HomeMy WebLinkAbout1575 d. Ob?i ation of Unit Owner. All liens prov~ded for here-
in shall secure t e payment o a 1 monies due the Lessor here-
undzr and may be foreclosed i~ a manner provided for the fore-
closure of mortgages, provided, however, no liPn against any
fixtures or equipment in a condominium unit sha11 secure a sum
greater than the percentage of the total exi~ting monies due
and owing the Lessor by the Lessee then in default equals to the
percentage of the total interest in the common elements and com-
mon surplus attributable to such condominium,unit, and the lien
against a~y equipment, furnishings, fixtures or portion of the
said condominium unit may be discharged by the ownew thereof by
payment to the Lessor of such sum, and provided, further that
so long as~a condominium unit owner shall pay that portion ~f
_ the total monthly rental due and owing the Lessor equal to his
proportionate share of the conunon expenses of the Assoc~ation,
either to the Association or direc~ly to the Lessor, the Lessor
will not and may not e~for ce any of the rights which it might
otherwise have against the condominium unit owner under the terncs
and provisions hereof, notwithstanding 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
~ ~vt:ich the monthly rental under the terms and provisions hereof
is a part.
e. Foreclosure~Not to 0 erate as Termination. Foreclosure
or other action to en orce t e iens herein provided for shall
not operate or be construed as a termination or ca~c~ellation of
this Lease, or as an extinguishment of any such lien, except such
Iiens shall not stand as security for any amounts realized and
actuallv collected by the Lessor in fcreclosure or other such ~
action.
f. Ri9hts of Institutional First Mortqaqees.
(i) Definition. An institutional first mortgagee is
defined as a banc, savings and loan association, insurance
company or trus~ halding a first mortgage secured by a con-
dominium apartment unit.
(2) Subordination b Lessor. The Lessor hereby agrees
that all liens created in its avor pursuant to and by the
provisions of this Ninety-Nine Year Lease, as well as by op- -
eration of law, shall be subordinate to the lien of any in-
stitutional first ~ortgagee against a condominium apartment
unit, and further agrees to si~n and execute any instrument
reflecting acknowledgment of such subordination or to join ~
in the execution and delivery of a mortgage (provided it does
not thereby assume or becume obligated to perform any cove-
nants of th~ mortgagor therein) as the mortgagee may require,
provided, further, that the Lessor has and does hereby spec-
ifically subordinate'all of its lien rights to the lien of
each and every mortga~~ lien against condominium apartment
units at the Condominium created by first mortgages recorded
in the Public Records of St. Lucie County, Florida prior to
or subsequent to the date hereof, wherein the mortgagee is
First Federal Savi~gs azd Loan Association of Fort Pierce,
Florzda.
(3) Foreclosure b Institutional First Mort a ee.
In the event an institutiona irst mortgagee sha 1 ac-
quire title to a condominium unit by c~veyance in lieu
of foreclosure, then so long as such institutional mort-
gagee_shall continue to hold title to the said condomin-
ium unit, the rent pr~•~ided for and to be paid during the
term of this Lease snall be reduced by a percenta~e fig-
urE equal to the percentage interest in the common ele-
ments and in the cammon surplus attr~butable to such con-
dominium unit, and such .reduction in rent shall inure to
the benefit of the institutional first mortgagee acquir-
ing title to such condominium unit be crediting the amount
thereof against its share of the common expenses of the
Condominium. In the event an institutional first mort-
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