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HomeMy WebLinkAbout2236 ' • . ; such ir_surance in full force and effect for and during the period any buildings, structures or improvements are being constructed on sai.d land, and thereaftcr during the full term of this lease. Lessor agrees to deliver the original policy or ; policies of insurance, and all renewals thereof, as soon as written, k to Y,~ssee, the insurance campar~y or.canpanies and forms of palicy to be approved by Lessee. The said policy or policies and all renewals thereof, shall provide again~t cancellation or termina- tio~f thereof except on at ~east ten (10) ds~ys advance written notice to Lessee. At least ten (10) cla~ys prior to the date on which such policies expire, I.essor shall ftiirnish Lessee With repewal policies. In event Lessor should fail or reilase to so f~rnish such policies in ~he first instance,'or 'renewal policies, as ~he case aay be, then Lessee shall have the right, but na~ the obligation, to procvre any insurance coverage deemed appropriate by Lessee xith an 3nsurance company or companies selected by I,essee, ~ and ~o pay all paremiums thereon, and Lessor agrees•to reimburse Zessee, uB~ demand, Por any such premiums so paid by Lessee. In event of ~amage to or destruction of the buildings, structures or improvements on said 7and during the term of this lease flcom an insured cause, I,essee shall have the exclusive right to ad3ust and settle all losses (which ad3ustment and settlement shall be con- elusive and binding on I,essor) and to collect and r~ceipt for any ~and all moneys that may become payable and collectible under such policy or policies, or aay.of them, and Lessee shall have the option - to (a) use any insurance proceeds so collected by it for the repair or restoration of said buildi.rigs, structures and improvements to the sao~e condition as existed prior to such damage or destruction in accordance with any ord~nances, laws or regulations then in effect, and if there should be any insurance proceeds collected by Lessee in excess of the cost of such repsirs or restoration, Lessee shall pay the said remainder of the insurance proceeds over to Lessor, less any amounts due and o~ring to Lessee by Lessor, irrespective of how such indebtedness may have arisen; provided, hawe~er, tbat I,essee shall not be obligated, expressly or impliedly, to eupend a more th~an the amount of insurarice proceeds collected by it in ~ making such repairs or restoration, and if the insurance proceeds . ; so collected are irisufficient to place the buildings, structures and improvements in the same condition as existed prior to such damage or destruction, then~Lessor aorees to pay Lessee, upon demand, the amourit by which the.cost of repairing or restoring said buildings, struc~ures and impravements to the same caaldition as existed prior to such damage-or destruction eacceeds the insur- ance prxeeds so collected by Lessee; or (b) pay o~ver to the Baak na~?ed in the Assignmeat o~ Rents section hereof so much oY the insurance proceeds as are necessary to pay in Rill the unpaid ~ principal balance and accrued interest awing on that certain Note - referred to in said Assignment of Rents (whether or not then due) . and pay the remainder of the insurance proce~ds, if any, over to Lessor, less ar~y amounts due a~ad oaring to Lessee by Lessor, irre- spective oP Y~o~r such indebtedness may have arisen; or (c) in event the insurance proceed s collected by Lessee are insufficient , to discharge all indsbtedness awing by I,essor to Lessee and also discAarge the unpaid principal ba.2ance a.nd accrued interest awirig on s~id Note, and in event Lessee elects not to use said prece~ds for the repair or restoration of the a.Poresaid buildings, structures ~ or impsov~ents, then Lessor cavenants and agrees, on ~emmnd of ~ ~ Lessee, to pay aver to Lessee an amount in cash Which, ~hen added [ to the insurance proceeds so collected by Lessee, will be sufficient to pay all indebtedness.awing by Lessor to Lessee and discharge the aforesaid Note, principal and accrued interest. On receipt of said cash araount Pran Lessor, Lessee ~rill pay aver to the Bank a sufPicient amount to discharge tberNote in Rill, ahether or not i then due. Upon terminatfon oP this lease, any unexpired policies ~ procured by Lessor and held by Lessee shall be assigned and . delivered to Lessar, and any unexpired policies procured by Lessee shall, at tbe option of Lessee, be caricelled and surrendered, in ~ - - eo~K~~ - - ~ ~ ~,y~~~~~.-_ .