HomeMy WebLinkAbout0575 parties ur.derstand and agree that the Lessor's lieh as ~rovided
~~r herein is a continuinq lien ar.d shall be ia force a:.d i:.
e:~ec~ during the life of this leasa. ;he lien hereby give~ :~ay
~o:aclosed eit:Zer in the .aan :er in whicr. a nortgage on rea~
pro~cr~y is foreclosed, or,-alternate2y, at the option of the
:.asso: in the manner in which statutory liens on real property
a~e foreclosed, or at the further option of the Lessor, by a:~y
o~r.cr~ remedy available to the Lessor for the foreclosure of t'c.e
said lien.
C. 2he Lessor understands and ac',cnowledges that in co:~nect:on
w~;.h the sale of each individual Condo:niniwa Apar: ment Unit ir. the
co :d~:;~i: ium property, the purchaser tr.ereof r:.ay ces ire to purc:.ase
'r.~s uait, utilizing the proceeds of a mortgage loan whicn mort5age
w~~3 encur.iber the unit being so acquired. Ia t: e lig:tt of sucr.
~:~ormation, the Lessor hereby covenants that said Lessor's ~ie:~
~ascribed in the preceding paragraph is subordinate to the lie:.
o~ such individual mortgage, provided that auch i:~d~vidLal :.zo~ ~cage
:zas been made by a Condominium Apartment Unit owner in connection
w;t:~ tr.e initial purchase and acquisition from ~'~e Develope: o~
t:.e condominium property of his Condominium Apart~ent Unit i:. tr.e
c;, :do:ninii:m property described iz~ Exhibit "B"; and providen Lur~:zer
~:.~t such mortgage is made with an institutio:~al lender, whic:. is
: ~~ein defined as a natior.a2 or state bank, iasurance co:npan_~
aut:~orized to do business in Florida or a state or federal savi:~gs
or buildinq and loan association. If requested, the Lessor s:~ail
confirm said subordination in writing. Lessor's lien shall o:~iy
be subordinated this once during the tena of this lease. T'r.e
i subordinated lien of the Lessor as herein provided shail. cause the
~ :.~ssor's lien-to be subordinate and secondary in position to a:l
; ~r.d all rights, claims, titles or liens acquired by said institutional
~ 2ender. •
;
~ D. The Lessee, its successors and assiqns, uncerstaads ~:.d
~ agrees that the within lease imposes upon it the firm and irrevocabie
~
~ o53iga~ion to pay the full rent and perforra the other provisio:.s
~ ne~eof for the full term of'this lease. Article 70N-8 provices one
~ r..ea:~s of securing to the Z.essor the payment of such rent 'vy tne
~ Lassee, and the latter's performance of its other obligations here-
~ u:der, including the payment of reaso~able attorney's fees and ~osts
~ w::ich may be incurred in effectinq collections thereof. The mea,-~s
~ ~aerein set forth shall not be the I.essor's exclusive remedy.
~
~ :he Lessee hereby declares the leased pre~ises to be a~art of
~ ~:.a co.:~.~non elements appurtenant to its coadaainiura property, aad
a~ all moneys due and to beca-ze due hereunder, including wi~;lout
~;.:.ita~ion, rent, taxes, assess:aents, insurance pze:niums and costs
o~ :r,aintenance and repair, are and shall continue to be (for t:.a
' ~L~1 terr.l of this lease) com~on expenses in carrying out the
~.;,w.:r~ at~~d dutio~ of tho Lessae a~ to t~ Ccr~do~air~iu~ a~soci~t:on.
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- ~4GM P~GE 5~5
- LAW OFPICES BART L. GOHEN, CITY NATIONAL dANK OUI~.OINCi, MIAMt, FLORIOA
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