HomeMy WebLinkAbout1545 pcrcenta~,e of the tot=:1 intei~es•t in i;he c~,nTOn eler~.ents ~+.n~ coT::- ~
mon surplus RttribuLzblc to such cor.~ominium unit, and t~hF• 1i~~n
against ar.y equipm~nt, furnlsliin~s, fixLures or portioi~ of ti~e
sa~c~ condomi»ium unit r~a~? be dischar~;ed b3? 1:he owner t~zei~~o~ by
payment to the Lessor of such sum, arxa providecl, further that
so long as a condominiuin unit ~~vner shall pay that portion o£
the Yotal monthly rental due and o~ti~ing the L~ssor equal to 1~~ s t
proportionate share of the common eapenses of the Association,
eit;her to the Association or directly to the Lessor, the Lessor
will nat and may not enforce any of the rights which it mi~ht
othei~tvise have against the condominium unit o~rner under ttie tei~n:s ~
and provisions hereof, notw3thstanding that the Lessee is in de-
fault of this Lease, and/or ~hat any other condominium unit ovi~~~
er has failed to perforrn or keep its obli~;ations as a member of
the Lessee to pay his prorata share of the comrn~n expenses oi'
which the monthly rental under the terms and provisions her~~of
is a part.
e. Foreclosure Not to 4r~rate as '~'ermination. Foreclosur~
or other ac oi~ o enr or~e e ens ers n prov ed for shall
not operate or be construed as a termination or cancellation of
this Lease, or as an extin~uishment of any such lien, except such
liens sriall not stand as security for any ar~unts reali~ed ar:~l
actually collected by t}ie Lessor in foreclosure or other such
action.
f. Fi~;hts of Ins ti tutional Fi rs t riortga~;ees .
(1) Definition. An insti~utional first. mort~a~ee is
definecl as
a Tank, savin~s and loan association, insurar~ce
I - company or trust holdin~ a first mort~a~;e secured by a con-
dominium apartm~nt unit.
(2) Subordination b3~ Lessor. The Lessor hereby R~~'c?P.S
that all 1 ens crea~;e n s avor pursuant to anc~ by th~
; pr•ovisions of this NinetSt-Nine Year Lease, as cvell as bS~ o~;-
eration of larr, sha~ 1 be subor3inate to the lien of aa~y . in--
~ stitutional first ~~ortga~;c,e agajnst a condominium ap:~rtmen~
~ unit, and further a~;rees to sign and execute ar~y instrwi:tint.
t ref
lectir~ ackno~rled~rnent of such subordination o2° to ~oin
~ in the execution and delivery of ~ mortgage (provided it does
~ not thereby assur,~° or becatr,e ob1l~;ated to pe~°form r~.ny cevt,--
} nants of the r,iort~a~or ther~ein) as the morf;F;af;ee i~r~y reqti'Cre,
- providcd, further, thst th~ Lessor has and does her~liy SF-~c--
ifically subordinate all of its lien i~i~hts to th~ Jlei; oi'
eacti ai~ every mortga~e lien a~ainst condominium a~?art.*r~~~:~
~ untts at the Condomin3um created b~? firs ~ morL~a~fe:~ r~cor•~lt,l
} in the Pub11c Records St. Lucie Count.y, rlorida pr~~~or Y.o or
~ subsequent Lo the date hereof, t~~Y~erein the rnort~~.~~;~~r i:~
First ~~'ederal Savir~~s and I,oan Association af Fort Yierc~,
i Florida.
~ ~
; For•eclosure by lnstitutional. First t~:ort;~::~~;ee. i
In the eveil
a~`n
~n::L-.i~u~Tor~~ ' rs mor gaUec `s13:~:IT ac- ~
~ quire tit1Q to a condomi.niun~ unit by conv~yance in lieu
~ of foi~eclosure, t2ien so long as- such institutic,;~l ir~rt--
; ga~ee shall continue to hold title to the sai.d con:iot:1~I1-
~~s iUrn unit, t;r~e a~~nt provided for arx~ to bL paid duri n~ tli~~
~ term oi' this Lea~e slza~l be reduced by a p°rcenta~c fiJ~
ry ure eqti= 1 to the percei~ta~;e i nterest in tne cor~mon cI~ - :
- rn~nts ~.r3 in the cc~:~~~::~n sur~lus attrib~table ~o such cor,- ~
ctor,~i niu~~ ui~it., anci siich reduct;i or~ in r~i~f; shal.l irni~a t~ ~
- the be~;~:i'it o~ tl:e instit;utional f~rsi, ino~ tE,~ ~;ee acc~uir~- ~
= ii;~; t_i%le t~ such co3~-lomiriium uniL- by cr~ditin~ the a~:~ui~L ~
= there~~f a.~.~1_ z-,st if;° share of the COIP!'~~on exp~nses of the i
Con:~omin~u~:~. In i.l~c event an inst.i_tutjon3l fir•st r:~rL- ~
~anee s,~all dcc~u_~.Y~e t:itl~ to a condemin~Lur~ unii; a ~~e- ~
SUZi; Of~ cZ 1 OI-'r CiO: L??'E? S21f' ~ ~}i~Il ~~1~ r~~nfi ~rovi ued f~~T' ~
_ un~l to be palc dt~r;ii~ t~~~c tr~f~m of~ t}1i: I^a:;~ s}~~11 Y:e 1-•~~-• ;
d~.~c:~d bY a p~ ~•cR:r,f-.a~•e fi E;ti1•e e~~i~;? tc L~~e ~7~~=cc~n~.;~~f~c ~
teT~e;,t: -in Llr:~ ct,.~,;,~c•~; elc:r.~Ili;s ac~~i in tl:~ coi,~;~~n s~it~z,l:::~ ~
- ~.tti•.f.Li~~ :l;l_e t~~ ~:,i^}? con~?c~r:~_nit?:r, uni~, and ~uc~~~ r-ccl~~~ ~ir~~; ~
:
- OR ;
= aeo~ 197 P~1543 ~
_ ~
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