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or partfal destruction of the Demised Premises, ±
or any portion thereof, and as often 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 Courity, Florids, and such sums shall
~ be available to the Lessee for the purpose of re-
construction and repair pursuant to the provisions
of this paraqraph. 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 is beinq applied to the ;
payment of obliqations incurred for such recon- ~
struction and iepair, provided, however, the Lessor
- shall have the iiqht to make such payment directly .
to the sub-contractor or materialman to whom swns
. of tnoney may be due and owing from time to time,
~ as reflected in such certificates, and provided,
- further, that the Lessor shall have the riqht to
require the Lessee at the time of contracting for
or undertakinq such repair or reconstruction, and/or
~ at such additional time thereafter as may be appra-
. priate, 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 re-
~ construction and repair in its entirety, and if at
ariy time it should reasonably appear to the Lessor
that said funds will be insufficient to pay the full
, cost of said repair and reconstruction, the Lessee w~ll
. inu~aediately and forthwith deposit into said fund such~
~ additional monies as may be reasonably necessary to
pay such ful~ costs. Upon the completion of the said
reconstruction and/or repair, and-upon the Lessor
havinq been provided with receipted bills and full
. ~ and final waivers of lien as to all work performed
and material supplied, any monies remaininq i.n 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 danaaqe or destruction shall be less
~ than $5,000.00 for reason that it reasonably appears E
i . ~ - that , the cost of repair or reconstruction shall be ~
~ less than $5,000.00, then the proceeds of insurance • i
. ~ shall be gayable to the Lessee directly, to be dis-
bursed by it for the purpose of paying for the
reconstruction and repair. . ~
- (3) Notwithstanding anythinq contained herein
• to the contrary, the provisions of any mortqage 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 mortgaqee shall have an option to apply
insurance proceeds~to the reduction or payment of the
mortqage debt and so elects to apply the same or some
~ portion thereof, the Lessor shall be required within
y 120 days after the application of said funds by sucK
~ 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 suoh 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 mortqaqee shall elect to subanit the
. application of inaurance proceeds to reconstructioa
aad repafr, ~uch mortqaqee may hold auch funds and
~ -10-
Boox
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