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HomeMy WebLinkAbout0667 4. Rent. The Lesaee agreea to pay to the Leeaor, as rent, utitil auch~fine aa Seaecape III ia aubiaittad to condominium oMnerahip, the sum of One Hundred (~100.00) Dollara per month, the first auch payment to be due and payable on the lirat day of the month immediately aucceedir~g the commencement ot the term hereoP, that is, on the firat day of the month im~nediately auc~eeding the date upon Mhich the Declaration of Condominium ie recorded in tha Public Recorde of Dade County, Florida, and said paymenta ahall continue until the firat day of the month imaiediately aucceedir~g the date upon which Seaacape III is submitted to condominium oxnerahip by appropriate a~endment to the Declaration of Condominium, and thereafter the Leaaee ahall pay to the Leasor, as rent, the aum of One Hundred (~180.00) Dollara per month, the firat auch payment of auch increaaed aum to be due ar~d payable on the firat day of the mcnth immediatelq aucceeding the date upon ~hich Seaacape IV ia submitted to condominium o~+nerahip, provided, hoMever, the Lesaee shall receive aa e credit against the monthly rental due aa aforeaaid, until such time aa FIRST NATIONAL BANK OF FORT PITRCE, as Truatee, under Truat Agreement dated November 17, 1970, and knorm aa Truat Number 2, hereinafter called the "Developer", shall have cloaed on the sale of all condominium unita, an amount of money computed by adding together the percentage ahare in the common elements appurtenant to the condominium unita Mhich the Developer has title to aa of the firat day of the month Por rhich the r~nt is due, and multiplying the total monthly rental by the aggregate percentage figure thus obtained. The credit against rent thua received ahall inure to the benefit of the Developer. a. Roat shall be p~yable in current legnl tender of the United Statea of America at auch place or placea aa the Leaaor ahall Prom time to time in r~riting direct, and a place once deaignated for the payment of rent shall remain auch until it shall be changed by written notice from the Leasor. All rent shall be payable xithout notice or demand. For the present, and until further notice, rent ahall be payable at the Calonnadea ~ Condominiums, Fort Pierce, Florida. Waivera, indulgencea or changea by the Lessor as to an`q rental payment orrental paymenta xith E reference to the place of payapent, or in accepting ar~ything ~ other than current legal tender aa rent, shall not be construed S € as a Maiver, indulgence or change upon any aubaequent occaaion. ~ 3 b. Cost of living ad~uatment to rental. The monthly rent- ~ ala herein provided for ahall be ad~uated from time ta time, aa ; herein aet forth, to compenaate for ar~q increase in the coat of living aa computed by rePerenae to the "Inde= Number" aa o! De- _ cembar 1, 1971, provided, hoKever, in no event ahall the month- ly rentals herein provided for ever be decreaaed, and once in- ~ creased, pursuant to the provialone of thia section, rentala ~ shall not thereafter be decreased. t The index to be used shall be the "Conaumer~a Price Indez, - United Statea Average - A12 Iteme of Fbod" publiahed in the manth3y La~iur RevieM of the Bureau of Labor Statis ti ca oP the ~ United Statea Department of Y.abor. If the said index ahsll be- = coa~e unavailale, the indez to be uaed ahall be the "Conaumer~a ~ Price Indea" isaued by the United Statea Department of Labor for ~ the South Atlantic group of atatea; and if both of the aaid indeaes ahall become unavailab.le, the index to be uaed ahall ?Y be the "Indea of the (ieneral Price Level" isaued by ths Fed- = eral Reserve Bank of Atlanta, Georgia. Ad~ustment in rentala ~ due under the termB hereof ahall be eomputed on Jariuary l, 1973, and on the firat day of January of each and every year _ thereafter, each oP Nhich datea ia herein called e"computation date". Each adJustment ahall be in effect comaencing from the computation date until the end of the term unleaa further ~ increaaed by ad~uatment at a aubsequent date. The amount o1' = ad~ustment ~hall be arrived at by multiplication of the baaie :=Y monthly rent.al herein providsd for by a fraction, tho nunera- ' tor of rhich ahall be the index number for December lat im- mediately preceding the computation date, ar~d the der~ominator the index number for December l, 1971. Failure on the part ot the Lesaor to eaercise the right to an ad~uatment in the baaic ~ rental pursuant to tthe p~ovisiona hereof aa of ar~r conQutation . date shall not operat~ as a~aiver of the right to an adJuat- ment and increase of the basic rental aa oP any subsaquent aur?d Puture computation date.. p~{~~ '~z BO~;K ~7 P~Gf -:~3 '._aV7V OFF:CES OF vOLOS?EIN. FR/4tvKLlN. CHONIN Q SCFSRANK P. A_ ~C20 NORTNEAST t63n:: STftEET. NORTH MIAMI BEACM. FLORIDA 33162 - 3- - 4 .