HomeMy WebLinkAbout2967 e. Foreclosure Not to Operate as Termination. Foreclosure
or other ac on o en orce e ens ere n prov ed for shall
not operate or be construed as a termination or cancellation oP
this Lease, or as an extinguishment oP ar~y such lien, except such
liens ahall not stand as aecurity for any amounts realized and
actually collected by the Lesaor in foreclosure or other auch
action.
f. Rights of Institutional First Mortgagees.
(1) Definition. An institutional first mortgagee is
defined as
a FanTc,"-savinga and loan association, insurance
company or trust holding a firat mortgage aecured by a con-
dominium apartment unit.
(2) Subordination by Lessor. The Lesaor hereby agrees
that all 1 ens crea e n s avor pursuant to and by the
provisions of this Ninety-Nine Year-Lease, as well as by op-
eration of law, shall be subordinate to the lien of an4r in-
stitutional first mortgagee against a condominiwn apartment
unit, and further agrees to aign and execute any instrument
reflecting acknowledgment of such subordination or to ~oin
in the execution and delivery of a mortgage (provided it doea
not thereby assume or become obligated to perform ar~ cove-
nants of the mortgagor therein) as the mortgagee may require,
provided, further, that the Lessor has ami does hereby spec-
ifically subordinate all of its lien rights to the lien of
each and every mortgage lien against corxiominium apartment
- units at the Condominium created by first mortgages recorded
in the Public Records of St. Lucie County, Florida prior to or
aubsequent to the date hereof, wherein the mortgagee is
First Federal Savings and Loan Association of Fort Pierce,
Florida.
(3) Foreclosure by Institutional First Mortgagee.
In the even an ns u ona rs mo gagee s a ac-
quire title to a condominium unit by conveyance in lieu
of foreclosure, 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 equal to the percentage interest in the comcnon ele-
ments and in the common surplus attributable to such cor~
dominium unit, and such reduction in rent shall inure to
the benefit of the institutional Pirst mortgagee acquir-
ing title to such condominium unit by crediting the amount
thereof against its share of the common expenses of the
Condominium. In the event an institutional first mort-
gagee shall acquire title to a condominium unit as a re- ~
sult of
a foreclosure sale, then the rent provided for
and to be paid during the term of this Lease ahall be re-
duced by a percentage figure equal to the percentage ir~
terest in the comnon elements and in the common surplus
attributable to such condominium unit, and such reduction
in rent shall inure to the benefit of the institutional
Pirst mortgagee acquiring title to such condominium unit,
its assigns and succeseors, and such reduction and credit
shall be permanent and continuing in nature, for the term I
of this Lease. Nothing herein contained shall operate as ~
an extin~guishment of thia Lease, in whole or in part, or
as a termination of the Lessor's lien, afore-described, ~
as against the entire condominium property, except as to
a condominium unit foreclosed upon, ar~d to the e~ctent he~e-
in provided. Notwithstanding reductior? of rent payable
under the provialona hereof, the owner or occupant oP any
condominium unit as to which an institutior~al firat mort-
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_ 14- eucK 195 PacEz965
LAW OFi1CEi 0I GOLDLT[IN, FRANKLIN, CMONIN A SCNHANK. P. A.. 2020 NORTHEAiT 103~o STREE7. NORTM MIAMI SEACH. FLORIOA »102
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