HomeMy WebLinkAbout1897 faction discharging said lien as to such arrearages, interest and
attorneys' fees, but such satisfaction will not extinguish or
diminish said lien as to any amount to become due. It will
continue throughout the term of this Lease.
The Developer and/or Lessor, in submitting portions
of the land described in Exhibit B to the condominium form of
ownership, will declare that rent and other monies due and to
become due hereunder will be a common expense of each condominium
in an amount equal to the total sum thereof attributable to each
condomini~xm; the Lessee will make such assessments upon such
condominium apartments as may be necessary for it to fulfill.
its obligations herein; and it will enforce its lien for said
assessments, if necessary for it to fulfill said obligations.
The Lessor's liens provided for in this Article 13 will
at all times be subject and subordinate to the lien of any mortgage
made by any condominium apartment owner, provided the proceeds of
said mortgage are utilized~to purchase condominium apartments
located upon any portion of the land described in Exhibit B from !
the Developer and it is made wit~ an institutional mortgagee (herein
defined as a bank, savings and loan association, insur~nce company,
- or union pension fund authorized-to do business in the State of
Florida, or an agency of the United States Government); and the
Lessor will execute and deliver such further instruments evidencing
such subordination as may be requested by any of said condominium
apartment owners or.prospective condominium apartment owners.
However, the foreclosure of such a mortgage will not terminate thi$
Lease, or any part thereof, or extinguish or diminish said liens
against the entire condominium property or the apartment encumbered
by the foreclosed mortgage. The rent and-other monies due hereunder,
in the amount attributable to said apartment, will abate while ~
the institutional mortgagee holds title to said apartment; but i
all liability for the payment of such rent and other monies will 2
immediately resume upon the conveyance of title by the institutional ~
mortgagee. However, during said period of abatement, such~other i
monies attributed to said apartment owners as a comanon expense I
shall not abate. Further, said mortgagee will not be entitled to
~ the use of the Demised Premises while it holds title as a result
E of such foreclosure, unless all such abated rent is paid in full.
~ Said Lessor's liens will only be subordinated this one time as herein
a provided, during the term of this Lease; but such subordinated
~ liens of the Lessor will be subordinate and secondary in position
~ to any and all rights, claims, titles or liens acquired by said ~
institutional mortgagees. !
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The Lessor's liens provided for in this Article 13 will ~
not relieve the Lessee of any of its obligations hereunder, it being -
intended that they afford the Lessor additional remedies.in the
event of default. In the event they should for any cause or ~ ;
i
reason whatever be determined to be invalid, extinguished or
unenfo:~ceable, in whole or in part, such invalidity will not
extinguish or diminish any of the~Lessee's obligations hereunder.
_ Nothing herein contained will authorize the Lessor to collect
the same indebtedness twice.
~ 14. ENCUMBRANCES OF LESSOR AND LESSEE.
~
~ It is acknowledged that this Lease is subject to a
certain mortgage encumbering the Demised Premises from the Lessor
to ST. LUCIE COUNTY BANK, now SUN BANK OF ST. LUCIE COUNTY, a
Florida banking corporation, dated February 23, 1973 and recorded
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FEE. PARKER & FEE. P. A. Oa
nRn
~ ATTORNEVS AT LAW OUVK f~~••
POST O~FICE BOX 1000
FORT PIERCE. FLORIDA 33450
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