HomeMy WebLinkAbout1160 nnd conditions herein set forth.
NOW, THEREFORS, for good, lavllil and valuable coasideration,
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including the mutual undertakings of the parties hereto, the receipt and f
sufficiency o! vhich is hereby acknrnrledged by both of the parties hereto,
it ia covenanted, Warranted and agreed as follovs:
l. The Lease and the rights of Tenant thereunder are hereby
subordinated to the Mortgage Deed in the principal amount of One Million
~ Three Heindred Thousand Dollars (~1,300,000.00), plua interest thereon,
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covering the sub~ect premises, and to aqy extensions, modilications, renevals,
replacea?ents, consolidations and substitutions thereof.
2. In the event thelFund shall claim a default under the Mortgage
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Deed, or'in the event the Fund succeeds to the ovnership of the sub~ect
premises, Tenant vill attora to aad accept the l~nd, or any assignee or
successor in interest of the Fund, for the balance of the term then remaining
under the Lease, vithout offset, setoff or deduction vhatsoever, except as
specifically provided for in the Lease. Tenant acknowledges that it has
accepted the premises and the parking lot.
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~ 3. The F~nd vill not disturb the possession of Tenant under the
~ Lease nor ~rill the F~nd make Tenant a party to any foreclosure proceeding,
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€ upon a default under the Mortgage Deed and the Fund vill accept the attornment
~ of Tenant thereaPter, provided that Tenant is not then in default under the
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Lease, and further provided tYiat Tenant does not thereafter default in aay of
the terms and conditions of the Lease. "
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~ 4. Tenant xill not terminate, cancel, surrender, reduce the rent ~
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~ or modif~r in any wey, either orally or in ~rriting, the Lease, and any of
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~ the aforesaid acts, if doae tirithout the ~rritten consent of the F~nd, shall be y~
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` null and void and of no force and effect. Notvithstanding the foregoing, t
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the Tenant shall have the right (i) to cancel and terminate the lease in
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the event of damage by fire or other casualty as provided for in Paragraph 10 ~
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~ of the Lease or (ii) to close its store aad cease to transact business ~rithout
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~ the consent of St. Lucie and/or the ~Lnd as provided for in Paragraph 6 of the
Lease. INil tAL
BOOK~~ PACE~~,~
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