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~ 17. Commcncer?x:nt af Ob23gations of Lease and Delivery o£ Posses-
sion. The o ga on o e ssor a o e ssee pursuan
'~erms and provisions hereof, and right to po$sesaion and use of the De-
. mised Premises, shall commence as of the date of comniencement of the -
. term hereby created.
, 18. Securit,y. For the purpose of securing unto the Lessor the
payment of e ren herein provlded for, as well as the payment of ar~y
other sums due and payable the Lessor by reason of the terms an~ provi- .
sions hereof, or by reason of any advancements made to or on behalf of ;
the Lessee by the Lessor, as well as for the purpoae of securir~g the ~
performance af each and every one of the covenants of the Lessee herein ~
contained i`or the use and beneTit of the Lessor, the Lessee does here~I
grant unto the Lessor the followng described liens which shall be cu-
~ mulative, provided, the Lessor may exercise one or more of the said
li ene ~i thout the z~by ~aiving the others, or ~ay e~cs rc i~ e all a ir~ult~ -
neously. ~
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~ a. Lessee's Interest. The Lessee dces hereby give and
grant unto e ssor a continuing first lien paranaunt and su-
perior to all others upon all oP the right, title and intereat
oP the Leasee in and to thia Lease and the Der~aed Premises.
,
, b. Lessee~s Assets. The Lessee does hereby give and grant
unto the ssor a con nuing firat lien paramount and su~erior~
~ to all others, including apartment ow»era, upon ita assets ar~d~ -
' ' . com~aon surplus .
c. Condominium Property. The Lessee does hereby give .
and grant un o e ssor a continuing lien upon all of the
• condominium parcels and condominium property as described in
the Declaration of Condominium of the Condominium, including
. all appurtenances thereto, now or hereafter placed thereon,
, all furniture, fixtures, furnishings, machinery ani equipment
' now or hereafter located thereon, kept or used in and about
the common elements thereof, and fixtures and equipment now or
; _ hereafter contained or placed upon any condominium parcel,
' including air conditioners, stoves, rangea, re2~igerators, hot
~ - water heaters, and dishwashers, said lien being prior and au-
perior to all other liens and encumbrances except institutional
{ , t'irst mortgages against condominium unita.
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~ - d. Obligation of Unit Owner. Al1 liens provided for here-
~ in shall secure e paymen o a 1 monies due the Lessor here-
~ under and may be foreclosed in a manner provided for the for~e-
n closure oP mortgages, provided, however, no ~ien against any
~ • fixtures or equipment in a cor~dominium unit shall secure a sum
~ greater than the percenta~e oP the total existing monies due
~ " . and owing the Lessor by the Leasee then in default equal to the
~ percentage of the total interest in the common elementa and com-
~ ~ mon surplus attributable to such condominium unit, and the lien
~ ~ against any equipment, furnishings, fixtures or portion of the
~ s,aid condominium unit may be discharged by the owner thereof by
_ • payment to the I,essor of such sum, and provided, further that
: so long as a condominium unit owner shall pay that portion of
• the total monthly rental due and owi7g the Lessor equal to his
~ proportionate share of the common expenses of the Association,
3 ~
= either to the Association or directly to the Lessor, the Lessor
will not and may not enforce any oi' the rights which it might
- ~ otherwise have against the condominium unit ov~ner under the tezzas
_ and provisiona hereof, notwithstarxiing that the Lessee 1s in de-
- ~ fault of this Lease, and/or that arsy other condominium unit own-
er has failed to perform or keep its obllg,ations as a member ot'
. the Leasee ~o pay his prorata share oP the common expenaes of
wh3.ch the mor?th~y rental under the terma and provieirona hereof
- is a part. ~
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