HomeMy WebLinkAbout0614 or partial destruction of the Demised Premises,
or any portion thereof, and as of ten as such in-
surance proceeds shall be payable, the same shall
be paid to the Lessor, and said sums so paid shall
be deposited in a special account of the Lessor in
a bank in St. Lucie County, Florida, and such sums shall
be available to the Lessee for the purpose of re-
construction and repair pursuant to the provisions
of this paragraph. Such monies shall be paid out
of said special account from time to time by the
Lessor upon the certificate of the Lessee or of the
contractor who has contracted for the performance
of such reconstruction and repair, certifying that
the amount of the payment i~ bc~.^^ a~^? ~Pc~ to the
paytnent of obligations incurred for such recon-
struction and repair, provided, however, the Lessor
shall have the right to make such payment directly
to the sub-contractor or materialman to whom sums
of mo:~ey may be due and owing from time to ti.me,
as reflected in such certificates, and provided,
further, that the Lessor shall have the right to
require the Lessee at the time of contracting for
or undertaking such repair or reconstruction, and/or
at such additional time thereafter as may be appro-
priate, to provide evid~nce satisfactory to the Lessor
that at all times the undisbursed portion of such fund
in said bank account is sufficient to pay for the re-
construction and repair in its entirety, and if at
any time it should reasonably appear to the Lessor
that said funds will be insufficient to pay the full
cost of said r2pair and reconstruction, the Lessee will
inunediately and forthwith deposit into said fund such
additional monies as may be reasonably necessary to
pay such full costs. Upon the completion of the said
reconstruction and/or repair, and upon the Lessor
having been provided with receipted bills and full
and final waivers of lien as to all work performed
and material supplied, any monies remaining in said
special account shall be paid over and disbursed by
the Lessor to the Lessee.
~ (2) In any instance where the proceeds of in-
surance for damage or destruction shall be less
E than $5,000.00 for reason that it reasonably appears
~ that the cost of repair or reconstruction shall be
, less than $5,000.00, then the ~roceeds of insurance
~ shall be payable to the Lessee directly, to be dis-
g bursed by it for the purpose of paying for the
~
reconstruction and repair.
_ _ {3-)-- -1~lotwithstanding anything contained_ herein _ _
to the contrary, the provisions of any mortgage now
or hereafter encumbering the Demised Premises relative
to insurance and proceeds thereof shall have priority
and shall supercede all of the provisions of this Lease.
- In the event a mortgagee shall have an option to apply
insurance proceeds to the reduction or payment of the
mortgage debt and so elects to apply the same or some
_ portion thereof, the Lessor shall be required within
~ 120 days after the application of said funds by such
mortgagee to create from its own funds or from the
~ proceeds of a new mortgage upon the Demised Premises
~ the amount of monies so applied by such mortgagee,
~ the said monies to be held by the Lessor in a special
~ fund pursuant to the provisions of sub-paragraph (1)
of this article, as if the same were the proceeds of
insurance. If a mortgagee shall elect to submit the
application of insurance proceeds to reconstruction
and repair, such mortgagee may hold such funds and
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LAW OiiIGES OF GOI:iT[IN. FRANKLIN. CHON~N ~ SCNRANK. P. A.. 2020 NORTN[AST 16~wD STREET. NORTH M~AMI BEACM, FLORIDA »162
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