Loading...
HomeMy WebLinkAbout1786 or partial deetruction of the Demised Premiaea, or any portion thereof, and as oftea as such in- -snrance proceeda shall be payable, the same sh$11 be paid to the Lessor, and said sums so paid shall t be deposited in a apecfal 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- i construction and repair pursuant to the provisiona of this paraqraph. S~ch monies shall be paid out of said special~ account froin time to time by the Lessor upon the certificate of the Lessee or of the contractor Who has contracted for the performance ~ of auch reconstruction and repair, certifyinq that ( the amount of the payment is befnq applied to the ~ ' payment of obliqations incurred far such recon- struction and repair, provided, hawever, the Lessor shall have the riqht to make such payment d~rectly to the sub-contractor or materialman to whom suma of money may be due and awinq fran time to time, as reflected in such certificates, and provided, .further,~that the I.essor shall have the riqht to require the Lessee at the time of contractinq for or undertakinq such repair or reconstruction, and/or at such additional time thereafter as may be appro- priate, to provide evidence satisfactory to the Lessor . that at all times the undisbursed portion of such fun~d 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 repair and reconstruction, the Lessee will - iunn~diately and forthwith deposit into said fund such additional monies as may be reasonably necessary to pay such ful~ costs. Upon the ccmapletion of the said reconstruction and/or repair, and upon the Lessor ~havinq been provided with receipted bflls and full and final ~aivers of lien as to all Work performed _ and material supplfed, any.monies remaininq in safd special account shall be pafd over and disbursed by the Lessor to the Lessee. f (2) In any instance where the proceeds of in- ~ - surance_for damaqe or destruction shall be less than $5,000.00 for reason that it reasonably appears ~ . that the cost.of repair or reconstruction shall be less than .55,000.00, then the proceeds of insurance shall be payable to the Lesgee directly, to be dis- bursed by it for the purpose of payinq for the reconstruction and repair. • (3) Notwithstandinq anythinq contained herein to the contrary, the provisionB of any mortqaqe naw or hereafter encumberinq 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 mortqaqee shall have an option to apply insurance proceeds to the reduction or payment of the mortqaqe debt and so elects to apply the same or so~ae portion thereof, the Lessor shall be required within t ~ ~ 120 days after the application of said func~s by such i mortqaqee to create from its awn funds or fram the ~ proceeds of a new mortqaqe upon the Demised Premises ' the amount of monies so applied by suoh mortqaqee, the said moniea to be held by the Lessor in a apecial fund pursuant to the provisions of sub-paraqraph (1) ' of this article, as if the same were the proceeds of ~ inaurance. If a aiort~qaqee shall elect to suba~it the ! applicattoa of fnsuraace proceeds to recon8truction - aad rapai=, such aortqaqee ~ay hold such funds and ~ -10- ! i go~188 ~17~3 ~ E F LJ1W OI/~Cis 0/ 001.ORtIM, ~RAlIIWN, Ci1pNIN ~ aCMRAMK. r. A.. lOfO NOIITM[A/T 1~~110 STR[tT. N011TN MIAMI •[ACM. RARIGA 1~IS! ~ ~ v • _ '"'~s = '~~,i~ , i: ~~~~r n ' - _ _ ~ ..~z~. _,~ns: : "