HomeMy WebLinkAbout0070 ' d, Ob_,li,cLation of Unit Owner. All liens provided for here-
in shall secu=e t e payment o. a 1 monies due thQ I.esso_ here-
~~nder and ~nay bg foreclosed in a cr?an~er provided for the fQre-
closure of mortgag~s, pravided, however, no liPn against any
fixtures or equipment in a condominium unit shall secure a sum
greater than the percentage of ~he tatal existing monies due
and owing the Lessor by the Lessee then in defaul~ equals to the
percentage of the total interest in the common elements and.com~-
mon surplus attributa~le t~ such condominium unit, and the lii:n
against any equipment, furnishi~gs, fixtures or portion of the
said condominiura unit may be discharged by the owner therpof by
p~yment to the Lessor of such sum, and provided, further that
so long as a condominium unit owner shall pay that portion of
the total monthly rental du~ anci owing the Lessor equal to his
proportionate share of the common expenses of the Association,
ei~her to the Association or direct].y to the Lessor, the Lessor
wilZ not and may-•not enfor ce any of the rights ~hich it might
otherwise have against th~ condominium w~it ownEr under the terms
and provisions hereof, notwiths~anding that the Lessee is in de- .
fault of this Lease, and/or that any other condominium unit own-
er has failed to perform or keep its obligations as a member of
the Lessee to pay his prorata share of the common expenses of
which the monthly rental under the terms and provisions hereof
is a part. .
e. Foreclosure Not to Operate_as_T'ermin~tion. Foreclosure
or other act~on to enforce the liens herein provided for shall
not operate or be canstrued as a terminatio~ or c2ir+ic-e~l~ation of
thxs ?Aase, or as an extinguishr:ient ~f any such lien, except such
lier.s shall not stand as security tor any amounts realized and
actually collected by the Lessor in foreclosure or ather such
actian.
~f. Riqhts of Institutional First Mortqaqees.
(1) Definition. An ins±itutional first mortgagee is
' defined as a bank, savings and loan assciciation, insurance
, cor.~pany or trust holding a first mortgage secured by a con-
~ ~ominium apartment unit.
~ r 2? S~~hnr~i~at~ ~ L~;~r. ;'~:c Less~r hereby agrees
~ that all liens created zn its favor pursuant to and by the
provisions of tnis Ninety-Nine Year Lease, as well as by op-
eration of law, shall be subordinate to the lien of any in-
~ stitutional first mortgagee against a condominium apartment
f unit, and further agrees ~o sign and execute any instrument
~ reflecting acknowledgment of such subordination or to join _
in the~execution and del:i~?ery of a mortgage (providea it clc~s
~ not therebv assl~m? or become obligated to perform any cove-
~ nants of the r.;crtgagor therein) as the mortgagee may require,
provided, further, that the Lessor has and does hereby spec-
l ifically subordinate all of its lien rights to the lien of
~ each and every mortgage lien against condominium apartment
~ units at the Condominium created by first mortgage~ recorded
~ in the Public Records of St. Lucie County, Florida prior to
a or subsecuent to the date hereoi, wherein the mortgagee is
; First Federal Savings and Lvan Association of Fort Pierce,
~ Flo~ida.
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s (3) Foreclosure b Institutional First Mort a ee,
In the event an iristitutional irst mortgagee shall ac-
F quire title to a condominium unit by caiveyance in lieia
of foreclosure, then so long as such ins~.:.itutional mort-
> c~agee shall continue to ho~d title to the said condomin-
t ium unit, the rent provided for and to b~ paid during the
~ term of this Leas~ shall be reGUCed by a percentage fig-
; ure equal to the pQrcentage interest in th~ common e1e-
~ ments and in the corunon surpl~:s attributabZe to such con-
~ ~ominium unit, and such reduction in rent shall inure to
; the benefit of the institutional f irst mortgagee acquir-
` ing t?±le to such condominium unit be crediting the amount
; ther~of against its share of the common expenses of the
i Conciominium. Zn the event an institutional first mort-
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