HomeMy WebLinkAbout0046 or reconstruction shall be less than ~5,000.00, then the ~
proceeds of insurance shall be payable to the LessEe direct- ;
ly, to be disbursed by it for the purFose of paying for
the reconstruction and repair. '
, (3) Notwithstanding anything contained herein to the
contrary, the provisions of any mortgage now or hereafter
encumbering the Demised Premises relative to insurance and ~
:
proceeas tnereoi' snaii nave pri~rii.y atKi ~i,aii ~;u~,~~~~~u~
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 shail
be required within 120 days after the application of said ~
funds by such mortgagee to create from ita own fw~ds or ~
from the proceeds of a new mortgage upon the Demised Prem- ~
ises the amount of monies so applied by such mortgagee, the
said monies to be held by the Leasor in a s ecial fund pur- ~
suant to the provisions of sub-paragraph (1~ of this Article,
as if the same were the proceeds of insurance. If a mort-
gagee shall elect to submit the application of insurance pro-
ceeds to reconstruction and repair, such mortgagee may hold
sucn funds arxi may impose such terms and conditions relative ~
to requiring the Lessee to supplement such funds in such 3
am~unts as may be necessary to pay for reconstruction and
repair, to disbursements of the same, and to such other mat-
ters relating to such £unds and proceeds as such mortgagee
may require.
14. Lessor~ s Ri ht to 1 Funds Held on Behalf of the Lessee.
; If at any me ur ng erm o s ase e asor s ave n €
~ its possession monies otherwise belonging or payable to the I,essee, and
i the Lessee shall at the time said money or funds would otherwise be pay-
' able to it be in default in the payment of any of its obligations pro-
! vided for herein, the Lessor shall have the right to apply such proceeda
E against all existing defaults to the extent available or necessary to
cure such defaults.
F
~ 15. Eminent Domain.
K
~
g a. As to Demised Premises. ;
~
? (1) Total Takin . If during the term of this Lease
; the entire em se remises shaZl be taken as a result of
z the exercise of the power of eminent domain, herein called ~
~ "proceeding", this Lease and all right, title and interest €
3 of the Lessee hereunder shall cease and come to an end on i
~ ~
the date of the vesting of title pursuant to such proceed- _
ing and the Lessor shall be entitled to and shall receive 1
~ the total award made in such proceeding and the Lessee here-
~ by absolutely assigns such award to the Lessor.
~
~ (2) Partial Taking. If during the term of this I~ease
~ leas than e en re emised Premises shall be taken in any ;
~ such proceeding, this Lease shall terminate as to the part g
r ;
` so taken ar~d the Lessor shall be entitled to and shall re-
- ceive the total award made in any such proceeding ar~d the ~
Leasee hereby assigns such award to Lesaor, but the Lessee ~
` in such case covenants and agrees that at Lessee's sole !
cost and expense (sub~ect to reimbursement as hereinafter
- provided) promptly to restore, repair and replace *.hose ~
portions of the buildings on the Demised Premises not so ~
. taken to complete architectural units and replace build- ;
ings totally taken for the use and occupancy of the Lessee ;
- as in this Lease expressed. The Lessor agrees in connec- i
_ tion with such restoration to apply or cause to be applied ~
- the net amount of any award for damage to the building or ~
= bui2dings on the Demised Premises that may be received by ~
- it in any such proceeding toward the cost of such restor-
- ation and replacement (but the amount so applied shall not ~
- include the cost of any alteration, construction, change
or improvement the Lessee may desire to make that its not
_ ~
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r~~ ~~W OFFiCES OF GOLDSTEIN. FRANKLIN. CHONIN SCHRANK, P. A.. 2020 NORTHEAST 163ao STREET. NORTM MIAMI BEACH. FLORIDA 33/62 ~