HomeMy WebLinkAbout1574 b. As to the Lessee~s Prem3ses. If, during the term of
this Lease t ere s a e a a ng of ail or a portion of the
lands described in the Declaration of Condominium of COLaNNADES
CONDOMINIUMS NO. '7, the following shall apply:
(1) Certain Takin s Not Included. Neither a taking
of lsss than ee s mp e t t e nor a taking of ten (10~)
perc~nt or less ~f the apa.rtment ~~nits contained upon said
lands immediately prior to the time of taki~g shall be co~-
strued or considered as a taking. For the purpose of this
- paragraph, a taking of an apartment unit shall have occurred
where at least sixty (60~;) percent of the floor space there-
of has been taken.
(2) Total Takin . If such taking shall involve the
taking of a o t e apartment units contained upon said
lands ir~romediately prior to the time of taking, this Lease
shall terminate, effective as of the date of taking.
(3) Partial Takin . If the taking be greater than
described in Paragrap 5 b. (1) and Zess than the +.aking
described in Paragraph 15 b. (2), above, the rent provided
in Paragraph 4 shall be reduced effecti.ve as of the date
of taking, by a percentage figure equal to the percentage
interest in the common elements and in the common surplus
however, that all other provisions of this Lease shall
remain in full force and effect.
16. Commencement of Ob1i ations of Lease and Deliver of Posses-
sion. The o igation o t e essor an o t e essee pursuant to t e
terms and provisions hereof, and right to possession and use of the De-
mised Premi~es, shall commence as of the date of commencement o£ the
term hereby created.
17. Security. For the purpose of securing unto the Lessor the
payment of the rent herein provided f~r, as 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 on behalf of
the Lessee by the Lessor, as well as for the purpose of securing the
performance of each and every one of the covenants of the Lessee herein
contained for the use and benefit of the Lessor, the Lessee does hereby
grant unto the Lessor the following described liens which shall be cu-
mulative, provided, the Lessor may exercise one or more of the said
liens without thereby waiving the others, or may exercise all simulta-
neously.
a. Lessee's Interest. The Lessee does hereby give and
grant unto the essor a continuing first lien paramount and su-
perior to aIl others upon all of the right, titZe and interest
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of the Lessee in and to this Lease and the Demised Prernises.
b. Lessee's Assets. The Lessee does hereby give and grant
! unto the Le~sor a conti:~uing first lien paramount and superior
I to all others, including apartment owners, upon its assets and
j common surplus.
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; c. Condominium Pro ert . The Lessee does hereby give
and grant unto t e Lessor a continuing lien upon all of the
condominium parcels an~ condominium property as described i.n ~
the Declaration of Condominium of the Condominium, including
all appurtenances thereto, now or her~after place thereon,
alI furniture, fixtures, furnishings, machinery and equipment
now or hereafter located thereon, kept or used in and about
the common elements thereof, and fixtures and equipment now or
hereafter contained or placed upon any condomir.ium parcel,
inc_luding air conditioners, stoves, ranges, refrigerators, hot
water heaters, and dishwashers, said lien bAing prior and su-
nerior to aIl other liens and encumbrances except institutiona2
first mortgages against condominium units.
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