HomeMy WebLinkAbout2795 a bank, savings and loaa.association or insurance company or
through their respective loan correspondents, iatended to
finance the purchase of a duplex uait or its refinance, or secure f
a loan where the primary security for the same is the siagle ~
duplex unit involved. -
- 11.2. Subordination by Lessor. The Lessor does
hereby agree to ~!ibordinate its lien hereunder to the lien of
any institutional first mortgage against a single duplex unit `
and will execute an instrument of subordination or ~oin in the
execution and delivery of a mortgage (provided it does not assume
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~ or become obligated to perform any of the covenants of the mort-
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~ gagor therein), as the mortgagee may require. ~
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~ 11.3. Foreclosure by Institutional First ~ortgages.
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~ If an institutional first mortgagee shall foreclose its mortgage
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~ against a duplex unit and obtain title to the same by public sale
~ held as a result of such foreclosure suit, or should such insti-
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tutional first mortgagee acquire title by conveyance in lieu of
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~ foreclosure, then so long thereafter as such institutional mort-
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~ gagee shall continue to hold the title to said duplex unit, or for
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a period of three months, whichever occurs first, the rent s
be reduced by the amount of $10.00 per month and the sharing of
- the common expenses shall be reduced by one "unit of participation".
~ Said institutional first mortgagee shall receive the benefit of such ~
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reduction in rent by credit against its portion of the assessment
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~ for the rent under this lease. The same shall not reduce or abate
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