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Home My WebLink About1723 e 1 sor in a bPnk in St. Lucie County, Florida, arKl such sums f shall be available to the Lessee fo: the pt~rpo~e oi' recon- - structi~r. and repair purauant to the provisions of this ; paragra~~h. Such moniea shhll be paid out of ~aid ~gecial ; ~ccount f'rom time to time by the Lessor u~~n the certlfi- ~ c~~ te of the Les~ee or of thC contractor who h~a contr~eted , for the performance of auch reconstruction and repair, cer- : tifying that the amount of the payment is being applied to ~ the payment ~f obligations incurred for such i~ecor.atructiun ~ and repair, provided, however, the Lessor shall have the ; right to make such payment directly to the sub-cor~tractor # or materialman to whom su:.~s oP money ma~ be due and owing 4 from t~me t~ time, as reflected in such certificate, and ~ provide:l, further, that the ~essor ahall have the right to require the Les~ee at the time of contracti*.~g Por or under- taking siach repair or rECOnstruction, and/or at s~ich addi- tionsl *.im~ therea:'~er as ':nay be appropriate, to provide evidence ~atiafP ~tory to the Lesaor ths~t at all times the undisbursed portion of such fund in said bank a~count is aufficient to pay for the reconstructic?n and repatr in its entire~y, and if at any time it should reasonab:~• apFear to the ~easor th~t ~aid fur!ds will be insuffic!.ent to pay the ful.l cost of : aid repair and reconatructiot~, the Les- aee wii 1 ir~~nediately and forthwith deposit into said fund such a~'tditional manies as may be reasonably neces3ary to pay sL~~h f'ull costs. tlgrn the completion of the gaid re- cor~struction 3nd/or repair, an3 upon the Lessor having been provided witr receipted b~lls and ftiill and fi:1a1 waiv- ers of ?.i~n as to all work performe3 and meterial supplied, - ar,y moniES reMair.ing in $aid special account ~hall be paid ~over and dtshursed by the Lessor to ~he Lessee. (21 In any instance where the proceeds of insurance for damage or destructi~n shall be leas than $5,0~0.00 for ~ r~ason that it reaso*~ably appears ~hat the cost of repair ~ or reconstruction shall be less.than ~S,OOG.00, then the proceeds oi' insurance Eh~ll be payable to the Lessea di~ect- ly, to be disbursed by it for the Furpose of paying for ~ _ the reconstruction ar_d rspair. i ~ (3) ;Zotwithstanding ar~yth~nF; c~ntained herein to the ' i cor?tr•ary, the provisiot:s of any mort~age now or h2r•aa~'ter k ~ e~cumbering the Demised Prendses rslative to insurance and ; procecda thereof shall have priority arxi sh? 11 supe~•cede ; all o: the provisions of this Lease. In thP even~ a mort- ~ gagee sh:ll have an option to apply in~urance pro~eeds to the reduction or payment of the mor~gage~c bt and so elects to ~pFly the same o:• soma portion thereof, the Lessor shall be required within ~2C ~aya aPter the appl~.cation of said funds by such mortgag~e to create from its own fur~ds or :ror~ thp pr~oceeds ~f u n~w mortgage upon the Demised Prem- ises the amo~.~nt of_monies so applie3 by such mortgagee, the said ~:;,nies to be held by the Lessor in a s ecial fund pur- suant to the provisions ef sub-paragraph {1~ of chia Article, as if Lhe same we:e the proceeds of insurance. I~ a mort- gagee shall e~ect to submit the apnlication of insurance pro- ; ~ ceecis t~ reconstruction and re;~air, such mor~ga~ee may hold ; ~ such fwi~~s ard may impcsc such te;~ms and conditi_ons relative tu req~iiring the Less~e to supplem^nt such fun34 in such ~ amounts as may be nec~ssary to pay for reconstruction and ~ repair, to disb~~rsements of the same, and to such other mat- ter~ relatin; to ~uch funds and F~ceeds as such mortgagee ~ may require. ~ ~ ~ 14. I,essor's Right to Ap~ly Funds Held on F3ehalf of the Lessee. If at any me ~~r ng e er:n o s ase ,,fie T~ssor s a ~Fiave ~n it:s poasessio~i ~?onles otherwise Lelonging or payable ~o the ~~essee, and the Lessee aY,~ll at the timA saicl money or furXlR would otherwi::e be pay- ~ - ~o- ~oo~ 1y5 ~17~i ~ t~•'N OiFICES 7F GOL[ illl~~, FRANKI N. GHONIN A SC:1i:U1?" A, ?020 NOHTNEAST IC )r+r iTREtf, h( Nf? MMMI P~A~N. FLOFi~DA 7~162 - . . _ - _ . _ _ . '+-`~~s"~n-'_'--s - V _