HomeMy WebLinkAbout2079 the Lessor a continuing first lien paramount and superior to all
others, including apartment owners, upon its assets and corrmion
surplus.
c. Condominium Property. The Lessee does hereby give and grant
unto the Lessor'a continuing lien upon all of the condominium
parcels and condominium property as described in the Declaration
of Condominiurn of the Condominium, including all appurtenances
thereto, now or hereafter placed thereon, all furniture, fixtures,
furnishings, machinery and equipment now or hereafter located
thereon, kept or used in and about the common elemen~s thereof,
and fixtures and equipment now or hereafter contained or pla~ed
upon any condominium parcel, including air conditioners, stoves,
ranges, refrigerators, hot water heaters, and dishwashers, said
lien being prior and superior to all other liens and encumtirances
except institutional first mortgages against condominium units.
d. Obligation~of Unit Owner. All liens provided for herein
shall secure the payment of all monies due the Lessor hereunder
and ~?ay be foreclosed in a manner provided for the foreclosure of
mortgages, provided, however, no lien against any fixtures or
equipment in a condominium unit shall secure a sum greater than
the percentage of the total existing monies due and aaing the
Lessor by the Lessee then in default equals to the percentage of the
total interest in the common elements and co?ienon surplus attributable
to such condominium unit, and the lien agai.nst any equipment,
furnishings, fixtures or portion of the said condaminium 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 corrnnon expenses
of the Association, either to the Association or directly to the
Lessor, the Lessor will not and may not enforce any of the rights
which it might otheYwise have against the condominium unit owner
under the te~ns and provisions hereof, notwithstanding th~t the
Lessee is in default of this Lease, and/or that any other condo-
minium unit owner has failed to perfoMn or keep its obligations as
a member of the Lessee to pay his prorata share of the cortm~on
expenses of,which the monthly rental under the terms and provisions
hereof is a part.
;
~ e. Foreclosure Not to 0 erate as Terinination. Foreclosure or
x other action to enforce the liens herein provided for shall not
q operate or be construed as a termination or cancellation 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.
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~ f. Rights of Institutional First Mortgagees. ~
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~ (1) Definition. An institutional first mortgagee is defined
~ as a bank, savings and loan association, insurance company or trust
holding a first mortgage secured by a condominium apartment unit.
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~ (2) Subordination by Lessor. The Lessor hereby agrees that
~ all liens created in its favor pursuant to and by the provisions
of this Ninety-Nine Year Lease, as well as by operation of law,
~ sha1.1 be subordinate to the lien of any institutional first mortgagee
~ against a condominium apartment unit, and further agrees to sign
and execute any instrument reflecting acknawledgment of such sub-
~ ordination or to join in the execution and delivery of a mortgage
_ (provided it does not thereby assume or become obligated to
- perform any covenants of the mortgagor therein) as the mortgagee
~ may require, provided, further, that the Lessor has and does hereby
:~ti;; specifically subordinate all of its lien rights to the lien of
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