TABLE OF CONTENTS
SUBLEASE OF CONDOMINIUM
AND
GRANT DEED OF IMPROVEMENTS
- NONREMOVAL AND REVERSION OF IMPROVEMENTS
Sublessee and Sublessor hereby acknowledge that legal title to the improvements, including without limitation the residential structures situated upon the Project, is vested in and held by Sublessee and other Unit Owners in the Project. Notwithstanding the foregoing, all improvements, excluding removable personal property, if any, on the Subleased Property shall remain on the Subleased Property after the termination of this Sublease and shall thereupon become the property of Sublessor without the payment of any consideration therefor. The term "removable personal property" as used in this Paragraph shall not include property which normally would be attached or fixed to the improvements or any portion of the Subleased Property, in such a way that it would become a part of the realty, regardless of whether such property is in fact so placed in or on or affixed or attached to the improvements or any portion of the Subleased Property in such a way as to legally retain the characteristics of personal property. Sublessee expressly waives the provisions of Section 1013.5 of the California Civil Code pertaining to improvements affixed to land by any person acting in good faith and under mistake of law or fact. Upon the expiration of the term hereof, or any sooner termination of this Sublease, Sublessee shall execute, acknowledge and deliver to Sublessor, upon request, a proper instrument in writing releasing and quitclaiming to Sublessor all right, title and interest of Sublessee in and to any and all portions of the Subleased Property and the improvements. Sublessee shall not remove any property from, upon or within Condominium of Sublessee or upon the Project contrary to the provisions of the Declaration.
- PLACE OF PAYMENTS AND NOTICES
All rents and other sums payable by Sublessee to Sublessor hereunder shall be paid to ______________________________________________________________________________ at_____________________________________________________________________________Whenever either party hereto desires to give written notice to the other respecting this Sublease, such notice, if not personally delivered to Sublessor, or to Sublessee, shall be sent by certified or registered mail, with postage prepaid, and directed to Sublessor at its business address at_____________________________________________________________________________ and directed to Sublessee at _______________________________________________________
or such other address designated by Sublessee to Sublessor in writing. The service of any such written notice shall be deemed complete at the time of such personal delivery or within three (3) days after the mailing thereof as herein provided. Should Sublessee consist of more than one person, the personal delivery or mailing of such notice to any one of such persons shall constitute complete service upon all such persons. Any notice provided herein to be given by Sublessor to any Lender shall be served in the same manner as provided in this Paragraph 16, and shall be delivered to Lender or sent to its address as last shown on the records of Sublessor.
- REMEDIES UPON DEFAULT
Should Sublessee default in the payment of any installment of rent, tax, assessment, lien, claim, expense or any other sum provided in this Sublease to be paid by Sublessee at the time and in the manner herein specified; or should Sublessee default in the performance of or breach any other covenant, condition or restriction provided in this Sublease to be kept or performed by Sublessee, and should such default or breach continue uncured for a period of ninety (90) days from and after service of written notice thereof by Sublessor to Sublessee then, and in any such event Sublessor, at its option, subject to the rights of any Lender as set forth in Paragraph 14 hereof, shall have the following remedies:
- Without barring later election of any other remedy, Sublessor without taking possession of Sublessee's interest in the Condominium of Sublessee may require strict performance of all covenants and obligations hereof as the same shall respectively accrue and shall have the right of action therefore;
- Sublessor may at its option terminate or cancel this Sublease by giving Sublessee written notice of such termination or cancellation. Upon such termination or cancellation of this Sublease, Sublessor shall thereafter, pursuant to the provisions of this Paragraph, offer for sale such Condominium for a term equivalent to the balance of the unexpired term of this Sublease, subject to the same terms and conditions as set forth in this Sublease and subject to the same rights of any Lender as set forth in Paragraph 14 hereof. Upon such termination of cancellation of this Sublease the portion of the improvements conveyed to Sublessee herein shall automatically and immediately become the property of Sublessor without payment of any consideration therefor. Prior to such sale, Sublessor shall give to Sublessee twenty (20) days prior, written notice of the time and place of sale in the manner provided in Paragraph 16 of this Sublease. Sublessor will post a notice of sale on the Condominium setting forth the time and place of sale at least twenty (20) days prior to such sale to be published at least once, not less than ten (10) days prior to the sale, in a newspaper of general circulation in Orange County, California. Thereafter, the sale of said Condominium shall be held in conformance with the notice of time and place of sale and the sale shall be confirmed to the highest bidder. Sublessor shall have the right to bid at such sale. Upon any such sale, Sublessor shall deduct from the monies derived therefrom the following:
- The cost of any alterations, repairs, maintenance or redecoration of the Unit comprising a portion of the Condominium;
- All costs of such sale including, without limitation, advertising costs, administrative overhead, commissions and reasonable attorneys' fees incurred; and
- An amount equal to all delinquent rents, taxes, assessments and other charges accruing under the Sublease to the date of sale with interest thereon and any other legitimate charges against said Condominium or due Sublessor under this Sublease.
The then remaining balance of the proceeds from such sale, if any, shall be paid over to Sublessee or persons entitled thereto.
- Without barring later election of any other remedy, Sublessor shall have the right, upon any abandonment of such Condominium by Sublessee, without notice to Sublessee or any subtenant, to enter into the Unit on account of Sublessee and to remove all unauthorized persons and all property therefrom. No such re-entry by Sublessor, whether with or without legal process or through unlawful detainer proceedings or otherwise, unless Sublessor shall in writing otherwise notify Sublessee, shall terminate this Sublease or release Sublessee from any of Sublessee's obligations or liabilities hereunder, whether accruing prior to or subsequent to such acts by Sublessor, but Sublessor shall have in such event all of the rights and remedies given it by law and under the provisions of this Sublease. Sublessor may, at its option, relet the Condominium or any part thereof for the account of Sublessee, and in that event may relet the Unit and Sublessee's interest in the Common Areas, or any part thereof, including improvements, at such rental and upon such terms and conditions as it may deem proper, for any term within or beyond the then unexpired term of this Sublease. Sublessee shall be liable for any difference between the aggregate of the unpaid sums herein accrued and hereafter to accrue under the terms of this Sublease, and the net amounts actually realized through such reletting to the date of the expiration of this Sublease, after deducting brokers' commissions, taxes, insurance, maintenance and all other damages of Sublessor, including any expenses incurred for repairs, alterations or remodeling which are reasonably incurred in order to effect such reletting.
Any termination or cancellation of this Sublease as herein provided shall not relieve Sublessee from payment of any sum or sums that shall then be due and payable to Sublessor hereunder, or any claim for damages then or theretofore accruing against Sublessee hereunder; and any such termination or cancellation shall not prevent Sublessor from enforcing the payment of any such sum or sums or claim for damages by any remedy provided by law. All rights, options and remedies of Sublessor contained in this Sublease shall be construed and held to be cumulative, and no one of them shall be exclusive of the other. Sublessor shall have the right to pursue any one or all of such remedies or any other remedy or relief which may be provided by law, including, without limitation, the remedies available under California Civil Code Sections 1951, 1951.2, 1951.3, 1951.4, 1951.7, 1951.8 and 1952, inclusive, whether or not stated in this Sublease. No waiver by Sublessor of a breach of any term, covenant or condition of this Sublease by Sublessee shall operate to extinguish the term, covenant or condition the breach of which was waived, or be construed or held to be a waiver of Sublessor's right to declare a forfeiture for any succeeding or preceding breach of the same or any other term, covenant or condition herein contained. In the event that any action shall be instituted by Sublessor for the enforcement of any of its rights or remedies in and under this Sublease or as granted by law, and if judgment in favor of Sublessor shall be recovered therein, Sublessee agrees to pay to Sublessor all costs incurred by Sublessor in said action, including attorneys' fees to be fixed by the Court therein, as further provided in Paragraph 23 of this Sublease.
SUBLEASE OF CONDOMIUM |
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