HomeMy WebLinkAbout1904 ~
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• the full cost oi' ~a1.d renalr ~r.d reconstruc~ion, t'r.e Lc::-
see will immediat.ely and forth~vith depo~it inta sai` Stir.d
such additional monies as may be reasonablJ necess~ry to
pay such full costs. Upon the co.~letion o~' t;~e said re-
. construetion aad/or repair, a:~d upon the : essor hzving
been provided with roceipted bills a.x:d ful~ and final ~•raiv-
ers of lien as to all worlc performed and r:aterial supnlied,
~ any monies rerr~inin~ in said special account ~h211 be paid
over and disbursed by tihe Lessor to the Lessee.
. (2) In ar~y instance wnere the proceeds of fnsurance
for dama~e or destruction shall be less '~:~an ~S,OOO.OG for
reason that it reasor.ably appears thEt the cost o~ re~ir
or reconstruction shall be less than *5,000.00, ~hen t:~e
~ proceeds of insurance shall oe p~yable to the T.zsscedirec~- ~
ly, to be d3sburseci by it For the purpose o~ paying Por
~ the reconstruction and repair.
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(3) Notwithstanding anfthino contained herein ~o ~he
contrary, the provisions of any mort~af~e now or ne~ ea£~er
encum3ering-the Demised Premises relative to insurance and
proceeds thereof shall have priority and shall supercede
all of the provisions of this 3,ease. In the event a mort-
~age shall have an option to app~y insurance proceeds to
. ~he reduction or payment of the mortgage deot arad so elects
~ to apply the same or some portion thereof, the Lessor shall
be required within 120 days after the- application of sa~d
, funds by such mortgagee to create from its own funds or
• i'rom the proceeds of a new mort~age upon the ~emised Prem,-
~ ises the amount of monies so app~ied by sucr.r~or~~z~ee, ~he
said monies to be held by the Lessor in a suecial fund pur-
suant to the provisions of sub-paragraph (1~ of this ~rticle,
as if the same were the proceeds o~ insurance. ~If a rriort-
gagee shall elect to submit the application of ~nsurance pro-
ceeds to reconstr~uction and repair, such mortgagee may hold
such funds and may impose such terms and conditions relative
to requiring the Lessee to suppler~ent such funds in such
amounts as may be necessary to pay for reconstruction and
; repair, to disbursements of the same, and ~o such other mat- ~
; ters relating to such funds and proceeds as such mor~oasee ~
E m~y require. - .
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~ 14. .Lessori s Right to ~pply ~.inds Held on 3eha3f of ~he Lessee .
~ If at any ur ng e erm o s ase e ssor s nave n
~ _its possession monies otherwise belongir~g or payable to the Lessee, ar~d
the Less~e shall at the time said money or Punds would otherwise be pay-
~ able to it.be in default in the payme~t of any of its obli~ations pro-
vided for herein, the Lessor shall have the ri~ht to auply such proceeds
against all existing defaults to the extent available or necessary to
cure such defaults,
15. 3minent ~omain.
a. As to Demised Premises.
- (1} Totial Takin~;. If durir~; tne . term o: tnis ~ase
the entire em~se ~mises shall oe tzlcen as ~ resui~ of
tne exercise of the power of er.~nent eorr~in, herzir, cal~ed
~ '~proceedinon, this Lease and ali right, title anc interest
~ of tne Lessee hereunder shall cease ar.d co:~.~ ~o an e.zci on ~
~ . ~he date oi the vesti:~; o~ title UU~'SU~11L ~o suc : proceza- ;
ing ar.d tY:e Lessor shall be enti ~led ~o ar.d shGi? rzceive ;
~ ~he total award made ir. such proceed~n; arxi ~r.e iessee here- ~
by absolutely assigns such at~rard to tne Lessor. ~
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' (2} P2rtial Ta:~i:~. If du.~^in~ tY:e ter:r? o~ ~r.~s ~ease
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; less tr:an ..r.e en ~re e,-~ised Pre:~~sas shall 'oe taken in any .
! such procea~ing, ~his Lease shall tzrminate as ~o the part
~ . so taken and ~he Lessor shall be enti ~led ~o an~ sr~a~l ra-
ceive ~he total award r,ade in any such proceedir,o and the
~ - aaoK 188 PACE 1901
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