HomeMy WebLinkAbout1542 or i°ecor,strucrjoi~ sl~,a).] be less than ~S,OUO,GO, then the
pr•ocecc3s of insiirance shall be pav~~ble to t;he Les:;ee ci~rect;-
lti•, 1;o be disUursed by it for ti~e purpose of pUyit~~ for
the recoi~~truction 1nd rerair.
Notalithsi:andin~ anythin~ contained herein to tl:e '
cont~~ary, the provi:;ions of any mort~a~;e now or hez~eaftei~
encun;berin~; the Pe~;~ised Pre:nise~ relative to insurance arxi`
pracee3~ thereof shall have priorl.ty arr3 shall supercede
all of tlie provisions of this Lease. In the event; a rr.ort- ~
~aaee shall hati~c an option to appl~,• insurance proceeds to
t.lie re~uc tion or payci:ant of the mort~age debt and so e le ct s
to apply t2~e s~~n~ or sor~e portion thereof, the Lessor shall ;
be requ3i~ed within 1?0 days after t}~ a~,~ licat3~~, of said
futxis by such mortg,a~ee to create from its own funds or
from the pi•c~ceeds of a new r;ortga~e upon the Demised Prem-
lses the ar:~ounL of monies so zpplied by such mort~a.gee, the
said moi~tes to be he_ld by the Lessor in a special fund pur-
- suant L-o tr.e provisions of sub-para~raph (1) of this :~rticle,
as ~f the same ~:ere the proceeds of insurance. If a mort-
gap,~e shall elect to submit the application of insurance pro-
ce~~ds to reconstruction and repair, such mortga~ee may hold
sucl~ funds aild may impose such terms and conditions relative
to requirin~ the Lessee to supplement such funds in such
~r~ounL:: as r,k~y be necessary to pay for reconstruction atxl
repair, to disbursement5 of t~e sam~, and to such other• rnat-
ters relating to such fun:~s and proceeds as such mortga~ee
may require.
14. Lessor's ~?i~lit to apply Funds Held on Beh~lf of the I~ssez.
If at any ~:ir~~
cturiii~~~ie ~er~^~Yi~s`~Leas-`e~Fe~ssor s a ati~e n
= its pos ~e~sion monies ot~ler?•:ise belon~in ; or payable to th~ Lessee, an~~
; tl~~ I,e~~ee sliall at the time ~aid m~ney or furx~s would otheri•tise be pay-
; able to it be in def~tult in the payment of any of its obligation~ px~o-•
# vicled f'oi° her•~in, the Lessor shull have tYe rifiht to apply such proceeds
; a~atn~t all existin ; def~it2lts ta the extent available or neces~ary to
ctire suc11 defaults.
~
~ 15. ~:r~~in°nt Dormin.
~ a. As to Pemised PreTrises.
; (1) `Potal Takin;. If durir,~~ the term of thi: I.~a~::
t}ie enL9.re em~se~'~rcm~se~ shall be t;aken a.s ~ result~ of
r ~ the exercise of t~he po'v~zr o£ emireni; dor.~a'in, tlerei.n called
_ "procecdit~g", this I~ase and all ri~ht, title an~ in~~r~st
r of the I~~sUee ~ lier~u~xier shall cease and corne to an eii:~ on
the date ~f the vestin~; of title pursuantf t;o sucn pj•a:.~eci~
= in~ ar.cl the T e~sor st~zll be entiLled to and sh~i? 1 receive
the total ac•.ard r.?ade i.ri such proceedi.no ar.cl the Lessee h~~r~-
~ by 3Usalutel~- ~s: i~:ns such ~.;~:ard to the L~~ssor.
~
(2) Yarti~l Ta.kin~-. If durir~; the tert~i of thi_s iea~e
4 less than ~:I;E erl-[-3rc ~~~:r:~ised I'remises sha~l be taken ir, any
such rroceecli.n~;, this 7_ease sh~ll termin^te to t;he part
so tat:ei~ ~iz~3. th~ Les~ or sha11 be entitled to n~..l sh:17. re-
~ celve the to ~a l~tt~;~.rd m3de in any stich proceed i i~; ai v.~ th ~
Les::ce herc~b~ ~~s~i~ns such at;at~d to Lessor, b~~~ th~ Ir~ss~~
in huch c~~ s•_~ co~~en~~_nt;s ai~~~I a~;r•<:es t?iat Le~~ee's so te
y~ co~-f. ai:~:? exp~n:_e (subject to re~.~~Lu~^ser,:~nf. as h~`?:'E'~1~'xf'i;e3~
: p1~ov_tdeci) pro;~~~~.1~,• ~o restc~°e, rep~:~i• arr.3 replace '~}~~s^
por,.~Ior:~~ ~i i:}~e buil~'ir,;s on the Dem:iseci Pr~~r~ises not so
_ t~+I~en i;c cc.:T~).ete ai~cl-~it~et,ur•~_1 ul;its at:3 rep].~?ce Uu~?c~•-
ir,~.s tc~t~,_].:!~~ Lu:cen f'or f.i-~p vs~~ a.r~~ OCCLi~:3TlC~ cf tir., ._~•c:~~~
- ~ s it~ thi~ Lease e°nr~:;:.~ed. ~~'he I~e~sor a;rees 'n cn:-~:~,~.c--
ti~~i ti:J_t}i ~u~l~ rc~to; ~ioii to ar.:~l;r cr c~~~s~ t.o r~ ~T~,1~1_i.c:i f
' the r~e;~ a;~iou:~t of an~~ :rc7 for c~ai,~.r;e to tlie: bui_i:iir?,; ~,r ~
t;l~i ~.~iJT'~':' en tt~c~ Derr,i>ca P1°F•Z~,i::°:: t}~ai, ~:~,y t~ 1~~cc~i,~:~r~ t~;T ;
` ~ ~ ^r t~~'c~CCE:r? -T 1"l~•; i.o:,r+I•u ci> ; L of ~i rc: ~.t. r~•-- s
i. ~ ~ n~_ny . ,
~t~~n ,~z:] r~~~~).r:cc;;,^nf: (1~~~~ t.lr~ ar:.~~~nt ^c> ant,ljc:i ~:1;~~1.1_ i;:~i, t
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