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d. The Leesee may, if it.shall ao desire, endeavor at any
time to conteat the validity of any asaeasment, or to obtain a
lowering of the assessed valuation upon the Deud aed Premises for
the purpose of reducing any aaseasa~ent. In such event tha Lesaor
will off'er no ob~ection and at the request of the Leasee, wlthout
expenae to the Leasor, will cooperate Mith the Lessee. If re-
quested by the Lessee, and provided he Nill not in the re asonable
~udgment of the Lesaor incur any expense or liability thereby,
the Lessor Nill execute any documents which may ba necesaary ar~d
proper for any auch proceedings. Any rePunda ahall be the prop-
erty of the Lessee to the extent to ahich it may be based on a
payment of an assessment made by the Lessee.
e. The Lessor may at any time require the Leasee £o~epoa-
it funds for the payment of current taxea and assessments on the
Demised Fremises in a bank or trust company selected by the Lea-
sor. Such funda sna3i be held in the name of the Lessee, Kith
any interest payable to the Lesaee, but the depositary shall be
prohibited Prom payir~g such funds to anyone other than the appro=
priate teucing authority except upon the Mritten consent of the
Leasor. The Leasee shall so deposit one-taelfth (1/12) of the
current annual taxes, or those of the precedit~g tax year iP tha
current taxes have not then been fixed, on the first day of each
month in advance, except that all additional funds required for
any payment shall also be depoaited on the first day of the final
month during Mhich or at the end of Nhich a payment is due and
payable Mithout interest or penalty, ar~d during Mhich the maxi-
mum discount for early paywent is allor~able under the law. Not-
Nithstanding the foregoing, at such time as the Lessor may firat
require the Lesaee to make such deposita, the first deposit made
" by the Lessee shall be in an amount sufficient to create a bank
` balance equal to what it would have been had the Lessor required
; the first auch monthly deposit to have been made on the flrat day
; of the month immediately succeeding the month during Nhich the
~ taa could have been paid Mith the mBaiQUm permiasible discount
; for early payment allor+ed under the laM.
a
E 8. Insurance Premiuma and Utilities. Lessee ~~s^er~::*s and
~ agrees tha a pay prem ums or a inaurance policiea Mhich
K the Lessee ia obli ated to carry under the terms of this Lease not
~ less than Pifteen ~15) days prior to the date upon Nhich the same
~ shall become due, and that it will exhibit to the Leasor prooP of
= such payment within ten (10) days after making payment. The Lessee
- shall further make all necessary depoaits in connection with a~d
Y pay all bills and charges for gas, electricity, light heat, power,
~ and telephone or other comm~unication service, ar?d for all other
~ utilities uaed, rendered or supplied on or in connection Mith the
~ Demised Premises, arxi shall indemnify the Lessor against any lia- "
bility or damages on such account.
~ 9. Association and Managernent A reement. The Lessee, 2n its
~ capacit;~ as o om n um a-'~
o'~ on, a en ered into a Management
Agreement Mith RECAP MANAGEMENT CORPORATION as Manager. The Manager
~
has the duty and responaibility to perform all adm2nistrative and
~ managerial acts required to be performed by the Lessee urxler thia
` Non-Exclusive Ninety-Nine Year Lease Agreement.
~
=g Jue tc the size and exten~ and the complexities involved in {
administeririg the COLONNADES CONDOMINIUM COMPLEX, ii is mutually
agreed that in the event aforesaid Management Agreement ia terminated,
the Lessee shall cause to be formed a Management Association con-
- sisting of the niembers of all the Condominium Asaociationa at ~
Colonnades Condominium Coraplex.
'"he oMner of each condominium unit, as evidenced by the recordation
of a deed thereto, shall automatically become a member of the Manage-
ment A~sociation; in the event that the aforesaid Management Agreement
- is terminated in any manner. Each condominium unit ah~ll be entitled z
= to cast one (1) vote in matter upon Mhich a vote ia required. The
affirmative vote oP a ma~ority of the membera conatituting a quorum
- shall be necessary to conduct the business of the Managerr~nt Asaociation.
`"3
~ BC~Jr ~i7~ PAGE `
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~_AW OFF:~.-ES CF vOLD5TEIN FPAYKLIN. CHCK'N SCHRA^iK P A_ t.va ~ tiE1~5T 163~.% STREET. NORTN MMMI BEAGH: FI.GRIDA 33162