HomeMy WebLinkAbout1523 sor in a bank in St. Lucie County, Florida, ar~d such au~as
shall be availa~le *o the Leaeee for the purpctise. of recon-
stru~tion and repalr pursuant to the proviaiona of this
paragraph. Such uaniea ahall be paid out of aaid apecial
account from time to time by the Lesaor uporr the cert3Pi-
cate of the Leasee or of the contractor Kho hae contracted
for the performance of auch reconstruction and rep~a3r, cer-
tifying that the amount of the paynient is being applied to
the payment of obligations incurred for such reconatruction
and repair, provided, howaver, the Lessor shall have the
right to make such payment directly to the sub-contractor
or materialman to Mho~ aums oP mor~ey may be due and or?ing
. from time to time, aa rePlected in such certificate, and
provided, further, that the Leasor,ahall have the right to
require the Lessee at the time oP contracting Por or under-
taking such repair or reconatruction, and/or at such addi~
tional time thereafter aa may be appropriate, to provide
evidence satiafactory to the Lesaor thnt at all times the
u~disbursed portion of such fund in said bank account ia
suPficient to pay for the recons~ruction and repair in its
entirety, and if at any time it should reasonab~y appear
to the Leseor that said Punds Mill be 3na.~~ficient to pay
the Pull coat of said repair and recons~ruct~on, the Les-
see xill immediately arxl forthaith depoait into said fUr~d
_ auch additior~al monies as n~y be reasonably r~cessarq to
pay such Pull cos~s. Upon the completion oP the said re-
conatruction aind/or repair, and upon ~he Lesaor• having
been p~vided Mith receipted bi21s and ft~13 ar~d Pinal Kaiv-
ers-oP lien as to all xork perPormsd and mater3al aupplied,
any moniea remaining in sgid speci~t2 account shall be paid
over and disbursed by the Leasor to the Lesaee.
(2) 131 atly instance Mhere the proceeda of inaurance
for damage c~-deatruction shall be lesa than ~5,000.00 for
reason that it reasonably appeara that the coat of repair
or reconatruction shall be less than ~5,000.00, then the
proceeds of insurance ahall be payable to the Lessee direct-
Iy, to be disbursed by it for the purpose oP paying for
the reconstruction and repair.
(3) Notxithstanding anything contained herein to the
contrary, the provisions oP any mortgage noM or hereaPter
_ encumbering the Demiaed Premises relative to insurance and
proceeda thereof shall have prioritq and shall sup8rcede
all oP the provisions of this Lease. In the event a mort-
gagee shall have an option to applq insurance proceeds to
the reduction or payment of the mortgage debt and ao elects
to apply the same or soaie portion thereof, the Lesaor ahall
. be required ~ithin 120 daya aFter the application of said
funds by such mortgagee to create from its oxn Purids or
from the proceeds of a ne~v mortgage upon the Demiaed Prem-
iees the am~unt of monies so applied by auch mortgagee, the
said monies to be held by the Lessor in a s cial fur~d pur~-
_ suant to the provisiona of aub-paragraph (l~of thla Article,
_ as if the same Mere the' proceeds of inaurance. IP a~ort-
gagee shall elect tu submit the application of insurance pro-
ceeda to reconatruction and repair, such mortgagee may ho~d .
such Punds and may impose auch terms and conditions relative
to requ3ring the Lesaee to ~upplement such funda in such
anaunts as may be neceseary to pay Por reconstruction and
repair, to diabursements of ths same, and to such oth~er mat-
ters relating to su~h-Punds and proceeds a~ such mortgagee
may require. f
14. Lessor's Ri t to Appl Funds Held on Behalf of the Les~ee. ~
If at any me ur ng erm o s ase e seor s~alT~in
its pasaeasion monie~ otherxise belonging or payarle to the Lesaee, and
the Lessee ahall at th~-time saZd money or turids xould othe~ise be pay-
-~o_ Bfl~K193 i5~
LAW OFFiCES OF GOLDSTEIN. FRANKLIN. CMONIN Q$CHRANK, P A. 2020 NORTNEAST 163r+o STREET. NORTH MIAMI BEACH, FIORIDA 33162