HomeMy WebLinkAbout0853 b. As tu the Lessee~s Premis~s. If, during the term of
~ thi~ Lease t er~ s a e a ta ing of all or a portion of the
lands described in the Declaration of Condominium of COLONNADES
CONDOMINIUMS NO. the followi~g shall apply:
(1) Cert~in Takin s Not Included. Neither a taking
of less than ee simp e t t e nor a taking of ten (10~)
percent or less of the apartment units contained upon said ~
lands im,r~~diately prior to the time of taking shall be con-
strued or cunsidered a, a taking. For the purpose of this
paragrapii~ a taking of an apartment unit shall have occurred
where at lt~~st sixty (60~) percent of the floor space there-
of has been tak~n, ~
(2) ;otal Takin It~ such taking shall involve the
taking of all o the apartment units contained upon said
lands imrnediately prior to the time of taking~ this Lease
shall terminate, effective as of the date of taki~g.
(3) Partial Ta~kin~ . If the taking be greater than
- described in Paragraph 15 b. 1 and less than the taking
described in Paragraph 15 b. ~2;, above, the rent provided
in Paragraph 4 shall be redu~ed effective as of the da~e
of taking, by a percentage figure equal to the percentage
interest in the cormnon elements and in the common surplus
however, that all other provisions of this Lease shall
remain in full force and effect.
16. Commencem~nt of Obli ations of Lease and Deliver of.Posses-
~ sion. The o igation o-t e essor an o t e essee pursuant to t e
terms and provisions hereof, and right ta possession and use of the De-
mised Premises, shall commence as of the date of commencement of the
term hereby created,
, .
17. ~Securit,y For the purpose'of securing unto the Lessor the
payment of the rent herein provided for, as well as the payment,of any
' ~ other sums due and payable the Lessor by reason of the terms and provi-
I' sions hereof, or be reason of any advancements made to or on behalf of •
the Lessee by the Lessor, as well as for the purpose of securing the
performance of each and every one of the covenants of the Lessee herein ~
contained for the use and benefit of the Lessor, the Lessee does hereby
grant unto the Lessor the following ,iescribed liens which shall be cu-
mulative, provided, the Lessor may exercise one or more of the said
liens without thereby waiving the other;, or may exercise all simulta-
neously.
a. Lessee~s Interest. 'The Lessee dces hereby give and
grant unto t,e essor a continuing first lien paramount and su-
perior•to all others unon all of the rigt~t, title and interest
of the Lessee in and to this Lease and the Demised Premises.
b. L~:ssee' s hs~tts. The Lessee does hereby give• and grant
unto the Lessor a continuing first lien paramount and superior
to all oth~.~rs, including apartment owners, upon~its assets and
comrnon surplus. .
c. Condominium Pro er The Lessee does hereby give
and grant unto t e essor a continuing lien upon all of the
condominium parcels and condominium property as described in .
the Declaration of Condominium of the Condominium, including
all appurtenances thereto, now or hereafter place thereon, '
alI furniture, fixtures, furnishings, machinery and equipment !
now or hereafter located thereon, kept or used in and about ~
the common elements thereof, and fixtures and equipment now or ~
hereaf ter contained or placed upon any condominium parcel,
including air conditioners, stoves, ranges, refrigerators, hot
water heaters, and dishwashers, said lien being prior and su-
perior to all other liens and encumbrar~ces except institutional
first mortgages against condominium units. -
- g~~ 2~3 P~E 853