HomeMy WebLinkAbout0927 ~ y~g~e ~h~ll acquir~~ titl~ to ~ condominium unit as a re-
sult of ~ foreclosurt~ s~lei then the rent provid~.~d for
and to be paid during the term of this Lease shall be re-
duced by a percentage figure eyual to the percentage in-
terest in the common elements and.in the common surplus
attributable to such condominium unit. and such reduction
, in rc~nt shall inure to the benefit of the institutional
first rnortyagee acquiriny title to such condominium unit.
its assigns and successors~ and such reduction and credit
shall b~: permanent and continuing in nature,•for the term
of this Lease. Nothinc~ herein contained shall operate as
an extinguishment of this Lease~ in whole or in part. or
as a termination of the Lessor's lien, afore-described~
as against tha entire co~dominium property, except as to
a condominium unit foreclosed upon~ and to the extent here-
in provided. Notwithstanding reduction of rent payable
under the provisions hereof, the owner or occu.pant of any
condominium unit as to which an instit~tional first mort-
gagee has acquired title~ whzther by conveyance in lieu of
foreclosure or by foreclosure~ shall have the full right
to enjoyment and use of the recreational facilities in the
same manner as though the said rent had not been reduced
and the benefit of the said reduction had not accrued to
the owner of the said condominium unit.
18. Consent and Ratification of this Lease b Unit Owners.
Each and every person, ether natura or corporate, who sha acquire
or take any title or interest whatsoever in or to a condominium apart-
ment unit in the Condominium, shall by acceptance and/cr the recordation
~ of the deed. grant, assignment, or other instrument granting, conveying
~ or providing for such interest. or by the exercise of the rights or uses
I granted therein. bc deemed to have consented to and ratified the pro-
j visions of this Lease to the same effect and extent as if such person
~ ~ or persons had executed the.lease with farmalities required in the deed~
and shall be deerned to have subordinated and subjected each and every
~ interest of such person to the terms~of this Lease, including the pro-
visions providing for the Lessor's lien rights in the condominium prop-
erty and in the condominium apartment units. _
• 19. Assiqnment.
~
~ a. Provided that this Lease is not in default and is in
~ good standing the Lessee may freely assign the same provided that
~ no such assignment or transfer si~all be valid unless the assignee
~ shall expressly assume and agree to perform each and every one
~ of the covendnts of this Lease which, by the terms hereof, the
~ Lessee agrees to keep and perform~ said assumption to be evidenced
~ by written instrument. executed in recordable form, and delivered
to the Lessor af ter the same has been recorded•in the Public Rec-
~ cords of St. Lucie County, Florida. No such assignment, transfer,
~ or assumption sha,ll operate to release ~ prior Lessee from any
~ of the obligations hereof, and no such prior Lessee shall be re- -
~ lzased unless and until a tivritten discharge or release of=such
~ ~ Lessee~ duly executed by the Lessor, shall be recorded amongst
~ the Public Records of St. Lucie County, Florida.
=x b. The Lessor shall have the right to assign and to en-
cumber its interest under this Lease and to th~ Demised Prem-
ises without the consent of the Lessee, provided, however, ~
~ that the Lessee shall~ at the~Lessor's request, sign and exe- ;
cute such instruments as may be required or requested by the '
- Lessor to effectuate such transfer or encumbrance. ~
R' c. Each of the parties hereto ayrees to provide the other,
'i
_ within fifteen (15) days a;ter written request therefor, a
statement of the status of the Lease, in writing, advising wheth-
er the Lease is in good standing, and if it is not, the partic-
= ulars in wt~ich it is not; and failure to provide such statzment
shall constitute a reprFsentation that the Leas~ is in c~cod -
standing which mdy be relied upon by any third party a5 being
=Y; true and correct.
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~ 800~223 ~AC~ 92?
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