HomeMy WebLinkAbout0574 6. essee agrees, upon the execuuon ot th~s lease by Lessee, to procure at Lesso~'s st+~e ccxt a~~d e¦pe~se. ~^su~a+x'e o~ the bu~ld~ngs,
structures an ~y~nprovements now construc~ed or to be constructed on sa~d leased prem~ses ~n sane ~~su~a~ue ccxnpany or compa~~es '
author~recf to do ess m the State ~n wh~ch the property ~s s~tua~ed, for the sound va~ue aps~nst hre a~d extended cwerage Iprov~ded such
u.surance ~s obta~nab~e esseel, w~th loss cta~ses paYab~e solely to Lessee, ~ts successors or ass~gns, ~+d to keep such ~nsu~ance ~n fun force
a+~d effcr,t !or and du~~ng th enod any buddings, struct~res a~c1 improvements are be~ng construttecl on the ~eased prem~ses a~d thereafter
dun~g the ong~nal term of th~s ase. Lessw shall, upon rece~pt of Lessee's ~nvo~ce ther~FM, piomPdy re~mburx lessee m cash for the
~;zem;u.^ :~n such ~nsurance. In even t damage to or destruct~on of the bu~~d~ngs, stryttu~es or ~mprovements on se~d ~eased premises dunng
the or~g~nal term of th~s lease from an ~ ed cause, lessee shall have Me excluuve nght to adjust and setlie a~~ losses (wh~ch sdjustment and
sea~e~neni shalt be concius~ve and bind~ng lesso~) and to coliect and rece~pt for any and a!1 moneys that ma~r become paveb~e and
coliecUble upon such poi~cy or pol~c~es, ot any them, and Lessee sha11 have the opuo~ to i1) use any ~nwrance proceeds so coliectecf by ~t
for the repa~r o~ restorat~o~ of sa~d bwld~~gs, str ures and ~mp~ovemeMS to the ssme, co~it~on as ex~s~ed p~w to such da+nage or
descruct~o~, ~n ac:cordance w~tt+ anV ord~nances, ~aws or ~at~onr then effect, and ~f there shouid be any 1~sursnee proceeds co~lected by
Lessee ~n excesz of the cost of such repa~rs or fP.StOf8Lpf1, , SBE shal? pay ssme to Lesso~: prwided, however, that Lessee shail not be
~I~gated, express~Y or ~mpliedly, to experxl more tfian thp-Smoun msura~ce proceecls cdtected bY ~t ~n making such repaus or restoratlon,
a~~d it the msurance proceecis ere ~~suthuent to p~ace~d buddu~gs, struc a~d ~mprovemenu m the same cond~i~on as ex~sted pnw to such
~ damage w desiruc[~on, then Lessor agreas to pay C_essee, upon demsnd, the nt by wh~ch the cost ot repa~nng tx rRstcv~ng sa+d bu~~d~nss,
str~ctu~es and ~mprovements to the same cpnd+t:~n a; e~~stzd p~~or to such ~amagz estruCt~on exceeds the ~nsurance proceeds so co~~ected
?,y ~essee, o~ 12) pay rne. to the bank narfied ~n the Ass~gnment of Rents at~xhecf hereto ~uch oi the ~~surance proceeds as are necessary to
pay ~n fu~~ the unpa~d pr~nc~pal bal~nce and accrued ~nterest ow~ng on that certa~n note referred To~~sa~d Ass~gnment oi Rents (whether o~ not
ehen due) and pav the rema~[~der of the onsurance proceeds. ~t anv. ~+er to Lessor, less any amoUnt~ e a~d ow6ng to Lessee by Lessw,
~ ~rrest~ect~Ye of how such indebtedness may have ansen, or (3) m event the ~nsurance proceeds co~~ected by L~ssee are ~nsuff~c~ent to discha~ge
au ~ndebteciness avw~3gby ~essor to Lessee and also ~~scharge the unpa~d pnnapal ba~ance and accrued ~nrerest ov~?Fn~On sa~d note, and ~n event
~ Lessee e~ects nqt to use sa~d proceeds to~ repa~r or ?estoraUOn of the afo~esa~d improvements, then Lessor covenants agrees, on de~nand of
3 Lessee, to pa~i over to Lessee an amount in cash wh~ch, when adciecf to the ~nsurance proceeds so co~tected by Lessee, wd sufhuent to paY
aU ~ndKbtedness ow~~g by lessor to Lessee and d~scharge the aforesa~d note, pr~nc~pal a~d accrued mte~est. On rece~pt of sa+ ash amount
~ from Lessor, Lessee w~~~ pay wer to the bank a suff~c+ent amount to d~scharge the nOte ~n tuU, whether or not then due.
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y Upon the e+ep~ranon of the ong~nal term oi tfi~s lease, any unexp~red pohc~es procured by Lessze sha~l, at the opt~on of Letsee, be
ca~ceueci and surrendered, ~n wh~cn event Lessee shali re~mburse lessor for a~y unearned prem~ums recewed by lessee from the ~nsurance
~ compan~es as a resuit of the cance~laUOn and surrender of such pol~c~es.
- 7 It ~s ayreed that ~t the Ieased prem~ses ihalt ~ecomr untena»tabie iby w~tenantaWe ~s meant a condrt~on which rende~s the ~eased
prem~ses substant~aliy va~uo~ess for the purposes for wh~ch they are ieased hereuruler) dur~ng the ori9~na~ term of th~s tease, for any re~on, the
~ ~essee hereunder shau not be enUtled to term~nate th~s lease, but the or~g~nai te~m of th~s lease sliall be eztended iw a penod equai to the
:_F ~nod of such untenantabd~ty The ob~~gauon of the Lessee hereunder to pay re~ta~ shali, at the elecuon of Lessee, be aGated dur~ng ihe panoo
- of such untena~tab~~~ty Drov~ded, however, ~f Lessee elects to pay the rentals ac~ruing dunng such penod of untenantab~l~ty then ~essee shall
be gwen creci~t for the rentais so pa~d tor such per~od of unte~antabd~ty on the i~nt remals accrwng dunng the per~od the ong~nal term of M~s
iease +s extended by reason of such untenantabi~~ty It ~s turther acpred that notw~thztand~ng anythmg co~tamed herem to the contrary, lessee
~ shan have and ~s herebv g~anted the un~ond~t~Onai nght and opt~on to cancei and term~nate th~s lease At ,aa~tune dunng any extended term of
- tn~s iease ~pC~n g~v~ng th~rty i30) davs pr~or wntte~ not~ce ~hereof to Lessor, and upon such canceilat~on and term~natio~ Lessee sha~l be
F reieased and d~scharged from any ?urther rental payments Or Oiher Cb~~gat~ons unclCr ih~s le0se.
~ $ lessee agrres that ~t w~ll pay tre rent at the t~me, piace and m the manner here~n prov~ded; that ~t w~ll not comm~t or suffer waste
an the ~easrcl Vrem~ses; that ~t w~u not use the prem~ses for any ~mmorai a unlawfui purpose, or perm~t tne same to be so used; that u wdi
`.~s delwrr up the fea,ed prem~ses at the end of th~s Iease; a~d thai ~t wd1 comply w~th a!1 va~~d ~aws, ord~na~ces, rules and re~u~at~ons of any
govemme~ta! author~ty respeci~ng the cor.duct of ~ts Aus~n~s on the ~eased prem~ses
9 If ~essee shaii fa~'. to keep a»v of the covenants a~~d agreements o~ ~ts part to be kept and performed as herem conta~ned, and ~f sa~d
defauRi ~s not co~rected by Lessee w~th~n th~rtv 1301 davs after wntten ~once of such default has been g~ven by Lessor to Lessee: or rf Lessee
- sha~l br ad~udged a bankrupt, or shall make ass~gnment for tne be~~eht of ~ts cred~tors, or it the interest o( Lessee hereunder shall be so~d under
execuhon or other ~ega~ process: ~t shaii be ~awful fo~ Lessor to enter upon the ieaceci prem~ses and aga~n have, repossess an~ e~~oy the same as
[`w3 ~f th~s ~rase h~ ~iot been made, and thereupon, th~s ~ease and everyth~ng herem conta~~~eci shaii cease, term~nate and be utterly vo~d at the
opt:o~ ot ~esso.
10 AU structures, gaso~~~~e ~ankc, ~ncwU~ng thuse rihich may be unciergro~~~d. pumps, a~r compressors ar~~! other eqwpment wh~ch maY
,_;,3 r.e nsta~i?A or p+eced ~pof~ eh? ~rasrii Prrrn:ces bv o~ for tne accoum of ~essee, Me t~t~e thereto be~ng vested ~n Les;ee, are ro eema~n and be the
?',-s~' pro~~rrty of Lessee, ar.d lrssee sha~~ have the rght a~~d pnv.iege of remov~~g a~~y a~~d alf such props~ty and equ~pmeM at dny t~me du?~ng the
= cont~nua~~ce ef th+s ~ease, and w~th,n th~rty 130! days thereafte~
11 lessor fucmer covena~rc and agrees w~th Lessee that Lesso~ rs ~ega~~y se~recf of an abio~ute estate ~n fee s~mp~e ~n trte ieased prem~ses
lar,d les<or dq~ret, upO~i re:aurst of Lrssee, to sutx~~~t to Lessee rv~de~+ce cat~sfacrory to Lessee show+ng !hat Lessor has an atno~ute estate ~n fee
s3 s:mp~e >a.d pr~m~;rs. trre and ciea~ of ai~ ~~e~s and encumArancc~sl. that Lrssor has the ~~¢~t to ~ease the sa~ne: that Lessor w~U warrant and
_ defend sa~d prem srs unip ~essee aga~nst the ~anfui cla~rns ot a~i Vetsons whansoever: that the rents be~n9 pa~d ~n the ma~ner here~n prov~ded,
and the co+ena~ts, cond~rons and agrremrnts here~n bemg a~~ and s~~~qu~ar kept, fufhti~ and pe~formed by lessee, lessee sha~~ Ia,r,fu~~v.
- praceat~v a~d qu~et!y hold, occupy and rr.~uY sa~d pre;n,ses dur~ng the term nere~n g?anteci, wnthout ar.y 1tt, h~ndrance, e~ecuon or mdestahon
by Lesto., or a~~r vrrso~~ cia~:mng unoer Lessor. a~d that sa~d prrm~e~ are free and dear of a~~ encumbrances whaboeve~. In event of any
- clttavtt by Lesso~. a~~ costs and expe~»es. ~~c~~d~~~g acira~crme~~ts, court costs a~d artor.}ey's fees, mcurred by lessee ~n protecting the r~ghts
_ t~rre~~, y~dnt~~, ~hd~! be repa~d by Lessor ~o Leesee ~pon demand, and unni repa~d to Lessee SuCh 2npen~l+tures, so rnade by Lessee, sheil besr
iniPreSt at ihe rote of 6'~ per d+~num
rT~ ~
? 11 Les~ee ~ha~t have thr r.ght to ua~~~t a~~~ bw~d~ngs. ctructures a~~d or ~mprp,~eme~:ts of lessor s~tuatecf upor• the leased vrerr+~sss ~n ~
accorda^cr ~~+th the io~o~ Si/~~rt;e pr tOmh~ndt:0~ ~~Ow or he~rditPr usrd by lrssee at ~ts >erwce atat~ons genrra~~y ~
13 leysre sha~~ have tne r~ght to ass~g~ tn~c ~«asr u~ svb+et rhe ~~asee) p~ern~ses, and the trr~x co~~d~t:o~~s and cOVena~ts hereo~ sA~l~
_ N¦tenct ~o. t~ G~nd~r~g upon a~~d ~nurv to the brnefit of th? success~ve ne;rs, executors, ad~~~~~straton, successors a~d asvgns of the pxt~es v
_ herrto, re•s~ecn~riy, a~:d sha~~ run w~th the iard, bu~ ~~o ass~gnment or sub~rtt~ng by Lesser sha~~ re~~eve lessee of any of the oW+gat:ons here~n ~ ~
contd ~:rd o~~ thr part of Lruee to tx~ Aept a~~d perfor~.sed No ass~gnmen~ 01 LestOr't r~ghts ~ereunclet sha~1 be D~rtd~eg On Lesse~ unt~l Lessee ~
has r.~cr ved a:ert~f~ed :opv ui the ~nstrument eifect~ng wch ass~gnment ~
14 1n tnr rrent leSSrP shou~d make any paymeMS fo~ ihe sccount of ~essOr as here~n prOv~ded, ancliw Lessee sho~id make any ~ ~
Naymrrns to o~ fp. thr accoo~~t of le~scor 4wrta~~~~~~g to sa~A ~rased pre+n~sr, tor wh~ch Lessor ~s respons~hle, and Lessor :foes npt re~mburse
L~TSPB ;~PrrfUr u~>o~~ itema~d, rhr~ d~~ S~«h e+yw:~l~~ures so maefe by Lessee io or fo~ the accuunt of Lesso~ shali bes~ ~nterest from the date of O~ ~
s~~ch r.Vr+~~t.ture ur~r.~ repa~d ~o l.•~:re ar tl-~r rate ef ~i'+ ~,e~ a~~~~um, a~d Lessee sha~~ have the nght, m ac10~t+on to s~y other remedy, to ~
d~~~NT~a'~~a~~y e~trr~d the ii.rvr~~7 Trrsn of th~t ~~atr, v~~ihou! a~~V f~,rther re~~td+ payrr.enK Or Obl~yat+ons, for and dur~ng Such 8 per~pcl O~ Ume 2S i
t
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w,~~ at~eortl. at a~ agrerci ~•~U"tniy iatr ot ~r~~tal of _ . . - -Do11xs ~
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1$ 'c... ~.rr__. 1 pet m0~~[h, d'~Y a~x! d~~ tums o~v~ng Uy IPSSOr 10 LeSSee, w~ih ~nterest thereon, as here~~ prov~ded. ~
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