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~ e. Foreclosure Not to Operate as Termination. Foreclo~uro
or other ac on o en orco e ena ere n prov ed for shall
not operate or bo construed as a termination or cancellation of
~ this Lease, or as an extinguishment ot any auch lien, except suab
liens ahall not atand as aecurity for any amounta reali zed and ~
actually,collected by the Lesaor in Porecloaure or other euch
~ aotion.
f. Ri~hts of Institutional First Mort~agees.
(1) Definition. Ar? institutional first mortgagee ls
defined as a an , savings and loan association, insurance
company or trust holding a first mortgage aecured by a con-
~ . dominium apartment unit. .
. . . .
• ~ ~2) Sut~ercl~n~t~on by Lessor. Th~ Lessor here~y a~r~es
- that all 1 ens crea e n s avor pursuarrt to and by the
~ provisions of this Nir~ety-Nine Year Lease, as well as by op-
. eration of law, shall be subordinate to the lien of ar~y in-
~ stitutional.first mortgagee against a condominium apartment
~ unit, and further a~rees to sign and execute any instrument
reflecting acknowledgment of such subordination or to ~oin
. in the execution and delivery of a mortgage (provid ed it doea
. . not thereby assume or become obligated to Ferform ar~y cove-
~ nants of the mortga~or therein) as the mortgagee may require,
~ . provided, further, that the Lessor has and does hereby spec-
ifically subordinate all of its lien rights to the lien of
. • each and every mortgage lien against cor~dominium apartment
units at the Condominium created by first mortgages recorded
in the Public Records of St. Iucie County, Florida prior to.or
. , subsequent to the date hereof, wherein the mortgagee is
Firat Federal Savings and Loan Association of Fort Pierce,
. ~ ~ ~ . Florida.
; ~ (3) Foreclosure by Institutional First Mortgagee.
~ ~ In the even an ns u ona rs mo gagee s a ac- .
~ quire title to a condominium unit by conveyance in lieu
~ ~ of forec2osure, then so long as such institutional irart-
" gagee shall continue to hold title to the said condomin-
F ium unit, the rent provided for and to be paid durin~ the
~ term of this Lease shall be reduced by a percentage fig-
~ ' ure equal to the percentage interest in the common ele-
~ ~ ments and in the common surplus attributable to such con~-
~ dominium unit, and such reduction in rent shall inure to
~ - the benefit of the institutional first mortgagee acquir-
~ ~
~ " ing title to such condominium unit by crediting the amount
~ ' thereof against its share of the common expenses of the
~ ~ Condominium. In the event an institutional first mo rt-
~ "gagee shall acquire title to a corxiominium unit as a re- ~
~ s'ult of a foreclosure sale, then the rent: provided for
~ an~ to be paid during the term of this Lease shall be re-
ducebl-.by a percentage figure equal to the percentage in-
~ terest' in the cousnon elements and in the common surplus
attributable to such condominiwn unit and such reduction
Sn rent shall inure to the benefit oP~the institutional
first mortgagee acquiring title to such corr3ominium unit,
~ ~ its assigns and successors, and such reduction and cr+edit
shall be permanent and continuing in nature, for the term
- of this Lease. Nothing herein contained shall operate as
. an extinguishment of this Lease, in whole or in part, or
as a termination of the Lessor's lien, afore-described,
_ as against the entire condominium property, except as to
= a condominium unit Poreclosed upon, and to the extent nere-
in provided. Notwithstanding reduction oP rent payable
~ urxier the pr~visiona hereoP, the own~r or occupant oP ar~y
- condominium unit 8s to whicb a~r~ inatitutional tirst mort-
: .
-14- EOOK~+70 PACE~B~
_ LAW OFIICEO 0I GOlD6TEIN. FiiANKLIl1, GMONIN • iGHRAHK. RA.. 2020 NOATMEA;T 1~~110 a'TNEET. NORTM MIAMI oEAGM, i~C ~::'.,t.