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Home My WebLink About0674 or reconstruction shall be less than ~5,000,00, then the ~ proceeds of insurance ahaYl be payable to the Lessee direct- ~ ly, to be diabursed by it for the purpose of paying for ~ the reconatruction and repair. ` ~ Notwithatanding anything contained herein to the contrary, the proviaions of any mortgage now or hereafter encumbering the Demiaed Premises relative to insurance at~d proceeds thereof ahall have priority and shall supercede ~ all of the proviaions of this Lease. In the event a mort- gagee shall have an option ta apply insurance proceeda to ~ the reduction or payment of the mortgage debt and so electa to apply the same or some portion thereoP, the Lesaor shall be required Mithin 120 daya after the application of said ' funds by such mortgagee to create from ita orm funds or from the proceeda of a neM mortgage upon the ~eraised Prem- iaes the amount of moniea 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 Article, as if the same Nere the proceeda of insurance. IP a mort- ~ gagee ahall elect to submit the application of inaurance pro- ceeds to reconstruction arxi repair, such mortgagee may hold such funds and may impose such terma and conditions relative to requiring the Lessee to supplement such funda in ~uch amounts as meiy be necesaary to pay for reconstruction and repair, to disbursements of the same, and to such other mat- ters relating to such funds and proceeda as such mortgagee may require. 14. Lessor's Right to Apply F~nds Held on Behalf of the Lesaee. If at any me ur ng e erm o s ase e ssor s ve n its possession monies other~?ise belonging or payabl~ to the Lesaee, and the Lessee shall at the time said money or funds would otherr~tiae be pay- able to it be in default in the payment of any of its obligationa pro- vided for herein, the Lesaor ahall have the right to apply such proceeda = against all existing defaults to the extent available or neceseary to ~ cure such dePaults. ~ ~ 1~ . E~nlnent Damain. ~ ~ # a. As to Demised Premises. ' ~ S - (1 j Total Taking. If during the term of this Lease ; the entire em se remises ahall be taken as a reau~t of ~ the eaercise of the poMer of eminent domain, herein called ~ t "proceeding", this Leage and all right, title ar~d interest F ~ of the Lessee hereunder shall cease and come to an end on ~ the date of the vestir~g of title pursuant to such proceed- P; ing and ~he LeBSOr sha21 be entitled to an3 shall receive : ~ the total axard made in such proceeding and the Leasee here- ; ~ by absolutely assigns such ar~ard to the Lesaor. ~ ~ (2) Partial Taking. If during the term of thia Leaat - leas then e en re emiaed Premiaea shall be taken in any w*~ auch proceeding, this Lease shall terminate ae to the part - ao taksn aryd ths Lsaaor shall be entitled to ard ahall r~- ceive the total award ~ad• in any such proceedir~g and the ~ Lessee hereby assigna such a~rard to Leasor, but the Lessee a ~ in auch case covenanta and agrees that at Leaaee' a sole ~ ceat ar.ci e~pense (sub~ect to reimbursement aa hereinafter provided} pror~tly to reatore, r~pair and replace those ~ portions of the buildinga on the Dendsed Premiaea not so taken to complete architectural units and rep2ace build- : ings totally taken for the use ard occupancy of the Leasee as in this Lease expressed. The Lesaor agrees in connec- ~ tion with auch restoration to apply or cauae to be applied ~ the net amount of any award for damage to the building or ~ - buildings on the Demised Premisea that mny be receivod by 4 i't in sny such proceeding toruard the coat of such reator- ; = ation and replacement (but the amount so applied ahall not ~ ~ inc~ude the cast of any alteration, conetruction, change ~ - or improvement the Lessee mny desire to make that its not ' ~ ~ t,~7 P - ~ a U ~ 1J / PACE e = 80flK " -10- - ~•1V~i OFFICES OF GOLDSTEIN FRANKLIN. CMCNIN S SCHRP.NK P A.. 2C20 ":ORTHEAST t63F= STREET. NORTH MIAMI BEACM. FLORIDA 33162 Yrt_