HomeMy WebLinkAbout2889 mieed Premises shall further comply r?ith requirementa oP all
inaurera carrying it~eurance_in lorce Mith reapect to the De- .
mised Premiaes. `
4. Rent. The Lessee agreea to pay to the Leasor, as rent, the
sum ~ of '!'In'C - HUNDRtrD (*200.40 ) ~ollars - - per month . _
the first such payment to be due and payable on the first day of the
month immediately succeeding the commencement of the term hereof,
that is, on the first day oi' the month imnediately succeeding the date
upon whi ch the De claratir~n of Condominium i s record ed in the Pub li c ~
Records of St. Lucie County, Florida, provided, however, the Lessee
shall receive as a credit against the monthly rental due as aforesaid,
until euch time as the Developer, shall have closed on the sale of
all of the con~ominium apartment units, an amount of money, computed
by adding together the percenta,ge share in the--common elementa-appur-
tenant to the condominium apartments which the Developer has title to
as the first day of the month for xhich the rent is due, and caultiplying
the total monthly r•~ntal by the aggregate percentage Pigure thus ob-
tained. The credit agair~e-~-~eAt-~#;ua-~sceiaced--aha~l--inura__tc.~he_
benel'it of the Developer.
s. Rent shall be payable in current legal tender of the
t1ni;,~ed States of- America at such place or places as the Lessor _
shall from time to time in writing direct, and a place once
designated for the payment of rent shall remain such until it
shall be changed by written notice from the Lessor. All rent
shall be payable without notice or demand. For the present,
and until further notice, rent shall b~ payabl~--at~--thg-Co~ormadza----
Condominiums, Fort Pierce, Florida. Waivers, indulgences or chatages
' by the Lessor as to any rental payn?ent or rental payments with
reference to the place of payment, or in accepting anything
; ' other than current legal tender as rent, shall not be~construed
; as a waiver, indulger~ce or change upon ar~y subsequent occasion.
~
= b. Cost of living ad~ustment to rental. The raonthly rent-
~ als herein provided for shall be ad~usted from time to time, as
k 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, 1970, provlded, however, in no event shall the month-
~ ly rentals herein provided for ever be decreased, ar~d once in-
~ creased, pursuant to the provisions oP this section, rentals
~ shall not thereafter be de~reased.
~ -
~ The index to be used shall be the "Consumer's Price Inde,~,
~ , United States Average - All Itemg oP Food" published in the
~ monthly Labor Review of the Bureau of Labor Statistics of the
~ United States Department oP Labor. If the said index shall be-
~ come unavailable, the index to be used ehall be the "Consumer'a
~ Price Index" issued by the United Statea Department of Labor tor
the South Atlantic group of states; and if both of the said
~ indexes shall become unavailable, the index to be used shall
~
~ be the "Indea of the General Price Level" issued by the Fed-
_ eral Reserve Bank of Atlanta, Georgia. Ad~ustment in rentals
~ due under the terms hereoP shall be computed on January 1,
1972, and on the first day of January of each and every year
thereafter, each of which dates is herein called a"computatior?
d ate". Each ad~ustment shall be in effect comnencing from
the computation date until the end of the term unless further
increased by ad~ustment at a subsequent date. The amount of
' adJustment shall be arrived at by multiplication of the basis
monthly rental herein provided for by a fraction, the numera- -
tor of which shall be the index number for December ls t im- -
mediately preceding the computation date, arxi the denominator
the ir~dex number for December 1, 19~0. Failure on the part of
the Lessor to exerciae the right to an ad~uatment in the basic
rental purauant to the provisions hereof as of ar~y computation
- date ahall rwt operate as.a ~aiver o! the rigbt to an ad~ust-
~ ~ -3 600K 1~0 PAGE fT.~~
_ t.l~W OFi1CEi OF GOI.DSTEIN, FRANKLIN, CHONIN ! iCNRANK. P.A., 2020 NORTHEAiT 103~0 fTR[ET. NORTM MIAMlt BEACH. FIQRtfA 331G2
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