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Home My WebLink About1956 . • ~ Les:ee sgrees. upoA the esseatioa of thb ksse by L.essee, to procure at Lesso~'s sole ~ost and expenae, iasuance on tbe baitdin~t. structures aad impro~ementa aow coastrn~ted or to be constructed o~ said leased premius in some i~sunnce company or compaaies wtAorised to do bnsiness ia the State ia which the p~operty is situated. for the sou~d vslue aQainst firo and e:teaded covera~e (providtd snch iasnraace is obtainable by Lessee). with loss clausea payable solely to I.easee. its succe:sors or sssi~~ aad to keep aneh iasnraaee in full force a~d eA`ect io~ and during the period any buildin~s, structures and improvemeats an beia~ coastrncted oa the leased premises and thereatter duriag the oriQinal term of this lease. l.essor shall. upoa rece~pt oE I.essee's Iovoice the~efor. promptly reimbur:e I.essee in cash tor the premiums oa 'such insunace. aad uatil repaid to I.essee snch ezpenditure. so made by Lessee fo~ the account of Lessor. shatl bear iaterest at the ~ate of 6~6 per a~~wn. Ia e~tat of damage to or destructioa of the baildings~ stcuctu~es or improveme~ts on uid leased premises dnring the originat term ot this lease irom an insured cause. Lessee shall have the exclu:ive ri~ht to adjast and settle sll losses (whlch sdjnstment and settlement shall be conclusive and bind'ing on Lessor) and to collect and receipt for any aad sll moaeys t6at may become paysble and coliectible upoa such policy or policies, or any of thcm. aad Lessee alull have the op~iop, t~- ~l}. n~ ang. ~~~r,~nce proceeds so collected by tt ior the repair or ~estoratioa oE ~id buildiags~ structures aad Imp~ afs to [t ' q~e conditioa as esisted prior to such damage or destructioo. in accordance rvith aay ordinsnces. l~ r re~ulihion~ iNea in effect, and if the~e should be any insurance proceeds collected by Les~ee ia excea ot the cost ot weh repsirs or restontion. Lessee shall pay~ same to Lesso~. (Lessee shall aot be obliQated. expreuly or impliedly. to e:pend more thaa the amount of insurance proceeds collected by it ia making snch ~epairs o~ restontion, and i~ the insurance proceeds ut insu~cient to plact said buildings. struttures and improrements ia the sarae coaditioA as ea~isted prior to snch damage or destrnetion. then I.essor sgrces to pay I.euee. ~ upoa demand. the amount by which the cost of repairing or restorin~ said bnildiags. structu~es and improvemeats to the ume condition as ezisted prior to such damags or destraetion exceeds the insurance proceeds so collected by Lessee). or (2) pay over to the baak named in the Auignmeat ot Reats attached hereto w mnch of the insuraace proceeds as are ~ necessary to pay ia PoII the unpaid principal balance aad aeerued iaterest owing o~ that certain note refened to ia aaid Assigament of Rents (whether or not thea dne) and pay the remainder.of t6e insurance proceeds. if any. over to Lessor, less say amouats due aad owing to Lessee by I.essor. irnspective of how such indebtedaess msy have arisen. Upon We eapiration of the original term of tbis lease. aay unespired policies procnred by I.essee shall. at the option of l.essee. be cancelled and saneadered. ia which e~ent I.essee shall reimbarse L.euor for any unearaed premiums rectived by Lessee from t6e insnraate compa4ies as a resnlt of the caacellation snd surrender of sueh poGcies. 7. It is agreed t6st if We leased premises shall become untenantable (by anteaantable is meaot a condition which renders the leaxd premises substaatially valneless for tLe parposes for arhich they ue~eas~d ~~uq~Rr) ~nti~ the original tcrm of this lease. for any nuoa. the Lessee hereunder shall not be entitled to teratld e thi~lF.~fe but t ong~aal term of enia icase shall be eztended for a period equal to the period of sac~ unteaa~tability. The obligation of the Leasee herennder to pay rental shall. at the election of Lessee. be abated dnriag the period oE snch nntenantability provided. 6oaever. it L-essee elects to pay the rentals accruiag du-ing such period of nntenantability thea I.essee shall be given credit for the reatals so paid for such period ot untenantability on the 5rst reatals accruiag dnriag t6e period the original term of this leue is extended by reason of sneh natenantability. It is further agreed that notwit6standing anything contained herein to the contrary, Leuee shall have and is hereby granted the uaconditioaal right aad optioa to cancel and terminate this leue at s~y time during aay cxteaded term of this lease upon giviag thirty (30) days prior written notice thereof to Lessor~ and upon such cancellation and terminatioa Lessee shall be released aad discharged fsom aay fnrther reatal paymeats or other obligations undes this lease. 8. I.essee agrees that it will pay the rent at the time. place and in the nianaer Lerein provided; that it will not commit or snffer waste on the leased premises; that it will not nse the premises for any immonl or unlawiul pnrpose. or permlt the sune to be w used; that it will deliver up the leased premises ~t t6e end of t6is lease; and t6at it will comply with all valid laws, ordinaaccs, rules aad regulations of any Qovernmental anthority respccting the condnct of its busiaess on the leased premises. 9. If Lessee s6a11 fail to keep aay of the toveaants a4d agreemedt on its part to be kept and performed as herein contained~ and if said default is not corre~ted by I.e~ anthin th~rty days after written notice of such default 6u been given by Lessor to Lessee; or if Lessee sh311 be adjudg~ed a bankrnp~ or ~ball make assignment for the benefit of its creditors, ° or if the interest of Lessee hereander shall be sold nnde~r e~at?lon or other legal process; it shall be lawful for Lessor to enter upon the leased premises and again have. repossess aad en~ay the same as if this lease had not been made, aad thereupoa. this lease and everyt6iag 6ereia contained shall cease, ter~tiqste aad be ntterly void at We optioa of Lessor. 10. All structures. gasoline tanlcs. iacladiag thq;e whith may be nadergronnd, pnmps, air compressora and other equipmeat which may be installed or placed npoa the leued premises by or for the account of L.essec. the title thereto being vested in l.esse~. are to remain aad be the property of Lessee, and Lessee shall have the right and privilege of removing any aad all such prope~ty and equipment at any time durin~ t6e contintunce of this lease, aad withiu Wirty (30) I ~f,~ days tLereaiter. ~O~ a lei~QhOl~d est~?te !.II t.1~e s37C (6) pdrCC1B ~/~m~ Np~ c~ s le~~~ s ~ Il. ussot farther covenanu and agreea witb ussee that~essor~egaliy xized o~ ~n ab~solute estate in fee simple~ in the leased premises (and Lcssor agrees. upon request f Lessee, to submit to Lessee evidence satisfactory to LesseE showing that kssor has aa absolute estate in fee simpl~in said premises, free and clear of all Uens and encumbrances); that Lessor has the right to lease the same; that I.essor vr~ll warrant and defend said premises unto I.essee against the lawlul claims of all persons whomsoever; that the rents being paid in the manner herein provided, and the covenants. conditions and agreements herein being all and singular kept. fu1611cd and performed by Lessee, I.essee shall lawfully. peaceably and qnietly hold. occupy and eajoy said premises during the term herein grantcd. wit6out any let, hindnnce. ejection or molesution by Lessor. or any person claiming under Lessor, and that said premises are free and clear of all encumbrances whatsoever_ In event of any default by l.essor. all costs and expenses. including advancements. court costs and attorney's fees. incurrsd by Lessee in protecting the rights herein granted~ shall be repaid by Lessor to I.essee upon . demaad. and until repaid to Lessee such ezpenditures, so made by Lessee. shall bear interest at the rate of 696 per annum. 12. I.e~ee shall 6ave the rig6t to paint any bnildings„ strnctures aad/or impr~vemeats of Lessor situated npon the ~ leased premises in accordance with the color scheme or combination aow or hereafter used by Lessee at its service stations geaerally. . 13. I.essee s6a11 have the rig6t to assign this lease or sublet the leased premises, and .the terms. conditions and coveaants 6ereof shalt extend to, be bindiag npon and inure to the benefit of the snccessive heirs, execntors, administntors, succeswrs and assigns of the parties hereto, respectively~ and shall run with the laad, bnt no assignment or subletting by ~ Lessee shall relieve Lessee oE any of the obligations here~n contained on the part of Lessee to be kept and performed. No assigameat of I.esso~s rig6ts hereunder shail be binding on I.essee until l.essee has received a certi6ed copy of the instrnmeat ~ tfftCtlD$ 3UC~1 iSS18p1riN1~. ~ 14. In the event I.essee should make any payments for the account of Lessor u herein provided, and/or I.essee shonld make any paymeats to or for the account of Lessor perbiniag to said leased premises for which I.essor is responsibie, and I.eswr does not reunburse Lessee therefor apon demand~ then all snc6 expenditures so made by Lessee to or tor the account ~ of i.essor st~all bear interest from the date of snc6 eapenditnre nntil repaid to Lessee at the rate of 6g(D per annum, and I.essee shall have the right, in addition to any other remedy, to aatomatically extead the cnrrent term of this lease, without any luether renta! pa~ments or obligateons, for aad dnriag snch a period of time u will absorb, at an agreed monthly nte of reatal of ~ Th~~~o+~aa T~ree &~n~dred 8emeat~ #t!'e. e~d 43~LO~olhn •~3 ) per month, any and all ~sums owing by Lessor to Lessee, wj,t~ iaterest thereoa, u' 6erein provided. fN AL 1~ : ~ Ci r r e hff b a d o d nn th ori n a d a ~c n e t f h' 1 a . /~~~~~t P~'~Cy~ ~~~~~FOPv~d.~Qfi~}e9/ n~ 9Fs !°a~~/'~~n f~~~e/Ci7?'s~ r~t'/a~~ ~ ~ ~p ~ ~ /ta~es/api~! ~s s~e s h e n r~h n nd e e' e o. ~~'tdd ( S e d~ e a c~ns ve t e i6 s~~c o,sql pro ~ ~ ~ ~ oFFtc~ ZS6 PA~4S5 : ~ : ~.~,~1~ RFCORD _.___~_.w_ .ra _ X~~N~ ' ~f~~~- -_-:f .r_ T' a~ _