HomeMy WebLinkAbout1863 7. LONG TERM LEASE.
The Association (as Lessee) has entered into a Long Term
Lease (ninety-nine [99] years) with Gulf-Atlantic Investments of
Fort Pierce, Inc. (Lessor), which l~ase demises the premises
therein described, situate in St. Lucie County, Florida.
The Lessor has constructed and installed, or will construct and
install, recreational facilities upon said premises. Such facilities
are for the use of the Association, its members, the owners and
occupants of all apartments of said three separate condominiums,
visitors and guests of such owners and occupants, and for the use
of others (as set forth in said Long Term Lease). The Association
has agreed to pay rent under said Long Term Lease, adjustable at
three-year intervals to coincide with the purchasing power of the
beginning amount, and to pay all taxes, insurance and maintenance
charges for the demised premises. Such rent and other expenses
are apportioned among the apartments as set forth in said lease.
The Lessor has reserved a lien against the condominium
property and against each apartment, as set forth in said Long
Term Lease, for the purpose of securing the payment of such rent
and expenses. The Developer, by this declaration, hereby grants ~
and confirms said lien unto the Lessor. In the event any apart-
ment owner fails to pay his share of rent and other expenses,
the Lessor, among other remedies allowe~d, may foreclose his lien ~
against the apartment for which payment i,s not made.
Al1 monies due and to become due under the provisions of
said Long Term Lease, including rent and all other items specified
in said Lease, are and will continue to be for the full term of
said Lease a common expense of this condominium in an amount
equal to the total sum thereof attributable to the apartments of
this condominium under said Lease.
The Long Term Lease referred to herein has been~recorded
in the public records of St. Lucie County, Florida and a copy
thereof is attached as Exhibit F. Each apartment owner by the
acceptance of a deed to his apartment, whether from the Developer
or otherwise, agrees to be bound by its terms and conditions and
agrees to pay his share of the monies due pursuant to and in the
' amount specified in said Long Term Lease. It will be mandatory
for the apartment owners to make such payments. ;
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~ 8 . MANAGEMENT AGREEMENT .
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The Association has entered into a Management Agreement with
~ Atlantic Condominium Management Corporation (Manager) providing for
~ the operation and management of the condominium foL an initial -
~ period of f ive (5) years, with an optional renewal on the part of
~ the Manager for an additional five (5) years thereafter.
The Manager, under said Management Agreement, is the exclu-
sive managing agent of all condominiums for which the Association ~
is or will be responsible; and it is authorized and required to
collect all assessments against apartment owners, together with
~ other monies due to the Association. The amounts of these
assessments are set forth in said Management Agreement. They
include the monies due by apartment owners under the Long Term _
~ Lease; and they are common expenses of the condominium.
~ The Management Agreement referred to herein has been
~ recorded in the public records of St. Lucie County, Florida and
~ a copy thereof is attached as Exhibit G. Each apartment owner ;
~ by the acceptance of a deed to his apartment, whether from the `
~ Developer or otherwise, agrees to be bound by its terms and con-
~ ditions and agrees to pay his share of the monies due pursuant to
and in the amount specified in said Management Agreement. It
~ will be mandatory for the apartment owners to make such payments.
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FEE. PARKER & FEE. P.A. E~R~~~~ ~tCF~~~
~ ATTORNEVS AT lAW ,r.. ~ ~ ~
POST OFFICE BOX 1000
~ FOR7 PIERCE. FLORIDA 33450
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