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HomeMy WebLinkAbout2896 , . ` . sor in a bank in St. Lucie County, Florida, and guch sums . shal~ be available to the Lessee for the purpose of recon- struction and repair pursuant to the provisions of this paragraph. Such monies shall be paid out of said special account from time to time by the Lessor upon the certifi- ~ cate of the I.essee or of the cont.~actor who has contracted ~ , for the perfo~~:~nce of such reconstruction and repair, ce r- ~ tifying that the amount of the payment is being applied to - the payment of obligations incurred Por such reconstruction~ . and repair, provided, however, the Lessor ahall have the ~ right to make such payment directly to the sub-contractor ; or materialman to whom sums of money may be due and owing . , from time to time, as reflected in auch certificate, and provided, further, that the Lessor shall have the right to require the Lessee at the time of contracting for or unde r~ . taking such repair~or reconstruction, and/o r at such addi- ~ tional tim~e thereafter a9 may be appropriate, to provide evidence satisfactory to the Lessor that at all times the undisbursed portion of such fund in said bank account is ~ sufficient to pay for the reconstruction and repair in its . entirety, and if at any time it should reasonab~y appear ~ to the Lessor that said funds will be insufficient to pay ~ the full cost of said repair and reconstruction, the Les- ~ . . see will immediately and forthwith deposit into said t~irxi ~ such additional monies as may be reasonably necessary to . pay such full costs. Upon the completion of the said re- construction and/or repair, and upon the Lessor having ~ been provided with receipted bills and l1,i11 and final waiv- ers or lien as to all work performed and material supplied, _ ~ any monies remaining in said special account shall be p~i~.u over and disbursed by the Lessor to_the Lessee. (2) In any instance where the proceeds of insurance - ' ~ for dama.ge or destruction shall be less than "~5;000.00 for ~ reason that it reasonably-eppears that the cost of repair : or reconstruction shall be lesa than $5,000.00, then the ; ~ proceeds of insurance shall be payable to the Lessee direct•~. ~ ~ ly, to be disbursed by it for the purpoae of puying for # ~ ~ • the reconatruction and repair. ~ - ~ . . . 1 4 (3) Notwithstar~ding anything contained herein to the x ~ contrary, the provisions of any mortgage now or hereafter • ~ encumbering the Demised Premises relative to insurance and - ~ proceeds thereof shall have priority and shall supercede all of the provisions of this Lease. In the event a mort- ~ gagee shall have an option to apply insurance proceeds to ti~ . the reduction or payment oi' the mortgage debt and so ele cts to apply the same or some portion thereof, the Lessor shall _ ~ be required within 120 days after the application of said ~ ~ funda by such mortgagee to create from its own funds 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 Lessor in a s ecial furxi pur- suant to the provisions of sub-paragraph (1~ of this Artic le, as if the same were the proceeds of insurance. If a mort- gagee shall elect to submit the application of insurance pro- yY ceeds to reconstruction and repair, such mortgagee may hold ~ ~ such funds and may impose such terms and conditions rela tive to requiririg the Lessee to supplement such funds in such . amounts as may be necessary to pay for reconstruction and repair, to diabursements of the same, a»d to such other r~at- ~ ters relating to such funds and proceeds as such mortgagee may require. . _ . 14. Lessor's Ri ht to Apply F1~nds Neld on Behalf of the Lessee. = If at any me ur ng e erm o s ase e ssor s a ve n its poasesaion monies otherwise belot~ging or payable to the Leasee, and • = the Lessee ehall at the time said money or !'unds would otherwi8e be ps~y~ . . L~: ~ ; ~ 0 R 19S ~8~ ~r~-~ ~ -io- gaoK racE LJ1W 0//ICEi O/ GOIOGTEIN, ?RANKLIN. CHONIN • iCNRANK. P.A.. 2020 NORYHEAiT 10~~o iTR[C.: NORTM MIAMI BEACN, ii~t)AiQA ~,~r•,~ - , _ . - . .