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Home My WebLink About0233 percenta~e oi' t}ie to1;a1 intErest i~i t}~e cotrz„an ele~r~enLs and cor„- mon surplu: a~tri_Uui;able to sucll conclor.~inium unit, arn~ th~; llen a~ainsL any equipr.~ent, furnishings, fixtures or portion of the said concio::~ini.um uni rr~a~? be dischar,r~,ed by ~he oV~ner therec~f by payrnenL to the L~essor of ~ucli su!u, aid provided, further that ~ so lon,, ~ s a cor.dominit?rn unit oivner shall pay tYiat portion of the total monthly rental due and oti•~in~ the Lessor equal to h3s proporLionate share of the cor.~mon expenses of the Association,~ either to i:l~e associ~ztian or directly to the Lessor, the Lessor will noti ana may. not en~orce t~ny oi ~:i~e ~•i~i~i,~ wi~ici~ i~ ~,u.~?i, otherwise have~ rTainst the condominium unit owner under the terms nnd provis:tons hereof, notwithstaiidin~ that the Lessee is in de- fault of this Lease, and/or that any other condominium unit own- er has failed to per£orm or keep its obligations as a member of ; the Lessee to pay his pa~orata share of the common expenses of ~ which the monthly rental under the terms and provisions hereoi' is a part. e. Foi~clo~i?re I~ot to Operate as Term3nation. Foreclosure or other ac~ on o en orce e ens ere n provi ed for shall not oper•ate or be construed as a termination or cancellation of this Lease, or as an extinguishment of any such lien, except such 11ens shall not stand as secui~ity for any arnounts reali2ed arxi actually collected by the Lessor in foreclosure or other such ~ action. f. Ri~hts of Institutional First 1~'~rtga~ees. (1) Definition. An institutional first rr~rtgagee is defined as a~n~c; savings and loan association, insurance company or trust holding a first mort~age secured by a con- dominium apartn~nt unit. (2) Subor3ination by Lesser. The Lessor hereby ~gr~ees i-h~i- ~ll 1 nnc rroa t~ rl 7_R avnr rn~r~uant tA Ai"]C~ ~V tZ'IG ?raa~rv a.~.i~. .~av.:u _ v.....v..... ~ ~ ~ , ° - ~ - provisions oi' tliis ~inety-Nine Year Lease, as well as~ by op- , eration or la~•~, shall be suborc3inate to the lien oi' any in- ; stitutional fl.rst mortga~ee a~ainst a condo.nlnium aparLrmnt ~ unit, and further adi~ees to sign and execute any instrument ~ reflectii~ acl~owled~ment of such subordination or to ~oin E in the execution an3 delivery oi' a mortga~e (provided it does E not ther•eby assurr,~ or becoFr;s obligated to perforrri ai~y cove- ~ nants of the mort~;a~or• therein) as the mort~;a~ee t:~ay require, ; pr•ovided, furLher, tY~at the Lessor has and does hereby spec- ifically subordina~e all of its lien rights to the lien of s each an3 evc~r•y mori;~age li_en a~ainst condominium apartment ~ units at the Con~ominium created by first mortga~es recorded ~ in the Publaac Records of St. Lucie County, Florida prior to or ~ subsequen~ to ttie aate hereof, ti:h°rein the m~rt~a~ee is = First Fecleral Savings and Loan ~ssociation ~or F~ort P3.erce, ~ Florid z. ~ ~(3) Forecl~sure by Institutional First t~~ort~;a~ree. ~ ~ In the even~ari 'ans c u iona ~`irs rr~orcgG~ee s a~IT`ae~ ~ quire title to a condoininium unit by convey~nce in lieu ~ of for~clost?re, th::n so lon~ ~:s such institutional mort.-- ~ ~a~e~ shall cantinue to hold Litle to the said conclomin-- + s+.__; a i i A ~i~-n~nrr 1-h~ - ~ 1UR1 Uil~_ L~ L'!!~: Z'C:II ~~;t~uV~u~u 1 V1 ~iu ~v v2 yu~~•. 1 6 ~Y terrr. of thls I~ase shall be reduced by a percentage £i~- y; ure eqaal to the percentar~~ interest; in the comrrAn ele- ~ ments a.r,a in tl,e co,r.r~:on suL plvs atti•ibutable to such, con-~ ` dominiu:n ~_~r. {_L, an:3 such reciucti_on ir. r~nt shall inure to the b~~r~cf~; t oi' the i_n~t:iLution~!1 firs ~~r.o~ t~a~ee acc~uir-- in~; tit?e Lo such conclor~:ir,iu~~~ unit b3~ cr•~dii;in;; the u~-~our,t t;herec:i af,ainst i ~s shar:; of tr:c; cor~:.r.~n efpc:,ses ot' the C~~nc3or~~inium. Tn ~he e~ent; an in:.tttui;~+_on:~.l first mort- ~;a.~ce sha11 acauire tit;lc~ to a corx~.o:s~?.n~ur~ u7zt as rc- ti; sult o~' a i'or•~clo~ur:: salc, ti;~n t}i~ reiit ~i~ov:i.decl for and to r: p~.i ~ dur~i n~; L-}:e tcra~ c:£ Lhls I~ease shall be rc-- r:G ducc~z Ly a rc:rccr:4;~~;E: fi!:;ure ec~val to tl_c p::r~ccrttar~c in- '~s tcr•~:.L iri t•}-~z coi:J: oi? e7_c~rr:cnLs <<rr~ ir~ L}7~, corn:r~~n stirplus F~" attr~_Lu.~able to svt;h cun~ZUn1:LTlll?;~! unii:, and ~i~cL re~iuction Sr~ ';:i r aO i~ `/~i~ ~ , fl~LJI~ !;..`.'J Gf'FICE'S QF G:'~:_DSTII~i. f"R:.':rLl~! !_~t,Gi.ii7 u..Chf~.:,'+Y.. f'.!. .?O?.O ':C:ftlll[ I,ST 1~~3r~; STR~ ET. !IGRTH MIA!11 E1Cl~C11, F I.OPI•~A '-il';! ' s . , . . ~c':;~. " . . .,:~_.zw _ . ,..2. X~.ti"_' . r , . . _ . = . _ ,..s:?~?