HomeMy WebLinkAbout0071 gagee i acquire title to a c~ndom~nium unit as,a re-
s~lt forec3asure sale, then the rent provided for
and t~ bP paid during the term of thi~ Leasa sha11 be re-
duced by a p~rcentage figure equal to the perce~tage in-
terest in the common elements and in the common surplus
attributable tQ such condominium unit, and s~!ch reductian
in rent shall inure to the benefit of the institutional
first mortgagee acquiring title to such condominium un~t,
its assigns and succ~ssors, and such reduction and credit
sha12 be permanent and ~ontinuing in ~ature, for the term
of this Lease. Nct~~ng herein,~ontained shall operate as
an extinguishment of this Lease, in whole or in art, or
as a termination of tlie Lessor~ s lien, afore-des~ribed,
as agai:~st the entire condominium property, except as to
a condominium unit foreclosed upon, and to the extent here-
in provided. Notwi.thstanding r. eduction of rt~nt ~ayable
under`the provisions hereof, the owner or occupant of any
condominium unit as to which an institutional first mort-
gagee has acquired title, whether by conveyance in lieu of
foreclosure or by for~closure, shall have the full right
to enjoyment and use of the recreational facilities in the
same manner as though the said rent had not been reduced
and the bene~~it of the said reduction had not accrued to
th~ owner of the said condominium unit.
18. Consent a~d Ratification of tihis Lease b Unit Owners.
Each and every person, ether natura or corporate, who ~«all acqui;.e
or take any title or interest whatsoever in cr ~:e Z coadominium apart-
ment unit in the Co~dominium, shall by acceFtance arn~/c~ ~he recordation
af the dzed, grant, assignment, or other instrument granting, convey~_ng
or proviciing for such interest, or by the exercise of ±?~q rights or uses
granted tharein, be deemed to have consented to and ~ati£~.ed the pro-
visions of this Lease to the same effect and extent i: such person
or persons had executed the lease with formalities =~:~:~uired in the deed,
and shall be deemed to nave subordinated and subje^tsci each and every
interest of such person to the terms of this Lease,, ir:c?~~~ing the pro-
visions providing for the Lessor's lien rights in the c:ondominiam prop-
erty and in the condominium apartment units.
19. Assiqnment.
a. Provided that this Lease is not in default ar~d is in
good startding the LeSsee may freely assign the same provided that
no such assignment or txansfer s3~a11 be valid unless the assignee~
shall expressly assume and agree to perform each and every one
of the covenants o£ this Lease v+rhich, by the terms hereof, the
' Lessee agrees to keep and perform, ~aid assumption to be evidencpd
' by written instrument, executed in recordable form, and delivered
i to the Lessor after the samE has been recorcled in the Public Rec-
i cords of S±. Lucie County, Florida. No such assignment, transfer,
~ _ or assumption shall oFsrate to release a prior Lessee from any
; of the obligations hereof, and no such prior Lessee shall be re-
~ leased unless and until a written dischargE or release of such
~ Lessee, duly executPd by the Lessor, shall be recorded amongst
, the Public Records ot St. Lu~ie County, Florida.
i
E b. The Lessor shall have the right to assic~n and ±o en-
; cumber its interest under this Lease and to the Demised Prem-
! ises without the consent of the Lessee, ~rovided, however,
~ that the Lessee shall, at the Lessor's request, sign and exe-
~ cute such instruments as may be required or requested by the
I.essor to effectuate such transfer or encumbrance.
c. Each of the parties hereta agrees to provid~ ±he other,
' within fifteen (15) days after written request therefor, a
~ statement of the status of the I.ease, in writing, advising wheth-
~ er the Lease is in good star~ding, and if it is not, the partic-
` u~ars in ?Nhich it is not; and fail~re ta provide such statement
shall ccnstitute a representation that the Lease is ~n good
stand~ng cvhich may be relied upon by any third party as being
~ true and correct.
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