HomeMy WebLinkAbout0049 percentage of the total interest in the comm~n elements and com-
mon surplus attributable to such condominium unit, and the~lien ~
against any equipment, furnishings, fi.actures or portion of the
said condominium unit may be diacharged by the owner thereof by
payment to the Lessor of such sum, aryd provided, further that t
so long as a condominiwa unit owner shall pay that portio n of ~
the total monthly rental due and owing the Lessor equal to h3s ~
proportionate share of the common expenses of the Association, ~
e~tner to tne H3SOC18L10C1 or ci~r•eci.iy i.v L[ic i.c~~vi~~ i.i~~ i.ca~ui~ j
will not and may not enforce any of the rights which it might ;
otherwise have against the condominium uni t owner under the terms ;
and prnvis3ons hereof, notwithatanding that the Lesaee is in de- :
fault of this Lease, and/or that any other condominium unit own- ,
er has failed to perform o r keep its obligations as a member of ~
the Lessee to pay his prorata share of the common expenses of ~
. which the monthly rental under the terms and provisions hereof
,
is a part. ~
1
e. Foreclosure Not to O erate 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 cance~lation of
this Lease, or as an extinguishment of any such lien, except such
11CT1$ s~-ia21 rx~~ s~ari3 as se~urity f~~ ar,y s,;.:.unts r~al~zed arx:
actually collected by the Lessor in foreclosure or other such
action.
f. Rights of Institutional First Mortgagees.
(1) Definition. An institutional first m~rtgagee is
defined as a ant, savings and loan association, insurance
company or trus~ holding a first mortgage secured by a con-
dominium apartment unit.
(2) Subordination by Lessor. The Lessor 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 ar~y in-
stitutional first mortgagee against a condominium apartment
unit, and further agrees to sign ar~d execute any instrument
~ reflecting aclrnowledgment of such subordination or to ~oin
in the execution and delivery of a mortgage (provided it does
a not thereby assume or become obligated to perform any cove-
nants of the mortgagor therein) as the mortgagee may require,
provided, further, that the Lessor has~and does hereby spec-
; - ifically subordinate all of its lien rights to the lien of
~ each and every mortgage lien against condominium apartment
~ units at the Condominium created by first mortgages recorded
~ in the Public Records of St. Lucie County, Florid a prior to or
q subsequent to the date hereof, wherein the rrr~~ortgagee is
First Federal Savings and Loan Association of Fort Pierce,
~ Flori3a.
~ (3) Foreclosure by Institutional First Mort a$ee.
~ In the eve'n~an~ns u onal rs mor gagee s a~l ac-
quire title to a condominium unit by conveyance in lieu
of foreclosure, then so long as such institutional mort-
- ga~ee 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 comm~n ele-
ments and in the common surplus attributable to such con- ~
- dominium unit, and such reduction in rent shall inure to g
- the benefit of the institutional first mortgagee acquir- ~
ing title to such condominium unit by crediting the amount
_ thereof against its share of the comcnon expenses of the
Condominium. In the event an institutional iirst mort-
gagee sha12 acquire title to a condominium unit as a re-
- sult of a foreclosure sale, then the rent provided for
and t~ be paid during the term of this Leasp shall be re-
duced by a percentage figure equal to the uercentage in- ~
terest in the common elements arxi ir~ the common surplus ;
attributable to such condominium unit, and such reduction
.~~~K 198 F,,~E 49
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`2 ~AW OFFICES OF GOLDSTEtN. FRANKLIN. CHONIN Q SCHRANK. P. A.. 2020 NOR7HEA5T f63r+o STREET. NORTH MIAMI BEACH. FLORIDA 33162 • #
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