HomeMy WebLinkAbout0230 or r~c~ti~ti~uction sti•~all be lc~ss t:h~n ti S,UOU.UU, t,lici~ tl~e
pi~~~~E•ds c~f insur•anc~ sh~tll bc pFiy~ble to the LesSee c1li~ect:_
ly, Lo te disLui~sed by ii: foj° tll~ pur~.x~se of payin~ fol~
tr,e i~econstruci;i_on anci repair.
(3) r:oLt•:3thstanding anythin;~ coni;ained ht~°~in t•o i;2~~~
contrary, the provisions ofi any ~:~or~~age noti~~ or hereafLer
encumUerin~ the Deini~ed Premises relative to insurance an~
p~~ocee3s Ltiereof sh~11 1~ave priority an3 s~~all supercecie
al7 ~f tha nrnv~i s•i~n~ ~f thi~ T~a~~_ Tn thP P_VP_1"~f: a?mr1:..
- - - _ _ - - -
~a~ee sY~a11 have an opi;ion to apply insurance proceeds to
the reduction or payment o~ the mortgage debt and so elects
to apply the s~m~ or some portion thereof, the Lessor shall
b~ require3 w~.thin Z20 days Efter the application of said
funds by such ~r.ortgagee to ci°eate from its own furr~s or
from the pr~ceeds of a new ~nor•Lgage upon Lhe Demised Prem-
3.ses tlie amount of n~onies so applied Uy such mort~a,gee, the
said i~ionies to be held by t~le Lessor in a s ecial fund pur-
suant; to the provisions of
sub-para~raph (1~ of this kri:icle,
as if the sa?r~ V~er~ the proceeds of insurance. If a mort-
gagee sha11 elect to suUmlt the application of
insuraru;e pro-
ceeds to reconstruc~ion and repair, such mortgagee may hold
such funds and may impose such terms and conditions relative
to requirin~ the Lessee to supplement such furxls in such .
amoun~s as may be necessary to pay for reconstruction and
repair, to disbursements of the same, and to such other mat-
ters relat3i~g to such funds an1 proceeds as such mortgagee
may require.
14. Lessor~s Right to Apply Func~s ~Ie1d on I3ehalf of the Lessee.
If at any ~ime u_~ ng ie er•m o t s ease e ..ssor s.a.~ ave n
its pos~essiar~ monies other~•~ise belonging or payablA to the Lessee, arr3
Lhe Lessee shall at the time said money or funds h•ould otherwise be pay-
~tble to it be in default in the payment of any o~ ii:s obligations pro-
vided for herein, the Lessor shall have the ri~ht to apply such procceds
a~;ainsL all existin~ dei'aults to the extent available or necessary to
cure such def~ults.
15. Eminent Do~na.in. f
~
;
a. As Lo Demised Premises.
~
~ (1) Total Takin~;. If dtu°in~; the term of th~s I.ease
~ the entire em se reu~ises shall be taken as a result of
= the exercisn of the poke~~ of eminent domain, he.rcin called
- "procecdin~~", this Lease and all ri.~;ht, title and interest
z of the Lessee hereunder shall cease anci come to an end on
~ the date of the vestin~ of tiLle pursuant Lo suc}l proceed-
~ in~ and tr.e I,essor sha~l be entitled to and sha11 receive
- the total a~•rarci ~nad~ in Si1CI1 proceeding and the Lessee here-
~ by aLsolutel~ assi~ns stich a~vard to tl-.e Lessor.
~
~ (2) ParL3al Takin~. If during the term of th:Is Lease
~ less than ~Fie en~re~Tmis~d Premises shall be taken in any
~ such proceedin~, this L~~se shall termi_nate as to tY~e part
so t~lten arxi t~ie Lessor shall be entitled to and sha11 re-
ce:ive the total at•~arcl ra~+.ae in ~n3~ such proceedi:~~ an1 tlie
~ Lessee hereby ass_i~ns such award Lo Lessor, but the Lessee
in suc~i ca~e eoven~nt~ und a~rees t~iat at Les~ee's sol~:
cos~ and e~pense (subject; to reimbursernent as hE:x-•einafter
proviclecl )~rolnptly t.o resi.ore, repair and replace those
= por~?ons o~` tl~e bu:i].cil~n~s on the Dernised Premises rn~t so
` taker. to con~nlete dr•chitectural unit;s aril repldce bui?d-
in~,s totally talcEn fo~~ t•he use ar.d occu~~an~y of t;he I~ssee
as in th_is Lease c~_~ressed. The Lessor a~~rees in co7nec--
~ t:3or~ t•ritl; st?cl; r~stoi~~f;ion L-~ apply or cause i~o be app].iEd
_ t11c net a~r~unt of ~.ny ai~*~1r3 ~'or darr;afre to th~ buildin~ or
Utiitd~.n`;s on t::e I)~r:iis~~d Pi~er^iUes th~it n:ay be rcceived l~y
~::3 it; ~.n a.ny sucli i~s•oc::edir.:; Lo?•~~rd the cosi; af sucl~ restor-
atiu>_~ a:~~ re1~l«c~:r~e:nt (but. th~ arn~ur~;; so applied slla?1 not
incl_ucje i.hc: co,i. of a~zTr altcration, const;ruction, ci~an;;e
- c~r ~.:n;~ro~rer^:;nt tl~: I e,^c~ ir~:y desire to n:ake thai; its ~i~t-
4'e= 800K PACE ~+elU
--1C~ _
1'.Y nFfICE~ OF CCLDSTEIfJ. FF;l.t:Y.L!t7, ~.:t;.•;!!; ~_~li-.;r;Y,, P.A., ?G2C~ IlO~~THE:%~~-t If?r,;; STRF"LT. ~10FiTt{ 1.1Ih!tl REACH, f"I.ORIf~%. 3?if2
~