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HomeMy WebLinkAbout0069 b. As to the Le~see's Premises. If, during the term of this Lease t era s a e a La ing of all or a portion of the lands described in the Ce~laraticn of Cor:~o~inium of C~LOtSNADES CONDOMINIUMS N0. 7, the following shall apply: Certain Takin s Not Included. Neither a taking of less than ee s~mp e tit e nor a taking of ten (10~) percent or less of the apartment un~ts contained upon said lands imme~iately prior to the time of taking shall be con- ' strued or considered as a taking. For the purpose of this paragraph, a taking of an apartmen~ unit shall have occuYred ~fiere at least sixty (60~) percent of the floor space there- of has been taken. (2) Total Takinq. If such taking shall involve the taking of all of the apartment units contained upon said lands immediately pzicr to the time of taking, thi^ Lease shall terminate, effective as of the'date of taking. (3) Partial Takinq. If the taking be greater than ~ described i~~ Paragraph 15 b. (1) and less than the taking ~escribed in Faragraph 15 b. (2), a~r~ve, the rent provided in Paragraph 4 shal~l be reduced effec~~ve as o£ the date of tak~ng, by a Fercentage figure equal to the percentage intere~t in the common elements and in the cor.umon surplus however, that all other provisions of this Lease shall remain in full force and effect. 16. Commencement'of Obli ations of Lease and De?iver of Posses- sion. The o igation o t e essor an o t e essee pursuant. to the terms and provisions hereof, and right to possession and use of the De- mised Premises, shall commence as of the date of carunencement o€ the term hereby created. 17. Security. For the purpose of securing unto the Lessor the payment of the rent herein provided for, a~ well as the payment of any ~ other sums due and payable the Lessor by reason of the terms and provi- sions hereof, or be reason of any advancements made to or cn behalf of ~ the Lessee by the Lessor, as well as for t~e purpose of securing th~ ~ performance of ea~r a~d every one of the covenants of the Lessee herein ~ contained for the usz and benefit of the Lessor, the L~ssee aoes h3r?hv ~ grant unto the Lessor the following ~escribed liens which shall be cv- ~ ~ulati~~e, provided, the Lessor may exercise one er more of the said ; liens without thereby waiving the athers, or may exercise all simulta- I neously. ~ ~ a. Lessee's T Inter~st. Th?e Lessee does hereby give and E grant unto the Lessor a continuing first lien paramount and su- s perior to all others upon all of the right, title and interest j o_f. the Lessee in and to this Lease and the Demised Prem~ses. ~ ~ b. Lessee's kssets. The Lessee does hereby give and grant ~ unto the Lessor a continuing tirst lien paramount and superior ; to all o~thers, including apartment owners, upon its assets and ~ common surplus. ~ c. Condominium Prope~. The Lessee does hereby give ~ and grant unto the Lessor a continuing Iien upon all of the } condominium parcels and condominium property as described in ; the Decl.aration of Condominium of the Condominium, includinq ` all appurtenances thereto, now or hereafter place thEreon, ~ ' all furniture, fixtures, furnishings, macninery and equipment ' ncw or h~reafter 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, ranges, refrigerators, hot G water heaters, and dish~rrashers, sai~ ?ien ~~ir~g p~ior and su-- ; perior to all other liens and encumbrances except institutional i first mortgages agair?st condominium units. ; ~ ~ ~ ~ ~ . ~ ~ -12- . s P ~ _ _ . - i ~ - . . _ _ y ~ _ _ : "s . . , , '