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HomeMy WebLinkAbout1565 4. Rent. The Lessee agrees tu pay to the Lessor, as rent, the s~im o~~20.U0 per month, the first such payme~t to te due and payabie on the first day of the month imm~diafiPly.succeeding the commencement of the term thereof, that is, on the f ~rst day of the month immedi~y preceeding the date upon which the Declaration of Condominium is recorded in the Public Records oi St. Lucie County, Florida, and said payments sha11 continue unt31 the first day of the month immediately succeeding the date upon which the Declaration of Condominxum of Colonnades Condominiums No. 7 is amended pursuant to paragraph 3.6 of said Declaration of Condo~inium and thereupon said rent shall be increased Ten Dollars ($10.00) per month for each and every apartment which is, by amendment added to said Condominium. The rent thereupon being due and payable on the fi~st day of the month immediately succeeding the recording of any said amendment to the Declaration of Condo~inium in St. Lucie County, Florida, providsd, however ~ the Lessee shall receive as a credit agains.t the monthly rental due as aforesaiu until such time as Ft. Pierce .Construction Corporation, a Florida corpo~ation, hereinafter called the "Developer", shall have closed on the sale of all condominium units remaining unsold in said Condominium, an amount of money computed by adding together the 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 which the rent ' is due, and multiplying the total monthly renta~ 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 payable in current legal tender of the United States of America at such place or places as the Lessor shall from time to time in writing direct, and a place once designated for the payment of rent shall remain such until it shall be changed by written notice from the Lessor. All rent shall be payable without notice or demand. For the present, and unti2 furtr.er notice, ren± ~hall be payable at the Colonnades Condominiums, Fort Pierce, Florida. Waivers, indulgences or changes by the Lessor as to any rental payment orrental payments with reference to the place of payment, or in accepting anything other than current legal tender as rent, shall not be construEd as a waiver, indulgence or change upon any subsequent occasion. b. Cost of ~iving adjustment to rental. The monthly rentals herein provided for Shall be adjusted from time to time, as herei~ 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 of this section, rentals shall not thereafter be decreased. The index to be used srall be the "Consumer's Price Index, U~ited States Average - AI1 Items of Food" published in the monthly Labor Review o~ the Bureau of Labor Statistics of ~ the United State~ Department of Labor. If the said index shall ; become unavailab~e, the index to be used shall be the "Consumer's ' Price Index" issued by the United Sta_tes Department of Labor for the South Atlantic group of states ~ and if botl-i of the said indexes shall become unavailable, the index to be used shall ~ be the "Index of the General Price Level" issued by the Federal Reserve Bank of Atlar~ta, Georgia. Adjustment in recitals due under the terms hereof shall be computed 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". Each adjustment shall be in effect commencing from the computation date until the end of the term unless further increased by adjustment at a subsequent date. The amount of adjustment shall be arrived at by multiplication of the basic monthly rental herein provided for by a fraction, the numerator of which shall be the index numk~er for December lst immediately preceding the computation date, and the denominator the index number for December 1, 1972. Failure on the part of the Le~or to exercise the riqht to an adjustment in the basic rental pursuant to the pr~visions hereof as of any computation date sha~l not operate as a waiver of the right to an ad~ustment and increase of the basic rental_ as of any subsequent and fut~r~omputation date. ~ii ~ i5~33 - 3- 2~1 ~ ~8# . ~ _ _ _ _ } _ - ~ ' ~ ~ _ _ . ~ ~ ~ ~ _ _T~ u . ' ~ - - .