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HomeMy WebLinkAbout0060 4. Rent. T~e Lessee agre~s to pay tu the Lessor, as rent, . the sum o~~20.00 per month, the first such payment to be due and payabl~ on the first day oi the month immedi~ly succeeding the commencement of the ter„ thereof, that is, on the first day of the month irtimedi~el.y preGeedin9 the date upon which the Declarat~on of Con~ominium is recorded in the Public Records of St. Lucie County, Florida, and said payments shall continue until the first day of the month immediately succeeding the date upon which the De~laration of Condominium of Colvnnades Condominiums No. 7 is amended pursuant to paragraph 3.~ of said Declardtion of Condominium and thereupon said rent shal~ be increased Ten Dollars ($10,00) per month f~r each and every apartment which is, by amendment added to said Condominium. The rent thereupon being due and payable on the first day of the month immediately succeeding the recording of any said amendment to the Declaration of Condominium in ~t. Lucie County, FZorida, provided, however ~ the Lessee shall receive as a credit against the monthly rental due as aforesaid until such time as Ft. Pierce Constructaon Corporation, a Florida carporation, hereinafter called the "Developer", shall have clospd an the sale of al? ~ondominium units remaining unsold in said Condominium, an amount of money computed by adding together tiie percentages share in the common elements appurtant to the condominium units which the Developer has title to as of the first day of the month for ~,fiich the rent is due, and multiplying the total monthly rental by the aggregate percentages figures thus obtained. The credit against rent thus received shall inure to the benefit of the Developer. a. Rent shall be ~ayable in current legal tender of the United States of America at such place or places as the Lessor sha11 from time to time in writing direct, and a place once designated for ~he payment of rent shall remain su:h until it shall ~e changed by written n~tice from the Lessor. All rent shall be payable without notice or demand. For the present, and e~ntil furt~~er notice, rent sha11 be payable at the Cclonnades Condominiums, Fort Pierce, Florida. 'Naiv~rs, indulgences or changes by th~ Lessor a5 to any rental payment orrental paymEnts with reference to the place of payment, or in accepting anything other tha:~ current lAgal tender as rent, shali not b~ construed as a waiver, indulgence or change upon any s?absequent occasien. b. Cost of living adjustment to rental. The monthly - rentals herein provide~ f~r shall be adjus±~d 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 December 1, 1972, provided, however, in no event shall the monthly rentals herein provided.for ever be _ decreased, and once increased, pursuant to the provisions ~f this section,. rentals shail not thereafter be decreased. The index to be used shall be the "Consumer's Price Index, United States Average - All Items af Food" published in the monthly Labor Review of the Bureau of Labor Statistics of the United Stats~ Department of Labor. If the said index shall ~ become unavailable, the indPx to be used shall be the "Consumer's ~ Price Index" issued by the United States Department of Labor for t the South Atlantic group of states; and if both of the said i indexes shall become unavailable, thp inde~c to be used shall be the "Index of the General Price Leve1" issued by the Federal Reserve Bank of A~iar~ta, Georgia. Adjustment in rentals due under +he terR~s hereof shall be ccmputed on January 1, 1974, and on~the first day of January of each and every year thereafter, each of which dates is herein called a"computation date". E~ch adjustrnent shall 1^s in effect corr,mencing from the computation date until the end of the term un?ess further increased by adjustment at a subsaquent date. :he amount of adj~stment shall be arrived at by multiplication of the basic monthly renta~ herein provided for by a fraction, ~he numerator o£ which shall be the index number fer December lst immediately preceding the computation date, and the denominator the index nurrber ror December 1, 1972. Failure on ths part of the Lessor ta exerci_se the riqht to an adjustr~ent i.n Lhe basic rental pursuant to the pr~~~i.sions hereof as of any computatiun date shall not operate as ~ vraiver of the right to an adjustment and -increase of the basic rental as at any subsequent and future compatation date. ~D~~~~ - 3- ~ . _ _ - : • b _ ~ _ _ ~.i " r~ -i_'~` t ~ : ~ - < . _".',R~,~_.. ° . . _ . .~~y'~.