HomeMy WebLinkAbout0223 i::-~j.:~ i::_.._..i •~'-.:i •T : tic~LV:ii~:~ t ~e c:~~ e u• ~ ,
~ 2 : ~~2 k:• :C_• tt_:, Le~l~ ~~tion o?
Coi:~~or;iniu,., is r•~°c~ '~d iri the Public Recorris U~;ic County, r'lorida,
and sai3 payr.ents ~3~~~11 conti.n~e until Lhe first day of the r::onth
inL~:ediately succeedin~ the date upon t,~hich ndmiral II is 3ubmitt.ccl Lo
cotllon~inium oti:nership Uy ~ppropriate ar~enciment to the Declara~ion of t
Coiidon:inium, and thereafter the Lessee shall pay to tlie I,es~or, as rent, t
the sum of Ei~hty (~t30.00) Dollars per mon~h, the first such payrnent or ~
such incre?sed sum to be due ai~d pa~?~Ule an the f
irst day oi' the rr:onth ~
imtn~diately succeedin~ the date upon «hich Admiral II is submitted to ~
con3ominium ownership, provided, hot~~ever, the Lessee sh~ll receive as a
credit against the monthly rental due as aforesaid until sueh time as ;
FIRST N~TION~L BANK OP F~RT PIERCE, ~s Trustee, under Trust A~reeulent
dated i~ovembe~~ 17, 1970, nnd knoV:n as Trust humUer 2t hereinafter called
the "Developer", shall have closed on the sale of all condominium units, ~
an arr.ount of money comptited by addin~, together the percentage share in
. the comn~n eler~ents appurtenant to L-he coiidominium units which the
Develc~ger h~s title to as of the first day of
the month for ~~hich the
rent is due, and multiplying the total monthly rental by the a~regate
percent~ge fiEure thus oDtained. The credit against rent thus received
shall irnire to the benefit of the Developer.
a. Reiit sh~ll be payable in current legal terider of the
United States of' Ar~erica at such place or places as the Lessor
shall i'rom tim~ to time in writing direct, and a Flace once
deslgnated for the payrr.~nt of rent shall rerr~in such until it
shall be changed by written notice fr~om the Lessor. All rent
shall be payable t~:ithout noti~e or demand. For the present,
and until further notice, rent shall be payable at the Colonnades
Condooiniums, Fort Pierce, Florida. Waivers, indul~ences or char~es
by the Lessor as to any rental payment orrental p2~yments with
reference to the place of payment, or in accepting ar~ythtng ~
other than current le~al tender as rent, shall not be construed
as a waiver, indu].gence or chai~;e upon any subsequent occasion.
b. Cost of liv3ng ad~ustm~nt to rental. The monthly rent-
als herein provideci for shall Ue ad~usted from tim~ to ti~, as
herein set forth, to compensate for any increase in the cost of
livin~ as con~uted by rei'erence to the "Index Number" as of De- ~
~c~mhnr 1~ 1~l ~ jn,rr ;~iriar~~ ?;nt.rs_ .rar~ i n nn c~ ~~nr~t ~h~all ttti.p mn»t.h..
ly rentals herein provideci for ever be decreased, and once in-
creased, pursuant to the provisions of
this section, rentals
; shall not thereafter be decreased. ~
t
= The index to be used shall be the "Consurr.er's Price Index,
~ United States Rver~e - All ~tems of I~'ood" published in the
F monthly LaUor Reviet~r of 1:he Eureau of Labor Statistics of the
} United States Depar~i:~nt of I,abor. If the said irr3ex shall be-
~ co~ unavailale, the index to be used shall be the "Consumer~:~
~ Price Index" issued by the United States Depar'~n~nt of I.abor fbr :
~ the South Atlantic graup or st;ates; an1 if both of the said {
~ indexes shall becom~ unavailable, the irr3ex to be used shall .
{ be the "Index of the Gen4ral Price Level" issued by the I'ed-
~ eral Reserve Bank of Atlanta, Georgia. Ad~ustrr~nt in reiitals
due under the terrr~s hereof shall be cor.Tpur,ed on January 1,
~ 1973, and on the first clay of JanuarsT of each and every year ;
~ thereaf'ter, each of t~thich dates is herein called a"compu~ation '
~ date". Each ad just~r~ent uhall be in ef
fect corr~nencin,~, frorn ~
~ the computation datr• unti_l the end of the term unless fur~ther ~
~ increased by ad~ustr~~~nt at a subsequent date. The ar~aunt of ~
~ ad~usti.
~nf shu~.l be arr3ved ati by n:ulti_plication of the busic
~ mont;h? y rental hercin provicicd for by a fraction, the nurr,era-
" n _t__~~ t_ L L L~~~ T~.~..... ~ i__
l.Vl' V1 Y%Ill(:dl :::Il'd11 UC: 1.~1L ~~1.~G'X 11U11[UC1' 1 V.[' 1~t,C:~%1ttt~i:1 ~ 11t1~
mediutely prucedin~ t2ie cam~utation da~e, an3 the der,om~nator ;
the ~ndex nu::~'c~^r• for Dece,r:ber 1, 1971. Failure on the part of i
~ the I~~sor t~ exerc~se the r3~hL to ~il ~d~usl;rrvnt in th° casic
renta~ p~arsu?.r~t to ~he provisians her•eof as of any cemputation
date str<<"! 1 no't op::ra.te as a wai~-=: r of ths ri.~ht to an ad ~itvt-
r::ent ar,3 iilcrea ;e vi' tlie t>~~ si c rcr.tai as of any subsequc-nt ar.1 ~
fui,vre coir.pu~ztior~ date.
'^r~ 5. Rif~ht: ; fies:~rved Unto D~~?eloT~er•. Until the Develo~:er ~h~tll
~F have co:
~~~l~cc~~T: lo~~:..~
;"~~i
~ir_~i on ar:d s ale s oi ~ 11 a~.:rt,r,:v nt s
- ar,d uho~~s Lo b~ cor~ ~i,r~~ct~~d at the Goii:~or,~inj um, it; s~iall havc thc fo]_-
lo;•;ir~f; ri~;hi;s ~;itlz re~arci i.o t;he Der~.I ~ed Prer~i:~es,' noti,ILh ~tur?c13.ii~; ~.ny
oLher p~~c~~~i.u +.v.: : of Lh3_ ; Is~a>e to th~ coni,rzry:
a. `i'lle ri~;}it ta u~;: arld occiipy c-r.cl_u^~.ve~.y ~n5~ porL:ton o~'
_ 3_ 8o K ~98 2~'3
~ 1',:: Ci~f ICLf. OF r,,pLU;.i?-t11. F f.~.r:,~..V•:-~. ~:+.;;::Ir; ~_.r+~i;~.':F:, f'. A.. ?r,?C~ tiGR7Hf !.`,i 1(.?:..u STHF[T. ~JOR7H 6!IAF.11 iSCl.CH. FLOi~ibi. 3'ltr.l
.y:'
- - • - - - z:8
_ -
~`...r . _ . _ _ : ~ .y_