HomeMy WebLinkAbout1809 the full cost of said r~pair ar.d reconstruction, the Les-
see will immediately and forthwith depo~it into said ftiir.d s
such additional monies as may~be reasonably necessary to
pay such ~'ull ~costs. Upon the completion of the said re-
construction and/or repair, and upon the Lessor having ~
been provided with receipted bills and full and final waiv-
ers 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 ar~y instance where the proceeds of insurance ;
for damage 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 ~5,000.00, then the ~
_ proceeds of insurance shall be payable to the Lesseedirect- ~
ly, to be disbursed by it for the purpose oF p~ying for ~
the reconstruction and repair.
(3) Notwithstanding~anything contained herein ~o the
contrary, the provisions oF any mortgage now or hereafter
encumbering th~ 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 mort-
gage 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 ~y such mortgagee to create From its own funds or
~ from the proceeds of a new mortgage upon the Demised Prem-
~ ises the amount of monies so applied by such Mortgagee, the
said monies to-be held t~y the Lessor in a s~ecial fund pur-
suant to the provisions of sub-paragraph (1} of this ~rticle,
as if the same were the proceeds of insurance . If a~ rrArt-
_ gagee shall elect to submit the applicativn of insurance pro-
ceeds to reconstruction and repair, such mortgagee may hold
such funds and may impose such terms and conditions relative
to requiri.ng the Lessee to supplement such funds in such
amounts as may be necessary to pay for reconstruct3.on and
repair, to disbursements of the same, and to such other mat-
ters relating to such funds and proceeds as such mortgagee
i - m~y require.
i :
; 14. Lessor~s Right to apply ~.inds He2d on Behalf of the Lessee. ~
~ If at any ime ur ng e erm o s ase e ssor s ve n
~ its possession monies otherwise belonging or payable to the Lessee, ar~d
the Lessee shall at the time said money or f'unds~would otherwise be pay-
able to it be in default in the payment oF any of its obligations pro-
vided 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. Lminent ~omain.
a. ~s to Demised Premises.
- (1) Total Taking. If during the term of this ~.ease
the entire e se remises shall be taken as a resuit of
the exercise of the power of eminent domain, herein calleci
~ "proceeding", this Lease and all right, title and interest
~ of tne Lessee hereunder shall cease and corr.~ ~o an end on
the date of the vesting of title ~ursuatit to such proceed-
ing and the Lessor shall be entitled to ar.d shall receive
the total award made in such proceedin; and the Lessee here-
3y absolutely assigns such award to the Lessor.
(2) Partial Takino. If during the term o~ this Lease
less tr~an .e en re emised Preriises shall be taken in ar~y
such proceeding, ~his Lease shall terminate as to the part
. so taken and the Lessor shall be entitled to and sha~l :e-
ceive the total award rr~ade in any such proceeding and the
- ~ g~~ 188 ~1806
LJ1W OFFIGEf Or GOLDfTEIN, FRA!lKLIN. GF{ONIN ! SGHRANK. P. A.. 2020 NORTHEAYT 16~~0 fTR[[T. NOMH MIAMt BUCH. FLORIDA ,3162
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