HomeMy WebLinkAbout2069 succeedirig the recording of the Declaration of Condominium in St.~Lucie
Counfiy, Florida, provided, however, the Lessee shall receive as a eredit
against the monthly rental due as aforesaid until such time as Ft. Pierce
Construction Corporation, a F~.orida corporafiion, hereinafter called the
"Developer", shall have closed on the sale of all condaninium units re-
maining unsold in said Condominium, an amount of money computed by adding
together the percentages.share in tlie comnon elements appurtenant to the
condominium units which the Developer has title to as of the first day of
the month for which the rent is due, and multiplying the total monthly
` rental by the aggregate percentages figu res thus obtained. The credit
against 'rent thus received shall inure to the benefit of the Developer.
a. Rent shall be payable in current legal tender of the United
States of America afi such place or places as the Lessor shall -
from time to time in writing direct, and a place once designated
for the payment of rent shall r~nain such until it shall be changed
by wrifiten notice from the Lessor. All rent shall be payable without
notice or demand. For the present, and until further notice, rent
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Sha.LJ. Ue payanie ~i L'ii~ t.OttiYilic'ttie5 i.s3t.uvu:.iiii:,~;~:s ~ f LiL":. :.iciic ~i:=-u::..
Waivers, indulgences or changes by.the Lessor as to any rental
payment or rental payments with reference to the place of payment,
or in accepting anything other than cu rrent legal tender as rent,
shall not be construed as a waiver, indulgence or change upon any
subsequent occasion. ,
b. Cost of living adjustment to rental. The monthly renfials
herein provided for shall be adjusted from time to time, as here~n~
set forth, to compensate for any increase in the eost of living as
computed by reference to the "Index Numbert' as of December 1 ,
1974 , provided, hawever, in no event shall the monthly rentals
herein provided for ever be decreased, and once increased, pur-
suant to the provisions of this section, rentals shall not ~
~
thereafter be decreased.
The index to be used shall be the T'Con"sumer's Price Index,
i United States Average - All Items of Food" published in the g
,
~ monthly Labor Review of the Bureau of Labor Statistics of the
~ United States Department of Labor. If the said index shall be- _
~ come unavailable, the index to be used shall be the "Consumerts ~ ~
t Price Index" issued by the United States Department of Labor for
the South Atlantic group of states; and if both of the said
$ indexes shall become unavailable, the index to be used shall be
~ - the 'tIndex of the General Price Level" issued by the Federal
~ Reserve Bank of Atlanta, Georgia. Adjustment in rentals due under
; the terms hereof shall be computed on January l, 1976 , and on the
~ first day of January of each and every year thereafter, each of
~ which dates is herein called a"computation date". Each adjust-
~ ment shall be in effect corrm~encing from the computation date until
~ the end of the tex~n unless further increased by adjustment at a
~
~ subsequent date. The amount of adjustment shall be arrived at by
~ multiplication of the basic monthly rental herein provided for by
~ a fraction, the numerator of which shall be the index number for =
~ December lst i.mmediately preceding the computation date, and the ~
denominator the index number for December 1 , 1974 .
; Failure on the part of the Lessor to exercise the right to an ~
< adjustment in the basic rental pursuant to the provisions hereof
as of any computation date shall not operate as a waiver of the +
~ right to an adjustment and increase of the basic rental as of ~
_ any subsequent and future computation date. ~
~
- 5. Rights Reserved Unto Developer. Until the Developer shall have {
completed the development, promotion and sales of all apartments and
shops to be constructed at the Condominium, it shall have the followi.ng
rights with regard to the Demised Premises, notwithstanding any other
provisions of this Lease to the contrary. - ;
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8ooK237 PAGE2067
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