the ; sum of TW6'~~UNDRED AND EIGNTY ($280.00 ) Dollars ~ per month ~ the first such payment to be due and payaLle on the first day of the month iirrmediat•~ly succeeding the commencemert oP the term her~:of, ~ that is, on the first day of the month imr,ediat;ely succeedin~ the date # upon whic;h Y.he Declaration of Condominium is recorded in th~ F~ublic Records of ~t. :,u~ie Counry, Florida, provided, however, L-he Lessee ; shall receive aa a credit against the monthly renta~ due as aforesaid, until such time as the Daveloper, shall have closed on the sale of ~ ~ a21 of the condominium apartment units, an amount of money, computca i by adding together the Fercentage share in ~he common element~ ap~ur- tsnant to th~: condominium apartments which the Developer has title :o as the Pirst da.y of the month for which the ren±, is due, and multiplylr.~ the to~31 monthly rental by the a~,gr~gate percentage fi~ura thus ob- tained. ThQ credit agai~is~ rent tY?us received shall inure to the ber,efit of the Developer. . a. Rent shall be payaLl.e in ~urrent legal tender of the United ~tates of Atr.srica at su~h place or places as the Lessor ahall from time to time in wri~ing direct. and a place once desigr,ated for the l~ayment of rent shall remain such unti~ tt shall be ch3nt;ed by written notice from the Lessor. All .ent shall be pa:~able without notice or demanc~. For the present, and until further not~ce, i•ent shall be payable at the Colonnac?es Condominiums, Fort Pierce, Florida. Waivers, indulgences or cr,a:~grs by the Lessor as to any rental paymen: or rental pa,yment~ •rrith ref~rence to the olace of payment, or in accepting ar.ything ~ other than current legal tender as rent, shall nbt be canstrue~i as a waiver, itldulgence or cha:~ge upon any subsequent occasion. b. Cost of living'sd~ustmer~t to rental. The monthly rent- als herein pr~vided for shall be ad~u'sted from timm~ to time, as herein set forth, to compensate for any increase in the cost of livir.c~ as compu~ed by reference to the "Index Number" as of De- cember 1, 19'j0, provided, however, in no event shall the munth- i ly rentals herein provided for ~ver be decrsased, and once in- ~ creased, pursuant to the provisions oF this section, rentais shall r.ot thereaftei~ be decreased. { The itldex to be used shall be the "Consumer's Price Indcx, i United 3tates Average - All Itsms of Food" published in tl:e ~ mont~~ly I.abor Review of the Bursau of Labor Statistics of th~ Unite3 States Department of Labcr. If the~said lndex shall be- ~ cor.ie" ~.:navailable, the ir,dex to he used shall be the "Consumert s Price Index" isaued by ~he Unite!~ States Department of I~bc: for th~ South Atlantic group of states; and if both of the said indexes aha?1 become unavailable, the index to be used ai~a?1 be the "Inc?Ex of the General Price Level" issued by the Fed- eral Reserve Eank of Atlanta, Georgia. Ad~ustrr,ent in rEntal~ dve under the tei~ms hereof shall be computed on January l, 1972, and on the first day of January of each and every year thereafter, each of which dai:c;s is herein called a"computation date" . Each ad~u~tment shal.l be in effect corrmencing from ~ the computation date until tha end of the term unless f~y~ther increased by adJustment at a subsequent date. The amount of ad Justn~ent s:~all be arrived at by mult Ipli cati_on of the basi s monthly rentai. herein provide~ for by a fraction, t2:e r.•iR~ra- tor of which shall b~ the index number f'or December Ist im- mediately precEaing the computation date, arYl the dPnomin~~r . t;he index number for Lecember 1, 1970. Failure *,r.c part of the I.,essor to ex~rcise the right to an ad~ustment 1?~ ti~e basi~ rental pursuant to ~he ~.rovisicns hereof as of ar~y corr~uta~ioc~ dat~ shall not oj~erate as a waivc.r of the right to an ad Ju:.t- - 3- ~ooK 1y5 1 ~'14 lw'J/ Of{li qF GOif~$it'It:. fhANY.It~~. CHONIflQ-~tL}~ItAltn M A. 2O't. NOIf1N[~.ST IQ~n~~'../NIIT. NO..l/l MIA\tl /tfAfll. ~~lnRlt w_? • f ~'-~-~~..~,z-ti"~~~~c,t-~ _ . . . . . . . . . . . . . ~-2' ,r'3= - ~ _ . : r. .