HomeMy WebLinkAbout2963 sor in a bank in St. Lucie County, Florida, and such aums
shall be available to the Leasee for the purpose of recon-
struction and repair pursuant to the provisions of this-
paragraph. Such moniea shall be paid out of said special
account from time to time by the Lessor upon the certifi-
cate of the Lessee or of the contractor who has contracted
for the performance of such reconstruction and repair, cer-
tifying that the amount of the payment is being applied to
the payment of obligations incurred for such reconstruction
and repair, provided, however, the Lessor shall~have the
right to make such payment directly to the sub-contractor
or materialman to whom sums of mor~y may be due and owing
from time to time, as rePlected in such certificate, and
provided, i'urther, that the Leasor shall have the right to
require the Lessee at the time of contracting for or under-
taking such repair or reconstruction, and/or at such addi-
tional time thereafter as may be appropriate, to provide
evidence satiafactory to the Lessor that at all timea the
_ undisbursed portion of such fund in said bank account ia
sufficient to pay f'or the reconstruction and repair in its
entirety, and if at any time.it should reasonably appear
to the Lessor that said t'unds Nill be insufficient to pay
the full cost of said repair and reconstruction, the Les-
see will immediately and forthwith deposit into said l1~tr~d
such additional monies as may be reasonably necessary to
pay such full costa. Upon the completion of the said re-
construction and/or repair, and upon the Leasor having
been provided with receipted bills and l1~11 and final waiv-
ers of lien as to all work performed and material supplied,
any monies remaining in said apecial account ahall be paid
over and disbursed by the Lessor to the Lessee. ~
(2) In any instance where the proceeda of inaurance
for damage or destruction shall be lesa than $5,000.00 for
reason that it reasonably appears that the cost of repair
or reconstruction shall be lesa than $5,000.00, then the
~ proceeds of insura~nce shall be payable to the Lesaee direct-
ly, to be disbursed by it for the purpose of paying Por
the reconstruction and repalr.
ithstaridin a thi contained herein to the
( 3) Notw g r~y n6
contrary, the provisions oP any mortgage now or hereafter
~ encumbering the Demised Premises relative to insurance and
proceeds thereof shall have priority arxi shall supercede
all of the provisions of this Lease. In the event a mort-
gagee 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 by such mortgagee to create from its oNn funds or
from the proceeds of a new mortgage upon the Demised Prem-
ises the acrbunt of monies so applied by such mortgagee, the
said monies to be held by the Lessor in a special fund pur-
suant to the provisions of sub-paragraph (1) of this Artic le,
as if the same were the proceeda of inaurance. It a mort-
gagee shall elect to submit the application of insurance pro-
ceeds to reconstruction and repair, such mortgagee may hold
such funds and may impose such terms and conditions relative
to requiririg the Lessee to aupplement such funda in such (
amounts as may be necessary to pay Por reconatruction and
repair, to disbursements of the same, and to such other mat-
ters relating to such funds and proceeds as auch mortgagee
may require.
14. Lessor's Ri t to Apply F~nds Held on Behalf of the Lessee.
If at any me ur ng e erm o s ase e saor s a v+e n
its possession moniea otherwise belonging or payable to the Lessae, and
the Lesaee ahall at the time said money or !'unda would othe~wise be ps~y-
.
- ~o- eo~K 1~5 ~?c~2y6
LAW OFFICEf OF GOLOiTE1N. FRANKLIN. CHONIN A SCMRANK. P. A.. 2020 NORTHEAST lO3~o STREET, NORTM MIAMI BEACH. FLORIpA ~]162
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