HomeMy WebLinkAbout0926 d. Oblication of Unit Uwncr. All liens provided for here-
in shall secure t e payment o ~ 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 ~gainst any
~ fixtures or equipment in a condominium unit shall sec~re a sum
greater than the percentage of the total existing monies due
and owing the Lessor by the Lessee then in default equals to the
percentaqe of the total interest in the common elements and com-
mon surplus attributable to such condominium unit, and the lien
against any equipment, furnishings, fixtures or portion of the
said condominium unit may be discharged by the owner thereof by
payment to the Lessor of such sum, and provided, further that
so long as a condominium unit owner shall pay that portion of
the total monthly rental due and owing the Lessor equal to his
proportionate share of the cornm~n 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 rights which it might
otherwise have against the condomini~~m unit owner under the terms
and provisions hereof, notwithstanding that the Lessee is in de-
fault of this Lease, and/or that 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 0~rate as Te nnination. Foreclosure
or other action to en orce the iens erein provided for shall
not operate or be construed as a termination or ca~c~ll~tion 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. Hiqhts of Institutional First Mortqagees. ,
~ (1) Definition. An institutional first mortgagee is
j defined as a ancT~, savings and loan association, insurance rt
~ company or trust holding a first mortgage secured by a con-
; dominium apartment unit.
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; (2) 5ubordination 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 apartmFnt
} unit, and further agrees to sign and execute any instrument
; reflecting acknowledgment of such subardination or to joir~
q in the execution and delivery of a mortgage (provided it doEs
~ not thereby assume or become obligated to perform any cove-
~ nants of the mortgagor therein} as the mortgagee may require,
~ provided, further, that 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
M~
~ ' units at the Condominium created by first mortgages rec.orded
• in the Public kecords of St. Lucie County, Florida prior to
or subseq~ent to the date hereof, wherein the mortgagee is
- First Federal Savings and Loan Association of Fort Pierce,
Florida.
(3) Foreclosure b Institutional First Mort a ee.
In the event an institutiona irst mortgagee sha ac-
- q~ire title to a condominium unit by ccriveyance 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 paid during the
term of this Lease shall be reduced by a percentage fig-
; ure equal to the percentage interest in the common ele-
- ments anci in the common surplus attributable to such con-
`~j dominium unit, and such reduction in rent shall inure to
the benefit of the institutional first mortgagee aequir-
ing title to such condominium unit be crediting the amount
thereof against its share of the common expenses of the
Condominium. In the event an institutional first mort-
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