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HomeMy WebLinkAbout2956 . mieed Premises shall !'urther comply with requirementa oP all insurera carrying ineurance in Porce Mith respeat to the De- ~ mi$ed Premiees. ~ 4. Rent. The gsee 8 reea to pay to the Leasor, aa re~t, the sum of ~~~RED ~200.OOg Dollars per month the first such payment to be due and payable on the tirst day of the month immediately succeeding the commencement of the term hereof, . that is, or? the first day of the month immediately succeeding the date upon which the Declaration of Condominium is recorded in the Public Recorda of St. Lucie County, Florida, provided, however, the Lessee shall receive as a credit against the monthly rental due as aforesaid, ~ until euch time as the Developer, shall have closed on the sale of all of the condominium apartment units, an amount of money, computed by adding together the percentage ahare in the common elements appur- tenant to the condominium apartments which the Developer hae title to as the Pirat day of the month for which the rent is due, and multiplying ' the total monthly rental by the aggregate percentage figure thus ob- . Lained. The credit against rent thus received shall inure to the bene!'it of the Developer. . a. Rent shall be payable in current legal tender of the • United States of America at such place or places as the Lessor • shall from time to time in writing direct, and a place once designated for the payment of rent shall remain such until it - shall be changed by written notice from the Lessor. All rent shall be payable without notice or demand. For the present, _ - and until further notice, rent shall be payable at the Colonnades Condominiums, Fort Pierce, Florida. Waivers, indulgences or char~ges ~ by the Lessor as to any rental payment or rental payments with ~ , reference to the place of payment, or in accepting anything other than current legal tender as rent, ahall not be construed ~ . as a waiver, indulgence or change upon any subaequent occasion. . ~ . _ b. Cost of living adJustment to rental. The monthly rent- als herein provided for shall be ad~usted from time to time, as ~ ~ herein set forth, to compensate for any increase in the cost of ,'I . living as computed by reference to the "Index Number" as oP De- cember 1, 1970, provided, however, in no event shall the month- ly rentals herein provided for ever be decreased, and once in- creased, pursuant to the provisions of this section, rentale shall not thereafter be decreased. : The indea to be used shall be the "Consumer's Price Irxlex, United States Average - All Items oP Food" published in the ~ monthly Labor Review of the Bureau of Labor Statistics of the United States Department of Labor. If the"said index ahall be- come unavailable, the index to be used shall be the "Conaumer~s Price Index" isaued by the United States Department o£ Labor tor the South Atlantic group of states; and if both of the said • ~ indexes shall become unavailable, the index to be used shall be the "Indea of the Ceneral Price Level" issued by the Fed- eral Reserve Bank oP Atlanta, Georgia. AdJuatment in rental8 • due under the terms hereof shall be computed on January l, 1972, and on the first day of January of each and every year thereafter, each of which dates la herein called a"computation ~ date". Each ad~ustment ahall be in effect comnencing from . the computation date until the end of the term unless further increased by ad~ustment at a subsequent date. The amount of ' adlustment shall be arrived at by multiplication of the basis - monthly rental herein provided for by a fraction, the numera- - tor oP which shall be the index number Por December lst im- mediately preceding the computation date, ar~d the denominator ~ the index number for December 1, 1970. Failure on the part oP ~ the Leasor to exercise the right to an adJuetment in the basic ~ rental pursuant to the provisions hereoP a8 oP ar~pr coa~utation date ahall r~ot operate aa a waiver of the right to ar? adJust- eooK1~5 PAGE2954 UW OFIICtY OF GOLDiTE1N, FRAHKLIN, CNONIN i KMRANK, r.A., 2020 NORYHEAiT 10~~0 iTRkET. NOIITM MIAMI BEAGM, FIQRIDA »162 ~ , ~ ~ . . ~~'-'~s~~°.~~'_sc~.~.'~.~=~~~~ . _.~t s:~~ a.,.-_ . . ~ . ; _ .