HomeMy WebLinkAbout0677 percentage of the total•interest in the common elementa and conr
mon surplue attributable to such cor~dominium unit, and the lien
againat any equipment, furnishings, fiatures or portion of the
said condominium unit may be discharged by the o~?ner thereof by
payment to the Leseor of auch sum, at~d provided, further thr~t
so long as a condominium unit orrrier shall pay that portion of
the total monthly rental due and o~ring the Lessor equal to his
proportionnte share of the common expenaes of the Asaociation,
either to the Aasociai:ion or directly to the Lesaor, the Lessor
~+ill not and may not enforce any of the rights which it might
otherMise have againat the condominium unit owner under the terms
and provisions hereof, notwithatanding that the Lesaee is in de-
fault of thia Lease, and/or that any other condominium unit oMn-
er has failed to perform or keep its obligatione as a member of
the Leasee to pay his prorata share of the com~ron eapenaes of
which the monthly rental under ~~te terma and provia ions hereoP
is a part.
e. Forecloaure Not to Operate as Termination. Foreclosure
or other ac'~ on o en orce e ens ere n prov ed for ahall
not operate or be construed aa a termination or cancellation oP
this Lease, or as an extinguishment of any auch lien, eacept such
liens ahall not stand as aecurity for ar~y amounts realized and
actually collected by the Lesaor in foreclosure or other auch
sv G10t1.
f. Pights of Institutional First Mortgageea.
(1) Definition. An institutional first mortgagee is
defined as a an c, savings and loan asaociation, inaurance
company or trust holding a firat mortgage secured by a con-
dominium apartment unit.
(2) Subordination by Lessor. The Lessor hereby agrees
t~:at all 1 ens crea n s avor pursuant to and by the
provisions of this Ninety-Nine Year Leaae, as well aa by op-
eration of law, shall be aubordinate to the lien of any in-
stitutional first mortgegee against a condominium apartment
' ur.~ t::ar agreea io sign and execute ar~r inatrument
~ reflecting acknoMledgment of auch subordination or to ~oin
` in the execution and delivery of a mortgage (provided it doea
~ not thereby assume or become obligated to perform any cove-
` nanta of the mortgagor therein) as the mortgagee u~y require,
; provided, further, that the Lessor has and does hereby spec-
~ ifically subordinate all of ita lien rights to the lien of
; each ar~d every mortgage lien againat condominium apartment
~ units at the Condaminium created by firat mortgagea recorded
~ in the Public Records of St. Iucie County, Florida grior to or
subsequent to the date hereof, Nherein the dwrtgagee i~ .
~ First Federal Savings and Loan Aasociation of Fort Pierce,
~ Florida.
~
~ -
~ T~'~recloaure by Institutional First Mort~agee.
F In the even~
an3ns~i~u~i'onal-33ra mortigagee ana~i ac-
s
quire title to a condomtnium unit by corneyance in lieu
f
of foreclosure, then so long as such inatitutionsl nart-
_ ~ 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 redu~ed by a percentage fig-
ure equal to the percentage interest in the common ele-
ments and in the coramon aurplus attributable to auch con-
dominium unit, and such reduction in rent ahall inure to
- the benefit of the inatitutional first mortgagee acquir-
~ ing title to such condominium unit by crediting the amount
= thereof against its ahare of the conunon eapenses oP the
= Condominium. In the event an institutional first mort-
gagee shall acquire title to a condominium unit aa a re-
sult .of a foreclosure sale, then the rent provided for
and to be paid during the term of thia Lease shall be re-
duced by a percentage figure equal to the pe rcentage in-
tereat in the cocmnon elements and in the comnon surplus
- attributable to such condominiwa unit, and such reduction
~
r<-;
c~~ BooK ~97 PA~E 677
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_ L.4W OFFtCES OF GOLDSTEIN. FRANKIIN. CHCNIN Q SCHRANK. P. A.. 2020 NORTHEAST 163AO STREET, NORTH MIAMI BEACH. FLORIDA 33162
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