HomeMy WebLinkAbout1564 Lessee shall be Non-Exciusive, it bAing hereby acknowledged and agreed
that the Lessor has heretoiore or shall hereafter enter into s~milar
non-exc~usive n~netf-nine year l~ases with other cond.ominium associa-
tions formed for th~ purpose of admi.nistr3ting the affairs of uther
co~domin~ums at the Colonnades Condominiums complex. The Lessor further
reserves the right to lease or contract for the use of the Demised
Prem3.ses by other groups or persons, for the purpose of enabling the
cost of maintenance and operation thereof to be o~~portuned amongst a
larger number of per.sons, provided, however, that at such time as all
of the condominiums to be located in the Colonnades Condominium
Complex shail have been completed, all agreements or leases fc~r the
use of the Demised Premises by anyone other than such association or
the residents and occupants of the said Colonnades Condominiums, shall
terminate. It is recognized and acknowledged that the Lessor under
the terms of this Lease may be one or more of the officers and
3irectors constituting the origiaal Board of Directors and Officers
of the Lessee, and that all of the persons constituting the original
Board of Directors and Officers of the Lessee and persons wfio may be
subject to the control or influence of the Lessor. Each apartment
owner, for himself, hi~ he~rs, successors and assigns waives all
objecti.on to such circur~stance and ratifies and agrees to be bound by
the terms and provisions of this Lease to the same extent as if he had
joined in the execution t:~reof for all purposes herein expressed, as
well as for the purpose of: (a) subjecting all of his right, title
and interest i.n his condominium apartment and to the common elements
appurtenant thereto to the lien rights granted the Lessor under the
provisions hereof; {b) agreeing to perform each and every of the
covenants, promises and undertakings to be performed by condominium
aoartment owners wherever so provided in this Lease; and (c) ratifying,
confirming and approving each and every provision herein contained, and
acknowledging that all of the terms and provisions hereof, including
the rental reserved, are reasonable.
a. The Lesse~ ~ha?1 cor.stit~.~te the ~Trev~cable a~ent in
fact, with full power of substitution, of each and every act
and thing required of apartment unit owners pursuant to the
pravisions of this Lease, and to co~sent to and execute any an~
all documents, where necessary, to effectuate an}• and all of the
provisions of this Lease. In the event any of the provisions
of this Lease shall be in conflict with any of the provisions of
the Declaration of Condominium, the provisions of this Lease
shall control, except v~ith the express written consent of the
Less^r to the contrary.
b. The rental herein provided far to be paid, the cost
of repairing and maintaining the Demised Premises in good
condition and repair, and of replacing portions thereof, as
necessary, and other undertakings and obligations herein
provided for, shall constitute a common expense of the
Cor.dominium.
c. Each condominium apartment unit owner shall have the
right to use, occupy and enjoy the Demiszd Premises through
; the Lessee, subject to aIl of the provisior~s of this Lease,
the Declaration of Condominium, the Certificate of Incorporation
and the By-Laws of the Lessee, and such rules and regulartion s-
which the Lessee may £rom time to time adopt.
d. Use of the Demised Premises shall be subject to all
laws, statutes, ordinances, rules and regulations of appro-
priate governmental authorities, and to the rules and regulations
of the National Board ~f Fire Underwriters, or in the event it
shall terminate its present functions, then of any other body
exercising similar functiens. All use of the Demised Premises
shall further comply ~rvith requirements ot all insurers carrying
' insurance in f orce with resFect to the Demised Premises.
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