HomeMy WebLinkAbout0615 may impose such terms and conditions relative to
requiring the Lessee to supplement such funds in ~
such amounts as may be necessary to pay for recon-
struction and repair, to disbursements of the same,
and to such other matters relating to such funds
and proceeds as such mortgagee may require.
14. Lessor's Right to Apply Funds Held on Behalf of ~~e Lessee.
If at any~ime ~ing e term o~ is Lease e essor s a ave in
its gossessi~~ monies otherwise belonging or payable to the Lessee,
and the Lessee shall at the time said money or funds would otherwise
be paya~le to it ba in default in the payment of any of its obli- ~
gations provided for herein, the Lessor shall have the right to apply
such proceeds against all existing defaults to the extent available or
necessary to cure such defaults.
15. h'mi:~ent Damain.
a. As to Demised Premises.
(1) Total Taking. If during the term of this
Lease the entire Demised Premises sha1Z bz taken as
a result of the exercise of the power of eminent
domain, h~rein called "proceeding", this Lease and
all right, title and interest of the Lessee hereunder
shall cease and come to an end on the date of the
vesting of title pursuant to such praceeding and the
Lessor shall be entitled to and shall receive the
total award made in such proceeding and the Lessee
hereby absolutely assigns such award to the Lessor.
(2) Partial Takin . If during the term of this
Lease less an e enti.re Demised Premises shall be
taken in any such proceeding, this Lease shall term-
inate as to the part so taken and th~ Lessor shall be
entitled to and shall receive the total award made
ir. any such proceeding and the Lessee hereby assigns
such award to Lessor, but the Lessee in such case
covenants and aqrees that at Lessee's sole cost
and expense (subject to reimbursement as hereinafter
provided) prompt~y to restore, repair and replace
those portions of the buildings on the Demised Premises
not so taken to complete architectural units and re-
place buildings totally taken for the use and occupancy
of the Lessee as in this Lease expressed. The Lessor
agrees in connection with such restoration to apply
or cause to be applied the net amount of any award
for damge to the building or buildings on the Demised
Premises that may be received by it in any such pro-
ceeding toward the cost of such restoration and re-
pl~cement (but the amount so applied shall not include
the cost of any alteration, construction, change or
improvement the Lessee may desire to make that its not j
necessary to restore that portion of the buildings
not so taken to a complete architectural unit or to
replace buildings totally taken to substantially
the same usefulness, design, and construction as
immediately before such taking, it being understood
that no a~teration or change in the basic configur-
ation of the improvement shall be made without the
approval of the Lessor)~ and the said net award shall
be paid out from time to time to the Lessee as such
restoration and replacement progresses upon the
written certificate of the Lessee or of the contractor
who has contracted for the performance of such restoration s
and replacement, all in the same manner, and subject ta ~
thp same provisions, as set forth for disbursal of
funds for reconstru~tion and repair in paragraph 13 d. (1)
hereof .
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