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or partial destruc~ion o~ tl:c~ I:crnisccl Prc:ai~es,
or any portion thcr~of , un~l as of ~ci~ as suc:i ir.-
suranc~ proceeds sr.all be pa~~a~l~, thc sar.te s;:a11
be paid to i:he Lessor, and sai::. s~.u:;s so p~iii ~`:all
ve deposited in a special account of -~ize Lcssar in
a;~an.L- in St. Lucie Coui:ty, ori~a, anc: ~uch su.^is shall
b~ available to the Lcssee for the pur~ose of re-
constru~tion and repair parsuar.~: to ~he provisions
ot ttizs paragraph. ::ucn r.ionies snali ne paiu du~
oL saici special accou:~t fro:n ti~e to time by the
Lessor upon tlie certificatc of the Lessee or of the
con~ractor who has contracted for the perfor;nar.ce
of sucn reconstruction and r~~air, certiFying ~::at
t;:e ai:loun~ of the paymer.~ is beinq applied to the
payraent of obligations i:~curreci for such r~con-
~ s~ruction and repair, provided, however, tY~.e Lessor
shall have the right Lo make such payr,ien~ directly~
to the sub-contractor or r;iatcrialr,ian to wnom sums
of r.:oney r.iay be due anci owing from tir?e to time,
as ref lected in such certificates, and provided,
furtner, that the Lessor shall have the right to
require the Lessee at t.ze t~me of contracting for
or undertaking such repair or reconstruction, and/or
at such additi.onal tir,ie ~l;ereafter as ~^,ay be apnro-
priate, to provide evi~ence satisfac~ory to the Lessor
that at all tines the undisbursed portion of such funa
in said bank account is sufficient to pay for the re-
construction and repair in its en~irery, ana if at
any time it should reasonably appear to the Lessor
tila~ said funds will be insu~ficient to pay the full
cost of said repair and reconstruction, the Lessee will
i.r:uaediately and for:hwi~h deposit into said fund such
acditional monies as may be reasonably necessary to
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reconstruction and/or repair, and upon the Lessor
r.aving been provided wit:. recei~ted hi1ls and fuil
a;~d final waivers of lien as to all work perforr.lea
ann ma~erial supplied, any r.lonies remaining i:~ saic
special account shall be paia over ana disbursed by
the Lessor to the Lessee.
(2) I: any insta;~ce where the proceeds of ir.- .
surance for dar.iage or destr~:ction shall be less
4 '-~nan $5,000.00 for reasoa tzat i~ reasor.ably appears
~ t;:at ti~.e cost of repair or reconstruc:-.ion sna~l be
~ less than $ 5, 000 . 00 , tizen t~.e procee3s of insurance
~ shall be payable to tne L~ssee directly, to be dis-
~ bursed by it for tne purpos~ of paying for tiie
~ reconstruction and repair.
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(3 ) ~otwit;:s ~andir.g a;~ything contained herein ~
to the co:~trary, tiz2 orovisicns of any mortcage now
or r.ereaf ~er enc~,-;~ering tze Der?ised Fre::~ises re~a~cive
to insurance ar.d proce2cs trereof shall Y~.ave priorit_~
a:,c: siiall s~percede alI o~ t'r.e provisior.s of this Lease.
In t~ze event a nortgagee sha~l r.ave an .option to a~~~ly
ir.surance proceeds to tr:~ reduc~ion or pay:~ent of ~he
:::o~ tga;e debt and so elec:.s to a~piy the sa:ne or sc~e
po-rtior. thereof , tne Lessor s~zall be required cait: i:~
~ 120 days after ti:e apglica~ion of said funas by suc~
~ :<<or~~gagee to create from its o~•m funds or frorl ~'~e
proceeds of a n~w r,?ortg~,,e ~:po:~ t~e De~iscd Pre:r~ises
f:::e a:?ount of :;onies so applied by such mortc~a;ee,
~ trie saia ir~onies to be heid by .`.he Lessor in a special
~ fu;~d pursuant to the ~~rovisions of sub--~aragrapn (1)
of ~is article, as if tY:e s:r.e were tr,.e prcceec:s of
ir.sura. ce. Zf a ntor~ga;ee sY:all elect to sub:nit ~::a
~ a??lication of i:surar.ce procaeds ro reconstructio:
ana repair, such ~;.ortcac~e :aay hold suc:~ fur.ds an:::
1 0
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:J?W OFRiGES OF GOLDSTEIN. FRAAIKtIN. GiiCN7N Q SGHRANK, P. A.. 2G20 ::CRTHEAST 1G3Aa STREcT, I~ORTN M.lAN.f ~~ACH, FLOntDA 331i,2
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