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17. Commencerr~nt of Oblig~tion~ of Lea~e and Calivery of Posse>- ;
sion. The o ga on o e ~sor ~.n o ~ie ssee pur~uan o e
~e`rms and provisions hereof, ar~c: right to ~.+ossession and use of the Le-
mised P^emis~s, shall commence As of the date of commencerr~ of t2w j
term hereby created.
18. Securit . For the purpos~ o; securing unto the Lessor the ,
payment of ~F.i: ren herein provided i'or, a~ wel.l as the payment of an;r I
other sums d•av and pPyable the i,er~sor by reason ~f the terms and provi-
sions here~f, or by i•~ason of aiiy advancer,~ents made to or on behali' of i
the Lessee by the Lessor, as well aF for the purpose oP securing the i
performancF of e~ch and every one of the covenants of tlie Lessee hereiri !
contained for the use and benefit of the Lessor, the Le3see does her~eby =
grant un~~o the Lesser the followng described liens whi.ch ~hall be ~a•- ~
m.ulative, provided, the Lesscr may exercise one or more of the s~~d
liens r?ltliout thereby walving the cthers, or may exercise al~ aimulth-
r~ eoL~ s 3y. ~
.
a. Lessee's lnterest. The Lessee d~es hereby give ar~
grant unto e ss~r a contli~uir~ Pirst lien parRmount and su•-
~erior to all others upon all of the right, ti~le and interpat
~f the _Lessee in arxi to this Lease and the Demise~ °remises.
b. Lessee~s Assets. The Lessee does hereby give and ~rant
unto the ssor a con nuinFr i.irst i ien p,3ramount and superioy~
to al? others, including apEr±ment owners, upon ita asset~ ar.~.i
common surt~lus .
c. Condemir,iur.~ Proper. ty. The Lessee does hereby give
and grant un o ne ssor a continuir.g lien upon all of
~hp
co~d~minium parcels and condominium property as described in
the Declaration of Condominium of the Co»dominium, i:~cl~xding
all Rp~urtenances thereto, now or hereafter placed thereon,
all furniture, fixtures, furnishings, machinery arr3 equipmrnt
now or hereafte.~ 2ocated thereor., kept or use~ tn and a~~~ut
the co~r.mon elements thereof, and fix~ures and eyuipment nov~• or
herea~'ter cortRined or placed upon any condominiwn Farcel,
including air cunditioners, stoves, ranges, refY?~gerators, het
water• heaters, and dishwashers, said lien being prior and su-
peri~r to a12 other liens and encumbr~nces except institutional
~'ir~t mortgages a~ainst condominium units.
d. Obligstion of Unit Owner. All liens provided for here- i
in shall secu.e e payn:^.n o~all monies due the Lessor herr-• ~
under and may be foreclosed in a manner provided fbr the forL- i
clo~are of mortgages, provided, however, no lien againat Pny . ;
fixtures or equipment in a condc+miniwn unit shall secure a sum f
greater than the per.centage of.the to~al eaisting monies d~ie ~
and cwinq the Lessor by the Leseee then in default equal to Lhe
percentage of the total interest in the common elements ~nd com- ;
mo~ surplus attributab]e to such condominium unit, and *he lien ~
against any equipment, furnishings, fixtures or portion of the ~
said condominiwr. unit :nsy be discharged by the owner thEreof uy j
paymer,t to the Lessor of such sum, and provided, further that
~o long as a condominium unit owner shall pay that portion of
the total montl:ly rental due and owing the Lessor equal to his -
pr~op~rtionate share of the c~nnnon expenses of the Associat~on,
eiti~er to the Ass~ciation ~r directly to the Lessor, the Lessor ~
will not and rr.zy not e:zi'orce ~ny of the rights which it ~:,ight !
otherwi se have against the condcminium ~init owner under t:ie t~rms ;
and provi~i~ns hereof, notwi~hstanding ~hat the I,essee is in ds- ~
fault of this Lc:ase, and/or that any other condominiurr unii, ow:~- ~
er has failed to perPorm or keep its obligations as a rr.ember o; ~
the Lessee to pay hi~ prorata sY:are of the common e~?pEnses of j
t~hich the monthl.y rental under -the ~:erms and provislons hereoP ~
is a part. '
_13_ ~ooKi95 M~t172~4 ;
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