HomeMy WebLinkAbout1359 6. essee agrees, upon the execut~on of this lease by Leuee, to procure at Lessor's so~e cost snd expense, insurance on the bu~~dings,
structuras an provements now constructrd or to be conztructed on sa~d leased premises in some ~nsuranee company or compan~es
authonrrd to do ess in the State ~n wh~ch the p?operty ~s s~tuated, for the sound value ags~nst t~re and extended coverage (provideci such
~niurance ~s obta~nable essee), w~th loss ciauses payaWe solely to Lessee, ~ts successors or ass~gns, and to keep such msurance ~n fu11 fo~ce
and effect fOr and dur~ng th er~od any bu~ld~ngs, struttures end ~mprwe~nents are be~ng const[utted o~ the ~eased premises and thereafter
dunng the o~~g~na~ term of th~s ~ase. Lessor sha~~, upw~ receipt of Lessee's ~nvo~ce therofor, prompdy re~mburse lessee ~n cash for the
prem~ums on such ~nsurance. In eve~- f damspe to or destruct~on of the budd~ngs, struetures or ~mproveme~ts on sa~d ~eased prem~ses dun~~
the ong~nal term of ihis lease from an ~ ed cause, Lassee sha11 have the exctuuve nght to adlust and settle al1 losses (wh~ch sdjustment and
settlement shall be conclus~ve and b~nd~ng Lessor) and to collect and rece~pt for any and a~l moneys that may become paYab~e and
co~~ecl~ble upon such pOl~cy or pol~c~es, w any them, and leuee sha11 have the opt~on to (1) use any ~nsurance prpceeds so collected by ~t
for ~he repa~r or restorauon of said bwld~ngs, st ures a~d ~mpravements to the same condit~on as exisled pnor to such da~nage or
destrucuon, in accordance w~th a~y ord~nances, laws w r ~auons then ~n effect, and ~f there sh0uld be any lnsurance proceeds co~~ected bY
~ezsee ~n excess of the cost of such repa~rs or restorat~on, see sha~~ pav same to Lessw; prov~ded, howaver, that Lessee shall not be
ob~~gated, rxpress~y or impl+¢dly, to expe~ci more than tho~8r»oun insurance proceecis coltected by ~t ~n mak~ng such repa~rs or restOraUOn,
and ~f the ~nsurance proceeds are ~nsutf~t~ent to p~sce:Sard bu~~d~nys, struc a~d ~mprovements ~n the sarne cond~t~on as ezisted prior to such
dama9e o~ ciestrucUO~, then lessor agrees to pay.-Cessee, upon dertia~d, the nt by which the cost of repa~n~g or restw~ng se~d bul~d~nqs,
structures and ~mprovements ro the same cOrd~UO~ as exutet5 pr~or to such damage struct~on exceeds the ~nsura~ce proceecls so collected
hy Lessee. or (21 pay over to the bank qartied ~n the Auuy~ment of ReMS attached hereto s uch of the ensurance praceeds as are necesssry to
pay ~n tuli the unpa~d prmcipal balance a~d attrued ~nterest ow~ng on that certa~n note reterred sa~d Assi~nment of Re~ts Iwhether or r.ot
then duel and pav the rema~nder of the ~~surance proceeds. ~f any, over to lessor, less any am clue and ow~ng to LessEe by Lessor,
~rrespectwe o1 how such ~nAebtedness may have ar~se~, or (3) in event the ~nsurence proceeds co~lected by i~ssee are insuffiaent to d~scharge
a~1 mdebtedneu ow~ngby lessor to Lessee and also d~scharge the unpa~d pnnapal balance and acc~ued ~nte~est o~ said note, and ~n event
; Lessee elects nqi to use said proceeds fo? repa~r or restorat~on of the aforesa~d ~mprwements, then Lessor cwenants agrees, o~ demand of
lessee, to paV over to Lessee an amount m cash wh~ch, when acided to the msurance proteeds so collettedby lessee, wil sufLc~e~t to pay
a:1 ~ndtibtedness ow~ng by lessor to lessee and d~scharge tne aforesa~d note, pnnapal ancl accrued ~nteteit. On rece~pt of sa~ h amount
irar Lessor, Lessre wdl pay over to the bank a suff~uem arnount to d~scharge the note ~r full, whether or not then due.
" Upon the exp~rat~on of rhe o~~g~~a~ term of th~s !ease, any unexp~red pol+c~es procured by lessee she~l, at the opt~on of ~rssee, be
` canceUed and surrendered, wh~ch event Lessee zhaii re~mtwrse Les~or for anv unearned prem~ums recewed t~y Lessee from the ~nsurance
~ compa~~~es as a result of the cancellat~on and sur:ender of such po~~c~es.
u 7 It ~s agreed that ~f the ~eased D~em~ses shall pecome untenantable (by untenancaWe ~s meant a cond~uo~ wh~ch rende•s the teased ~
' prem~ses subs~a~~t~a1~v vatue~ess for the purposes for wh~ch they a~e ~eased hereuncier) dur~ng the ong~na~ term of thn lease, for any ~eaeon, the
~ Lessee hereunder sha~t not be enhtled to term~nate th~s ~ease, but the ong~nal term of th~s tease shalt be extended for a per~od equa~ to the
penOC1 of sucn untenanlab~~~ty. The Ob~~gdt~on of the Lessee hereunder to pay rentai shatl, at the eiecuon of ~essee, be abateci dunng the period
of such unte~~antab+t~ty pro~~ded, howev2r, ~f Lessee etects to pay the rentals accru~ng dunng such per~Od of untenantab~lity tfien Lessee shalt
be g~ven cred~t for the rentais so pa~d for such per~od of untenancab~~~ty on the f~rst rentats actrwng dur~ng the penod the Ongina~ tertn of Mis
iease ~s extenihd bY ~eason ot such un[enantab~iity It ~s further agrePd that notwrthstand~ng anything conta~ned here~n to !he co~trsry, Lessee
- ;ha11 have and ~s herebv granted the uncond+bona~ nghi a~d opt~on to cance! and term~nate tfi~s lease at any t~me dunng any extended term of
- th~s ~ease uDOn g~v~ng th~rty (30) daVS D~~or wntten ~ot~ce thereot to Less~x, ai~+ upon such canceliat~on and term~nation ~essee shall be
- re~eased a~d d~scharged from any f~rther rental payments or other ob~~gaUOns under th~s ~ease.
~
8 Lessee agrees that rt w~~~ VaY the re~e at the ame, plxe and ~n the manner here~n prov~ded: that w~lt not commrt or wtfer waste
on che teased prem~ses, that ~t w~u not use the prem~ses for any ~mmoral or unlawiul purpose, w perm~t the same to be so used: that rt will
del~ver up the leased prem~ses ai Lhe rnd of th~s iease: and that ~t wil~ complY w~th all va~~d ~aws, ord~na~ces, ru~es and regu~aUO~s of any
gpvemm2~ta1 authO~~ty rr.specnng the conduct of ~ts bus~ness on ihe leased prem~ses
_ g If ~essee sha~~ fa~~ to keep an~• o} the covenants and agreements on ~ts oart to be kept and performed as here~n contamed, and rf sa~d
defau!i ~s not carectecf bV ~~~e w~th~n th~rtr~ i301 davs af[e+ w.~iten noi~ce of such defauit has been g~ven bv Lessor to Lessee; or ~f lessee
shd~~ bP atl~uc]geo a bdnkrupt, or sha~~ makr e~s~gnment for the benef~l of ~K cred~tors, or +f the ~nterest of Lessee hereunder shall be so~d under
- execunon Or OthBr Ipc~l prpczss; ~1 shan be iavvf~l for Lessor to enter upon the lea>ect premises and aga~n have, repossess ar.d en~ov the same as
~f th~s ~aase had ~ot been m~e, and Mereupon, th~s !ease and everyth,ng here~n co~ta~ned sha~t cease, terrn~nate and t~ utterly vo~d at the
opt~on of Lessor
< 10- Alt struUures, gaso~~ne ta~~:s, ~~uud~ng those ~vh~ch may be underground, pumps, air compressors a~~d other equ~nment whrch may
~ br ~nsta~~ed or piacecf upo~~ tne feasecf ~~re,n„es bv or tor the account of Lessee, the t~tle thereto be~ng vested ~n Lessee, are to rerna~n and be the
~ pr.~~rrty of Lessee, and Leisee sha~~ have ~hr nght a~~d pr+v~lrge of remov~ng anv and a~~ such properry anci eywpmem at any t~me dur~ng the ;
- cOnhnuanc_~ of this ~ease, and w~[h~n th~rty (301 daV~ therraiter ~
- 11 Lessor further covena~tz a~~d 3yrees w th ~esiee that Lessor ~s +egai+Y se~red of an abzo!ute estate ~n fee simple ~n the ~easecf p?em~ses
~and Lessor agreec, ~pun reUuest of l?ssee, to sutx*~~t to lessee ev•cience sat~stacto~v to Lessee show~ng that Lessor has an atnolute estate ~n tee
- s~mple ~n sa~d prem ses, iree a~d <<ea. of ai~ !~enz a~~d encumbrancesl that ~essar has the nght to iease the same: that lessor wdi warrant and
detend sa~d prem ses unto tessee aga~nst me ~awtui cia~ms of a~~ t~~sorls whornsoever that the rents be~ng pa~d m the manr.er here~n prw~ded,
and the ^ove~ants, cond.uo~s and agreemrnts h_re~n t~e~ng a~~ a~~d s~rguia~ kept. ~ulfd~ed and ;::.formed by lessee, Lessee sha~i ~awlu~iy,
p2aCed~V a^d qu~Et~y hOld, OCC~py 0!~d en~py s0~d pretrises du~~~g the term herein gra~ttci, w+t?~out any tet, hrndra~ce, e~ect~on or moiestauon
hy Lessor, or a~v uerso~ iia m~ng under Lessor, and that sa+d p~em~ses are free and ciea~ of a~~ encumbrances whatsoever_ in event of any
- detauit by Lassor, a1~ costs a~d eKpenses. ~~d~d~ng ad+~ancements, court costs and attor+~ev's Ires. ~ncurrc~i by Les>ee +n pr~sect:~g t~e r: f:ts
here~n gra~~ted, sha~~ tx repa~d bY ~essor to Less~ uGOn Aema~}d, a~~d ~.r.t+~ repa~d to lezser such e¦penci~tures, so rtwcfe bv Lessee, sha11 bear
~ ~nterest at tAe retr of fi'~, per annum
17 ~es,ee ~hau have tt~r nyht to pa~nt a~~~ hv::d~•~gs, str~.:cwres a~~i! or ~mpro~.rR~e~~t~ of Lessw s~tuatecl upon the lrasecf Rrern~ses ~
dCCO~do~~cN ~'.:[h Th~ iu+o~ iche~ne or ca~=b~~~at~on ~pyy pr he~rdt[cr u~ed by IHS~±'v dt ~tt ~r~~.^cr >tdt~O:~S ~nY~d~~Y
Y d
13 Lessee shai~ have tne nd~i to asvg~ th~s ~rase or sub~et rhe ir~ased premuFS, and the !rrms. cond~t~o~s and covena~~ts hereof she11
rxtenei to, t~e D~nd•ng upon and :nur? to the be'~efrt of the success~ve he~rs, executors, adT~n~strato~s, successon and ass~gns of the parUes ~
- nereto, re~vect~veiy, and iha~~ run w~th the ~and, bu~ no ass~gnment or sub~ett~~x~ by lessc~ sha~~ re~~eve LPSSee of any Ot ~he OM~9at~Ons here~n ~
_i co~~ta,nrd on the parl of lessPe to be kept and performrd No ass~gnment of lesso~'s rghts hereu«der sha~~ be h,nd~ng on Lessee unt~l Lessee ~
- has rrcr~ved a ceri~t~rv copV of the ~~sirurnent etfect~ng such au~gnment
~ 14 tn the evrnt lestiee shou~d make a~y paymenis !or the xcount ol Lessor as here~n prov.cied, andior Lr;see shoutd niake any ~
F~ayrn~n~s to or for rhr xcount of l essor perta~mng ta sa+d irasecl D~em~ses for wh~ch Lessor ~s r2spons~bie, and Lessor dces not re~mbune ~o
LessPr it~erefOr upo~~ dema^.J, thr~~ a~~ such ~apr~~d~turec so m~c~e by lesser io or 1qr the account oi Lessor sha~l (~ar ,niPrPSt hOm [he date Of O~
wch expend•t~re unt~` repa:d to L!~~.sre at ti~r ~ate of fi`t. ppr annum, a~~A lessee sha~~ have the r~g~t, ~n ~~hon to a~y other remedy, to
~ autqrtidl~Ca~iy rxtend tr~e curre~~t [r~m Of th~c ;ed>e, w~thput any further ren~a~ payme~~ts or Ob~~9at~o~~s, for and dw~rtig such a penocl o~ t~me as
~ i_ .
w~~1 ahsorb, at an ~eecf mo+,t~ty rate of renta~ of --~%--L -C,•:-.'•.~' "'OlL'' .:112. l: ~'r:C :t~ Z;:~~! _ -ppllars
_ , _
~S _,~~~,ti_._ 1 per month, dny a+x1 a~~ sums ow~~~g bV Lesso~ t0 Lessee, w~th ~nterest thereo~, as here~n prov~ded ?
= g~~~_ 196 PAGf 1359
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