HomeMy WebLinkAbout0023 same by certified or registered mail, retu rn reccipt requcsted,
postage prepaid. If given to I.essee tlie same s~iull be mailed
to Lessee at 26565 N. IY. 15tii Aven~~e, A".iami, Florida, if given
to Lessor, the same shall be mailed to Lessor at 245 Park Avenue,
New York, rew York or such otlier person or address as Le:ssor may
hereafter designate by no.tice to Lessee. .
XXII.
SUBORDINATION:
Lessor agrees, if requested by Lessee, to execu te a
subordination agreement subordinating Lessor`s fee inl;erest ~
in the d~mised premises to a first mortga~e on the demised prem-
ises, to a recognized lending institution such as ~ bank,
insurance company, pc~nsion funcl or similar institutional mortgage
provided that (i) the principal amount of sa~d mortgage at auy
time shall not exceed ~90,000.00, (ii) the terrn of said mortgage
shall be no less than twenty years and shall pro~~ide for conGtant
monthly payments of principal and interest over ti~e term of said
mortgage so that u pan the termination of said mortgage the last
monthly payment shall in no event exceed one annual payment,
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~ (iii) that sa.id mortga~e will pz•ovide that in tl~e event of-a-
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~ defau lt under said mortgage, the holder of said mortgage sh~.ll
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} give Lessor notice of such defa.u lt and the same opportunity to
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~ cure such default within the time required therefor by sucti
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~ mortgage, (iv) that the mortgage shall, as to form an d su bstance,
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~ be first approved by Lessor. In the event Lessee shall defau lt
~ in said mortgage and Lessor shall cure said defau lt for on
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~ account of Lessee,(a) Lessee agrees to indemnify and save
harmless Lessor from any and all liabilities, loss, costs,
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~ obligations, claims, demands, suits, courses of action or
damages of every kind or character, arising from or in any
manner connected with or related to any such mortgage or such
subordination agreement, (b) at tlie election of Lessor, this
lease shall be terminated effective immediately upon receipt
r?!; of written notice by Lessee or Lessor's election. In the event
that Lessor shall exercise the election set forth in sub-
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~~`'T~ paragraph (b) in the sentence a~bove, this lease sh~l l
n~';: ~ .S, .
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