HomeMy WebLinkAbout0844 4. Rent. The I.essee agrees fio pay to tlie Lessor, as rent,
the s~im of ~`24~~ per month, the first such payment to be due and
payable on t}ie firsfi day of fihe month ir~nediafiely succeeding the
commencemenfi of the teMn t}iereof, that is, on the first day of the
month immediately preceeding the date upon which the Declaration of
Condominium is recorded in the Public Records of St. Lucie County,
~lorida. The renfi thereupon being due and payable on the first.day of
the montli immediately succeeding the recording of the Declaration of
Condominium in St. Lucie County, Florida, provided, ho~vever, the
Lessee shall receive as a credit against the monthly rental due as
afores~id untii such time as Ft. Pierce Construction Corporation, a
Florida corporation, hereinafter called the "Developer", shall have
closed on the sale of all condominium units remaining unsold in
said Condominium, an amount of money computed by adding together the
percentages share in the cornmon elements appurtenant to the condominium
units which the Developer has title to as of the first day of the month -
for ~vhich the rent is due, and multiplying the fi otal monthly rental
by the aggregate percentages figures thus obtained. The credit against
rent thus rPCeived shall inure to the benefit of the Developer.
a. Reiit shall be payable in current legal tender of
the United States of America at such place or places as the
Lessor shall from time to time in writing direct, and a place
once designated for the payment of rent shall remain such
until it sliall be changed by ~vritten notice from the Lessor.
- Al1 rent shall be payable caithout notice or demand. For the
present, and until further notice, rent shall be payable at
t}ie Colonnades Condominiums, Fort Pierce, Florida. Waivers,
i indulgences or changes by the Lessor as to any rental payment
~ or rental payments ~eith reference to the place of payment, or
E in accepting anything other than current legal tender as rent,
shall not be construed as a waiver, indulgence or ~hange upon
~ any subsequent occasion.
~ b. Cost of living adjustment to rental. The monthly
~ rentals herein provided for shall be adjusted from time to
~ time, as herein set forth, to compensate for any increase in
~ the cost of living as computed by reference to the Index
~ \urr~erT' as of Decemt~er l, 1973, provided, ho~aever, in no
event shall the rnonthly rentals herein provided for ever be
~ decreased, and once increased, pursuant to the provisions of
this section, rentals shall not thereafter be decreased.
The index to be used shall be the "Consumer's Price
Index, United States Average - All Items of Food`T published in
~ the monthly Labor Revie~a of the Bureau of Labor Statistics of
~ the United States Department of Labor. If the said index shall
~ become unavailable, the index to be used shall be the "Consumer`s
~ Price Index" issued by the United States Department of Labor for
~ the South Atlantic group of states; and if bc~th oP the said
~ indexes sl-ialt become unavailable, the index to be used shall
~ be the "Index of the Ceneral Price Level" issued by the Federal
~ ' Reserve ~3ank of
~tlanta, Gec~rgia. 11d justment in rentals dile
~ , ' under the terms lie~euf sliall be computed on Jaiiuary 1, 1975,
LL aiid on t}ie f'irst day of January ~~f each and every year thereafter,
each of cvhich dates is herein called a''computation date". F:acl~
adjustment shall be in effect commencing from the computation
date until the end of tlie term unless further in~reased by
adjustment at a subsequent date. The amount of adjustment
shall be arrived at by multiplication of the basic monthly
r.ental herein provided for by a fraction, the numerator
- of which shall be the index number for December lst immediately
- preceding the computation date, and the denominator the index ~
'M~ number for December 1, 1973. Failure on the part of the Lessor
~
to exercise the right to an adjustment in the basic rental
pursuant to the provisions her~of as of any computation date
shall not operate as a taaiver of t}ie rig}it tn ari adjustment
= and increase of the basic rental. as of any subsequent and
~ i~uture computation date.
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