HomeMy WebLinkAbout1095 Agreement dated November 17, 1970, acxi known as Truat Number 2, herein-
after called the "Devel,cper", ahall have closed on the sale c~f all
condominium units, an amcunt oP money computed by adding together the
percentage share in the conanon eleinents appurtenant to the cor~dominium
unita xhich the Developer haa title to as of the first day of the month
for which the rent is due, and multip]ying the total m~nthly rental by
the aggregate percentage figure thua obtained. T'he credit a.gainst rent
thus received shall inure to the benefit of the Develop~r.
a. Rent ahall be payable in current legal terrier of the
United States of America at such place or places as the Lessor
shall from time to time in writing direct, ar~d a place once
designated for the payment of rent shall remain such until it
shall be changed by ~ritten notice from the Leseor. All rent
shall be payable without ~otice or demand. For the present,
and until further notice, rent shall be payable at the Colonnades
Cor~ominluma, Fort Pierce, F1oMda. Waivera, indulgences or char~ges
by the LessQr as to arLy rental payment orrental payment~ with
reference to the place of payment, or in accepting ar~ything
other than current legal tender as rent, shall not be construed
as a waiver, indulgence or change upon ar~y subaequent occasion.
b. Cost of living ad~ustn~ent to rental. The m~nthly rent-
als herein provided for shall be ad~usted from time to time, as
herein set forth, to compensate for any increase in the cost of
living as computed by reference to the "Index Number" as of De-
cember 1, 1971, provided, however, in no event ahall the m~nth-
ly rentals herein provided for ever be decreased, ar~d once in-
creased, pursuant to the provisions of this section, rentals
shall not thereaf ter be decreased.
Tha irr~A: tn ho »aP~ ahAll hE± the "C:nnst~mer~s Priee Tt~dex.
- - - - - ~ - - - - . _ _ - .
United States Average - All Items of Food" published in the
monthly Labor Revie~ oP the Bureau of Labor Statistics of the
k United States Department of Labor. If the said indea shall be-
E come unavailale, the indea to be used shall be the "Consumer's
q Price Index" issued by the United States Department of Labor for
F the South Atlaritic group of states; and if both of the said
< indexes shall become unavailable, the indeac to be used shall
s be the "Index of the General Price Level" issued by the Fed-
~ eral Reserve Bank of Atlanta, Georgia. ad~ustment in rentals
~ due under the terms hereof shall be computed on January 1,
i 19,73, and on the first day of January of each and every year
~ thereafter, each of which dates is herein called a"co~utation
~ date". r.ach ad~ustment shall be in effect commencing from
~ the computat3on date until the end of the term unless further
increased by ad~ustment at a subsequent date. The amount of
~ ad~ustment shall be arrived at by multiplication of the bas3c
~ monthly rental herein provided for by a Praction, the numera-
~ tor of which shall be the index number for December lst im-
~ mediately preceding the computation date, and the demminator
~ the index number Por December 1, 1971.- Failure on the part of
~ the Lessor to exercise the right to an ad~ustment 3n the basic
" rental pursuant to the provisions hereof
as of ar~y cou~utation
date shall not operate as a waiver of the right to an ad3ust-
0.; ment and increase of the basic rental as of ar~y subsequent and
future computation date.
;~s
- IN WITNESS WHEREOF, the Lessor and Lessee have caused this ~
_ amendment to be executed by their respective officers this !
_ ~
~ - 2-
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BD~C P~f
_~W OFFICES OF GOLDSTEtN. FRANKLSN, GHCtJIN a SCHRht:K. P. A.. ~020 tvCRTHEA57 163no STREET. NORTH MIAMI BEACM. FLORIDA 33162