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e~timate is being applied to the payment of reconstruction and
repair and that at reasonable coat theretor and not in excess
of the tair value thereott provided, ho~ever, that it.shali be
the duty of the lessee at the tiate ot contracting or undertakinq
for such repair or reconstruction and as frequently thereafter
as tha Lesaor may rsquire, to provi8e.evidence satisfactory to
the Lesso~ that at all times the undiebursed portion of such
fund in aaid bank account is sufficient to pay !or the recon-
~ struction atid repair in its entirety and if at any time it should
rea~eonably appear that said fund will be inaufficient to pay the .
full cost~ of said ~cepair and reconetruction, the Lessee ~rill
~ immediately and forthwith deposit into said fund auch additional _
funds as may reasonably appear.to be necessary to~ pay euch full
coat arid to procurs ~eceipted bills ausd full and final WaiFer
of lien ~hen *he work-shall have bean con~pleted and done. The
~ provisioas of 11.1 (b) (1) ,(2) , a~nd ~3) relative to proceslures
and require~aents for d~sbursement af tha fund therein mentioned
are ado~gted ae part of 15.3 to the extent the context so permits.
- ~ (p) Proviso. In any inatance Where the proceeds of
inaurance fo=~d'amaqe or destruction ahall be lees than ~5,000 for
the reaeon that the reasonable eatimate of the damage shall be
less than $5,000, then the proceeds of insurance shall be pay-
a~ble to this Lessee and other Lessees, jointly, and diabursed
- by them for the purpoae of payinq for the reconstruction and
€ repair.
F (c) rSu
~lue. When after the payment of repafr or
~ - repli~cement o~c~amaqe, pursuant to 15.3 (a), there shall remain
= insurance proceeds, said balance shall be distributeds
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(i) Lessor. First to the Lessor those amounts
~ necessary to pay
alTpayments, from whatever LosBes the same may
~ be due, then in default. -
(ii} Lessee. The re~aaining.balance, if any,
to the Lesaee in tTiat
proportion which is its obliqation_to pay
~iserance p=es~o~is as set forth in 7.7 beara-to 100 per cent,
_ leas such sums~ which may hai~e I~een deducted from the aurplus,
pursuant to 15.3 (c) (i), which were ~ing from the Lessee to- ~
the I.easar : ~ ~
~(d) M~ort a ees. Notwi~hstandinq anythinq contained
in 15.3 and s sec ons thereunder, it ia aqreed that any institu-
tional first mortgagee oMninq an institutional first nwrtqaqe -
encwnberinq the demised premises, may hold such insurance
; - proeeeds and funds and may impose such terms and condttiona ~ ~
relative to requirinq the Lessee to supplement such funds in ~
such amounts as may be necesaary to pay for reconstructloa aAd ;
repair, to the disbursement of the same, and to such other '
matters relatinq fo such funds and proceeds, as euch mortqaqee
maY . requiro . ~ _ . . ~
16. RTGAGRS AND AGENCY.. No mortqaqe l~en, or other ;
rencumbrance aga nst a con n ua? parcel or the cendominium prop- ~
erty shall be coASfdered or conetrued as-a aartqaqe, lien, or
other encumbrance aqainst the fee simple title of the Leaeor
ia and to the demised pre~isea or the Leasee's intereat under
Ithia lease. ~To the extent that it shall be necessary to perform
any of its promises and.covenants herei~n or to eYercise any of
~its righte, privileges and remedies, and as provided in The ~
~Declaration of Condominium of ilindmill Villaqe By The Sea }
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