HomeMy WebLinkAbout1687 . . . . _ 1
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j . 2. I.~S~B~'.~ sh~U pay tbe psaaiums fds sll~in~urana~ poli~i~s ~
; sequired to b~ cassied by tba by the tesaa• a~ tl~i• lesse s~~cee~
~ ~ . u?ant, snd such payments ~hsll be aasde betosa tDe indebtedne~s tor the psezaiutn
, pt?ym~nt is gaat due. LESSF.~ Mrill deliver dupliaa~s iu~ussnce policiea to ~
` the I.~SSO~t snd exbibit to the LESSOR th~ recei~ts ev~dencia~ the payaaent
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f; : o~ pres.--~a4mns. Nothing in tbi• psrsgragh contained ~Lsll be constswd ss ~
F'i ~ torbi~ding the I~SSEE from scquiria~ insursnce sad cswin~ the pretriiu~aa• ~
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j thsrefore to~ be ~insncad throu~h baaks or other ip~titutioA~ upon ter~as
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which such bsnk• os institutioas ususUy finsuce iAaursnce premiunas, but
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if the t~ does ~o scquire inaursnce, then it shsll be the~duty o~ ths : -
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~ IaF.S3EE to psy the in~tallac?eat~ required by the tet~aas at the tinancinQ
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3 = . contssct Pro~aptly at or be~ore their _ sespeGtive ~sturities snd default o~ _ -
' the LES3EE in makiug any •uch payment~ shall coastitute s-defsult in this
- : lease. .
3. In the eveat that~an insursnce loss tskes plsce snd bg resson •
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: theren~ say insursace benefit is psyable at s ti~ne when the LESSEE ia in ' _
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_ - - de~autt ia the psymeat o~ rant, tsxea, or say sad all mostQiae p~?yrnents, ~
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~ ~ ~ it sny, thea and ia auch eveat esid iasurance beaetits sh~il be usad sad_be.
f: ~ made svailable to make good any of auch defiulta befose the ~asae is used ~
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~ . fo: aay reLabiiitation. regair or reconstructioa ss provldsd tor in
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: paragraph 1 of tbis article af lhis lea~e sgreamant. . -
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~ 4. Notliing in paragraph numbered 1 o~f tbis ssticle contained, shall .
; bs coastsued aa_ prohibiting the attachmant to any iusuraace polides af :
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~taada:d forna mortgagee clauoes n~imiag naostgaQaes s~r tbair interesta ~
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. maY apPeas, thoagh aubject in stl re~pect~a to the terms o~ tha lesse. It _
` is . aot intended by the terms o~ thi~ psragraph to confas upon either pssly -
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the sig~t to creste in s. mostgages o~f the se~pective intesests of the psstie• -
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~ hereto sny right whicL is incoasistsat~with the respactive sighta af the ~
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psrtie• unde~r the tesaas o~ thi~ lease. ;
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~ 5. It s hoile~ or boile:s sre used in say buii~a~ or buiWin~~ .
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- . ~ •sacted oa the pseanises, thea the l~ coveasnt~ snd s~~eee~ tbst it ~
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_ wiU at its oan ezp~nse keep soy ~uch bnlLdin~ os buitdiaQs insur~d.to th~
~ . tull insursble vslus aa,a?inst loss or dsr~a~?~e by boi3,es os ot~r esplb~ions.
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in th~ event o~ loss os dsa4a~s by s~ssoa o~ boil~s os ot6~r esplo~ioas,
~ sil moaeys s.eceiv~d on sccount o~ :said iasursncs ppticy or poli~ci~s sh~?il .
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