HomeMy WebLinkAbout2080 each and every mortgage lien against condominium apartment units
at the Condominium created by first mortgages reeorded in the
Public Records of St. Lucie County, Florida, prior to or subsequent
to the date hereof, wl~erein the mortgagee is First Federal Savings
and Loan Association of Fort Pierce, Florida.
(3) Foreclosure by Institutional First Mortgagee. IIl the
event an institutional first mortgagee shall acquire title to a
condominium unit by conveyance in lieu of foreclosure, then so
lnna ac ~uch institutional mortgagee shall continue to hold title
to the said condominium unit, the rent provided for and to be paid
during the term of this Lease shall be reduced by a percentage
figure equal to the percentage interest in the comnon elements and .
in the comnon surplus attributable to such condominium unit, and
such reduction in rent shall inure to the benefit of the institu-
tional first mortgagee acquiring title to~such condominium unit by
crediting the amount thereof against its share of the common expenses
of the Condominium. In the event an institutional first mortgagee
shall acquire title to a condominium unit as a result of a fore-
closure sale, then the rent provided for and to be paid during the
tei-ri of this Lease shall be reduced by a percentage figure equal to
the percentage interest in the common elements and in the common
surplus attributable to such condominium unit, and such reduction
;n rent shall inure to the benefit of the institutional first
mortgagee acquiring title to such condominium unit, its assigns
and successors, and such reduction and credit shall be pennanent '
and continuing in nature, for the term of this Lease. Nothing herein
cantained shall operate as an extinguis}Unent of this Lease, in whole -
or in part, or as a tex~nination of the Lessor's lien, afore- s
described, as against the entire condomi.nium property, except as
to a coridominium unit foreclosed-upon, and to the extent herein
provided. Notwithstanding reduction af rent payable under the
; provisions hereof, the owner or occupant of any condominium unit
as to which an institutional firsfi mortgagee has acquired title, -
~ whether by conveyance in lieu of foreclosure or by foreclosure, shall _
~ have the full right to enjoyment and use of the recreational facili- ~
~ ties in the same manner as though the said rent had not been reduced ~
and the benefit of the said reduetion had not accrued to the owner
~ of the said condominium unit.
~
; 18. Consent and Ratification of this Lease by Unit Owners. Each
~ and every person, whether natural or corporate, who shall acquire or take
~ any title or interest whatsoever in or to a condominium apartment unit
~ in the Condominium, shall by acceptance and/or the recordation of the
~ deed, grant, assignment, or other instrument granting, conveying or pro-
; viding for such interest, or by the exercise of the rights or uses granted
~ therein, be deemed to have consented to and ratified the provisions of
~ this Lease to the same effect and extent as if such person or persons
~ had executed the lease with formalities requi red in the deed, and shall -
~ be deemed to have subordinated and subjected each and every interest of
such person to the terms of this Lease, 3.ncluding the provisions providing
~i for the Lessorts lien rights in the condominium property and in the condo-
~ minium apartment units.
~ 19. Assi ent.
~
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 shall be valid unless the assignee
shall expressly assume and agree to perform each and every one -
of the covenants of t}iis 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 after the same has been recorded in the Public
Records of St. Lucie County, Florida. No such assignment, transfer,
- or assumption shall operate to release a prior Lessee from any
.
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