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estimate is being applied to the payment of reconstruction ~nd ~ ~
repair and that at reasonable cost therefor and not in excess
of the fair value thereof; provided, however, that it shall be ;
the duty of the Lessee at the ~ime of contracting or undertaking - ~
for auch repair or reconstruction and as frequently thereafter j ;
as the Lessor may require, to provide evidence satisfactory to ~ ~
the Lessor that at all times the undisbursed~portion of such
fund in said bank account is sufficient to pay for the recon- ~
struction and repair in its entirety and if at any tiuae it shouad ~
reaaonably appear that said fuad will be insufficient to pay the ,
full cost of said repair and reconstruction, the Lessee will
innnediately and forthwith degasit into said fund such additional
funds as may reasonably appear to be necessary to pay such full
cost and to procure receipted bills and full and final waiver
of lien when the work shall have been completed and done. The
provisions of 11.1(b) (1), (2), and (3) relative to procedures t
and requirements for disburseiaent of the fund therein mentioned i
are adopted as part of 15.3 to the extent the context so permits. i
(b) Proviso. In any instance where the proceeds of ~
insurance for damage or estruction shall be less than $5,000 for ~
- the reason that the reasonable estimate of the danaage shall be ;
less than $5,000, then the proceeds iiaa~~8I1Ce shall be pay- :
able to this Lessee and other Lessees, jointly, and disbursed ~
by them for the purpose of paying for the reconstruction and
repair. -
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(c) Surplus. When after the payment of repair or ?
replacement of damage, pursuant to 15.3(a), thete shall remain ~
insurance proceeds, said balance shall be distributed: i
(i) Lessor. First to the Lessor those amounts
necessary to pay all payinen~s, from whatever losses the same may
be due, then in default.
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' (ii) Lessee. The remaining balance, if any,
to the Lessee in that propo~ion which is its obligation to pay
insurance premiums as set forth in 7.7 bears to 100 per cent, ;
less such sums which may have been deducted from the surplus, ~
pursuant to 15.3(c) (i), which were owing from the Lessee to ~
the Lessor. . `
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(d) Mort
~age~es. Notwithstanding anything contained `
in 15.3 and subsec~ions ~Iiereunder, it is agreed that any institu-
tional first mortgaqee owninq an institutional first mortgage ,
encwnbering the demised preanisea, may hold such insurance
proceeds and funds and may iuapose such terms and conditions ~
relative to requiring the Lessee to supplement such funds in 3
such amounts as may be.necessasy to pay far ~econstruction and ~
~ repair, to the disbursement of the same, and to such other '
matters relating to such funds and.proceeds, as such mortgagee ~
may require. ~ ( i
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' 16. CONII~SON ELEMENT. It is inflended, as set forth in the ~
Declaration o Con om n um of Windmill Village By the Sea, that '
the Lessee's intereste under this lease and in and to the demised ~
premises be a com~qon element of the condominium set forth in
the Declaration of 0ondominium~of Windmill Village By the Sea.
Notwithatanding the foreqoing and and no mortgage lien, 5
or other encumbrance aqainst a condominium parcel or the condo- ~
minium property shall be consid4red or construed as a mortgage, ~
lien,.or other encumbrance agaiaat the fee simple title of the ~
AD:_ER a GRANDORF Lessor ].A S11C1 't0 tl'18 demised premises Or ~'1@ Le88t_'@ ~ 9 fnterest x
~'7~.~4NE':5 AT LAW. ~.A To. the extent that it shall be necessary to ~ ~
under this lease. ~
P o eox •su
perform any of ita promises and covenants herein or to exercise
EAV5H011[ 6ARO~Nf ~ "
SHOPPIN6 C[NT[R ' . ~ ~ ~
9R~DENTON. FIORIDA ~
s~soe
TE~E~HON[ ~1~-763-257 ~ 18 ~ ~ ;
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