HomeMy WebLinkAbout2692 4. In addition to the rsntals hsreinabove provided
Lesaeea shall pay all taxea assesaed upon the property as herein~
above providad, the cost of all in~provements placed thereon, hasard
and liability insurance premiums and all charges for utilitias ~
furnished to said proparty. ,
5. Aa additional consideration and as additional sent,
Lsasees shall pay any and all taxes, levies or asaess~ents upon the ;
property leasad herewith, whether the same be levied by the state,
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county, city or,other goverruaental units havinq the pawer of taxation.
Said taxea shall be paid in November of each yeu for the current
year. Taxes for the year of commenceaent of this leasa, and for
the year of teriaination hereof, shall be pro-rated.
6. It is undarstood and agreed by and between the
parties hereto that Lessees contemplate the construction of a
motel, reataurant and gasoline service station project or projects
together with other comm~ercial improvemente on the leasad premises,
and that such trojects will be constructed in etaqes. Leasore
covenant and aqree with Leeaees that so lonq as Leosees are not
in default under the covenants.of thia Leaee, Leseora aqree to ~
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I join with Lessees in mortqaqes upon the leased premisea, both con- ~
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~ etruction and permanent mortgaqes, Mrhich ahall encumber the interest ~
~ of both Leesors and Lessees in the leaaed premisea, from time to ~
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time as ieortgaginq may be deemed advieable by the Lessees, provided, ~
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hawever, that each and all of auch mortqages must be to a bank, j
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trust company, insurance company, or Fedaral Savinqs and Loan =
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~ Association, and that each of said mortgages must expressly provide '
~ that Lessore aha21 have no peraonal liabilitiea under the said
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~ mortqaqes. Such mortgaqes ahall constitute a firet lien on both ~
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:1 the lease hold astate and the fes siaple title. Leasees covenant `
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~ that thay will pay all principal and intareat payments required by ~
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the mortqage or mortqaqes pro~ptly vhen due, observe all covenants
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800K 2O 4 PACE ~?V 9~
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