HomeMy WebLinkAbout0925 b. As t~ thc• Lessee~s Pr~~mises. If, during the term of
this Lease t ere s a e ~ ta ing of all or a portion of the
lands described in th~ Declaration of Condominium of COLONNADES
CONDOMINIUMS N0. 7, the following shall apply:
Certain Takin s Not Included. Neither a taking
of less than ee s mp e t t e nor a taking of ten (1091~)
percent or less of the apartment units co~tained upon said
lands immediately prior to the time of taking shall be con-
strued or considered as a taking. For the purpose of this
paragraph, a taking of an apartment unit shall have occurred
where at least sixty (60~} percent of the floor space there-
of has bNen take~.
(2) Total Takin . If such taking shall involve the
~ taking of all o the apartment units contained upon said
lands immediately prior to the time of taking, this Lease ~
' shall termi~ate, effective as of the date of taking.
~ (3) Partial Takin . If the taking be greater tha~
described in Paragraph 5 b. (1) and less than the taking
described in Paragraph 15 b. (2), above, the rent provided
in Paragraph 4 shall be reduced effective as of the date
of taking, by a percentage figure equal to the percentage
interest in the common elements and in the common surplus
however, that all other provisions of this Lease shall
remain in full force and effect.
• 16. Co~runencement of Obli atzons of Lease and Deliver of Posses-
sion. The o~gatzo~ o t e essbr an o t e essee pur_suant to t e
terms and provisions hereof, and right to possession and use of the De-
mised Premises, shall commence as of the date of commencement of the
term hereby created.
17. Securit . For the purpose of securing unto the Lessor the
payment of t e 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-
sions hereof, or be reason of any advancements made to or on behalf of
the Lessee by the Lessor, as well as for the ~,urpose 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 ~escribed liens which shall be cu-
mulative, provided, the Lessor may exercise one or more of the said
liens without thereby waiving the other~, pr may exercise all simulta-
neously. • -
a. Lessee's Interest. The Lessee does hereby give and
grant unto t e essor a continuing first lien paramount and su-
perior to all cthers upon all of the rig}~t, title and interest
of the Lessee in and to this Lease and the Demised Premises.
b. Lessee's Ns~ets. The Lessee does hereby give and grant
unto the,Lessor a continuing first lien paramount and superior
to all others~ including apartment owners, upon its assets and
common surplus.. ~
c. Condominium Pro er~. The Lessee does hereby give
and grant unto t e essor a continuing ~ien upon all of the
condorninium parcels and condominium property as described in
the Declaration of Condominium of the Condominzum, including
ali appurtenances thereto, now or hereafter place thereon,
all 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 ,
hereafter 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.
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