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HomeMy WebLinkAbout0854 d. 4bli ation of Unit Oarnc~r. All lie~s provided for here- in shall secure t e payment o a 1 monies due the Lessor here- under and may be foreclosed in a manner provided for the fore- closure of mortgages, provided~ however, no liPn against any fixtures or equipment in a condominium•unit shall secure a sum greater than the percentage of the total existing monies due a~d owing the Lessor by the Lessee then in default equals to the percentage of the total interest in the common elements and com- mon surplus attributable to such condominium unit. and the lien a9ainst any equipment, furnishings. fixtures or portion of the said condominiurn ~~it may be discharged by the owner thereof by payment to th~.~ Lc•ssor of such sua~, and provided~ further that . so long as a condominium unit o~mer shall pay that portion of the total monthly rental due and owing the Lessor equal to his proportionate share of the comm~r~ expenses of the Association, either to the Association or directly to the Lessor, the Lessor ~ will not and may not enfor ce any of the ric~hts which it might otherwise have against the condomini~lm unit owner under the terms and provisions hereof~ notwithstanding that the Lessee is in de- fault of this Lease, and/or thdt any other condominium unit own- er has failed to perform or keep its obligations as a member of the Lessee to pay his prorata share of the common expenses of which the monthly rental under the terms and provisions hereof is a part. . ~ e. Foreclosure Not to O erate as Terinination. Foreclosure or other action to en orce the iens erein provided for shall not operate or be construed as a termination or c~cellation of this Lease, or as an extinguishment of any such lien~ except such • liens shall not stand as security for any amounts realized and actually collected by the Lessor in foreclosure or other such ; action. f. Riqhts of Institutional First Mortqaqees. ; (1) Definition. An institutional first mortgagee is ' defined as a a~ n-Tc, savings and loan association, insurance ~ company or trust holding a first mortgage secured by a con- ~ dominium apartment unit. - ~ i ` ~ ~ (2) Subordination b Lessor. The Lessor hereby agrees ~ , that all liens create in its avor pursuant to and by the ~ provisions of this Ninety-Nine Year Lease, as well as by op- ~ eration of law, shall be subordinate to the lien of any in- ~ stitutional first mortgagee against a condominium apartmrnt ~ unit, and further agrees to sign and execute any instrument ~ • reflecting acknowledgment of such subordination or to join ~ in the c:xecution and delivery of a mortgaye (provided it doe~ ~ not thereby assume or become obligated to perform any cove- - ~ nants of the~mo~~g~_a ~_or therein) as the mortgagee may require, - provided, further, t~at the Lessor has and does hereby spec- ~ - ifically subcrdinate all of its lien rights to the lien of ~ each and every mortgage lien against condominium apartment ~ units at the Condominium created by first mortgages recorded ~ in the Public Records of St. Lucie County, Florida prior to ~ or subsequent to the date•hereof, wherein the mortgagee is ~ First Federal Savings and Loan Association of Fort Pierce, ~ Florida. ~ (.3) Foreclosure~ b Institutional Eirst Mort a ee. _ In the event an institutiona irst mortgagee sha ac- ° quire title to a condominium unit by ccrn~eyance in lieu ~ of foreclosure, then so long as such institutional mort- - gagee shall continue to hold title to the said condomin- ium unit, the rent provided for and to be Faid during the term of this Lease shall be reduced by a percentage fig- . ure equal to the percentage interest in the common ele- : ments and in the common surplus attributable to such con- domini~m unit~ and such reduction in rent shall inure to the benefit of the institutional first mortgagee acquir- - ing title to such condominium unit be crediting the amount _ thereof against its share cf t1'ie common expenses of the Condominium. In the ever~t dn institutional first rnort- y~ -13- BOOIt 2~~ FAGE ~5~ - . - - .