HomeMy WebLinkAbout2803 after be placed or put thereon, regardless of the nature or event
w6ich causes such destruction, alteration, demolition, or aon-use,
except a taking by eminent domaia, shall not in any way reduce,
abate, or suspend the Lessee's promises hereunder nor shall the
same effect a termination in whole or in part of this lease. A
voluntary or involuntary termination of Lessee corporation shall not
terminate this lease, but upon termination.of Lessee corporation all
of the unit owners of the duplexes, as unit owners or as tenants in
common, or otherwise, shali automatically and by operation of this
lease, jointly and severally, constitute the Lessee hereunder and
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shall jointly aad severally be obligated to perform each and every ;
of the Lessee's covenantsand promises and undertakings. Upon a
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unit owner acquiring an interest in the Lessee's rights under this
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e lease, his rights hereunder may thereafter be assigned only if there
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~ then be no default in any of the p rovisions of this lease and only ~
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~ if such assignment be in connection with a sale, transfer or ~
hypothecation of all of his rights in the property by which he
~ became a member of Lessee. Provided, however, that any first
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~ mortgagee being a bank, insurance company, or savings and loan
~ associatioa which has become or becomes a unit owner or tenant in
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r- common by foreclosure or deed in lieu,of foreclosure, shal not be
made liable or obligated in any way by provisions of this section
- until said bank, insurance company, or savings and loan association
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~ would be obligated to pay rent and maintenance under paragraph 11.3
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~`3 hereof, but the grantee of such mortgagee shall be fully liable and
~ obligated hereunder.
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