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e. Foreclosure Not to Oper~ate as Tei~mination. Foreclosur~~
or other ac~'on o en orce ~1 en~ ere n prov ed for shall
not operate or be construed as a terminat~on or car~cell~tion o~
thls I.~ase, or as ar. extir.gu~sY:m~3nt of any such lien, except such ~
liens shall not sta-~d as s~:curity i'or any amaunts reali z~d and ;
actually collected by the Lessor in forea].osure or other such ~
action.
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f. Ri~hts of Institutiun~l First Mcrtgagees. ~
(1) Definition. An institutional first mor•tgagee ia ;
uef~necl as
a`T~"a-"Ic;
s~vings and loan association, insurance ~
company or trust holding a first mortgage secu~3 by a cc n- i
dominium apartment unit. ,
(2) Subordinat3on Ly Less~r. The Lessor hereby ap;r~~s ~
that all 13-ens crea e n 3"~"s~avor pursua:~t to and by th3
provisions oi this Ninety-Nine Year i,ease, aQ wnll as by op-
eration of law, shall be subordinate to the lien of arn,~ in-
atitutiorial first mortgaoee against a condominium apartm~nt
unit, and furtiher agrees to sign and execute any instruu~:~~
reY'lecting arknowledgment of s•,~ch aubordinatton or to ~oin
in the execu~ion and del3very of
a mortgage (provided it does
not thereby asswne or bec~ome obligatpd to perform arXy co~~e-
nants of the mortgagor ~herein) as the mortgagee may requir~,
provi~E,~, further, that the Lessor has and does hereLy ~pec~
ii'ica~ ly sutordinate all of its lien rights to the lien of
each and every mortgage lien against condominium apartment
units at the C~ndominium created by first mortgages recorled
in the Public Records of St. Lucie County, Florida prior to or
subsequent t-o the date hereoP, whereir~ the ~rArtgagee is
Firat Federal Savings and Iuan Association o£ Fort PiercP,
Florida.
(3) rorec2osure by Institutlonal Fir~t Mortgagee.
In the evr.ri , an ~ns u ona rs mo gage e s a ac-
quire title to a condominium unit by conveyance in lieu
of for~cld~ure, then so long as such institutional mort-
gagee shall continue to hold title to the said condomin-
ium unit, the rent provided for and to be paid during the
term of this Lease shall be reduced by a percentage fig-
ure equai to the percFntage interest in the common e~e-
ments and in the common surplus attributable to such cor,-
dominium unit, and .suen reduction in rent shall inure t~~
tt+e benF:~'it of the institutional first mortgagee acq~~ir-
ir~ title to such condominium unit by crediting the ~mount
thereof against its share ~P the commo:~ expenses of the
Condominium. In the event an institutional first moM:-
gag~e shall acquire title to a condominium unit as R r~-
s•.~lt of a forzclosure sale, then the rer.t pr~ovided i'or
and to be gaid during the term of this Lease shall be re-
dticed by a percentage Pigure equal to the p~r•centa~e in-
teres ~ in the comnor~ elements and in the common surplus
attributable to 8uch condominium unit, and such reduction
in rent shall inure to the benefit of the instltutional
first mortgagee acquiring title to such cor~dominium unit, ~
its assigns and auceessors, and such reduction and crediti
~hall be per.:~nent anci continuing in nature, for thF term ~
of this Lease. Nothing herein contained ahall operate as ;
an ext~ nguishment oP Lhis Lease, in wrale or in part, or• :
as a t~rmination of the T~easor's lien, aPore-descri.red, '
as against the entire condo:ninium property, except as ~o ;
a condo~ninium unit foreclos~3 upon, and to the extenL herr~~
in provided. No~withstanding reduction of rent Fayable
_ under the provisions hereof, ~t?e owner or oc~u~ar,t of any
c.ondominium unit as to whicb an institutiorial firat m~rt-
_ ~o~K 1y5 ~~i ~;~g ~
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