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HomeMy WebLinkAbout1576 yagee shall acquire title to a condominium unit as a re~ sult of a foreclosure sa14, then the rent provided for and to be paid during the term o£ this Lease shall be r~- duced by a percentage figure equal to the percentage in- terest in the common elements and in the common surplus ; attributable to such co~dominium uni~, and such reduction in ent shall inure to the benefit of the institutional first mortgagee acquiring title to such condominium unit, ~ its assigns and successors, and such reduction ar.d credit shall be permanent and continuing in nature, for the term of this Lease. Mothi~g herein contained shall oper~te as an extinguishment of this Lease, in whole or in part, or as a termination of the Lessor~s lien, afore-described, as against the entire condominium property, except as to ~ a condominium unit foreclosed upon, and to the extent here- in provided. Notwithstanding reduction of rent payable - under the provisions hereof, the owner or occupant of any condominium unit as to which a~ institutional first mort- gagee has acquired title, whether by cony~yance in lieu of foreclosure or by foreclosure, shall have the full right to enjoyment and use of the recreational facilities i~ the same manner as though the said rent had not been reduced and the benefit of the said reduction had not accrued to ~he owner of the said condomin~um ~nit. ~ 18. Consent and Ratification of this Lease b Unit 4wners. Each and every person, ether natura or corporate, who sha11 acquire or take any title or interest ~~hatsoever in or to a condominium apart- ment unit in the Condominium, shall by acceptance and/or the recordation t of the deed, grant, assignment, or other instrument granting, conveying or providing for such interest; or by the exercise of the rights or uses granted therein, be deemed to have consented to and ratified the pro- visions of this Lease to the same effect and extent as if such person or persons had executed the lease with formalities required in the deed, and shall be deemed to have subordinated and subjected each and every interest of such person to the terms of this Lease, including the pro- visions provi~ing for the Lessor~s lien rights in the condominium prop- erty and in the condominium apartment units. 19. Assiqnment. a. Provided that this Lease is not in default and is in good standing the Lessee may freely assign the same provided that - no such assignment or ~ransfer shall be valid unless the assignee shall expressly assume and agree to perform each and every one of the covenants of this Lease which, by the terms hereof, the Lessee agrees to keep and perform, said assumption ~o be evidenced by written instrument, executed in recordable form, and de~ivered to the Lessor after~the same has been recorded in the Public Rec- cords of St. Lucie County, Florida. No such assignment, transfer, _ or assur~ption-shall operate to release a prior Lessee from any of the ~bligations hereof, and no such prior Lessee shall be re- leased unless and until a written discharge or release of such Lessee, duly executed by the Lessor, shall be recorded amongst the Public Records of St. Lucie County, Florida. b. The Lessor shu11 have the right to assign and to en- cumbex its interest under this Lease and to the Demised Prem- ises without the consent of the Lessee, provided, however, that the Lessee shall, at thE Lessor's request, sign and exe- c~te such instrumnnts as may be required or requested by the Lessor to eff~ctuate such transfer. or encumbrance. ~ c. Each af the parties hereto agrees to provide ~he other, ~n~ithin fifteen (15) days after written request therefor, a. statement of the status of the Lease, in writing, advising whQth- er the Lease is in good standing, and if it is not, the partic- ulars in which it is not; and failure to provide such statement shall constitute a representation that the Lease is in good standing which may be relied upon by any third party as being tru~ and cbrrect. dacx~l ~?cf1574 ~ -14- N . ex r ~ . - . . > ~r ~ ~ i - . ~ ~r~ ~"~r .3~` ~.n_,...~zf~, ,z_c?- ~ ^ " ~ x ^~•.'i - . +_~°^a!~ :•:3:~s"