HomeMy WebLinkAbout0067 ( 2) Ij~ any instance wnere thz pr~cee~s of insurance
fur damage or destruction shall be less than $5,000.00 for
reason that it reaso~ably aPpears tha~. the cost of repair
or reconstru~tion shall be less than $5,000.00, then the
~roceeds of insurance shall be payable to the Lessee
directly, to be disbursed by it for the purpose 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 Qemised Premises re'ative to insurance and
proceeds thereof shall have priority and shall supercede
all of the provisions of this Lease. in the event a mort-
gagee shail 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 shall
be required within 120 days a£ter the application of said
funds by such mortgagee t~ create from its own funds or
from the proceeds of a new mortgage upon the Demised Premises
the amount of monies so applied by such mo.rtgagee, the
said monies to be held by the Lessor in a special fund
pursuant to the provisions of sub•paragraph (i) of this
Article, as it the same were the proceeds of insurance. If
~ a mortgagee shall elect to submit the application of insurance
proc~Qds ~cc reconstruction and repair, such mortgagee may
holc; such funds and may impose such terms and conditions
rel~~-.~vp tc requiring the Lessee to supplement such funds
in such amounts as,may be necessary to pay for reconstruction
and repair, ~o disbursements of the same, and to such other
matters relating to such funds and proceeds as such
mortgagee may require.
14. Lessor's Ri ht to A 1 Funds Held ~n Behalf of the Lessee.
If at any tir~e dur~.ng the term of this Lease the Lessor shall ave in
zts possession monies ~therwise belonging or payable to the Lessee, and -
the Lessee snall at the time sa?d money or funds would otherwise be
payable to it be in default in the payment of any of its obligations
' provided for herein, the Lessor shall have the right to apply such
proceeds against all existing de~aults to the extent available or
necessary to cure such defaults. ~
15. Eminent Domain.
a. As to Demised Premises.
~ (1) Total Takinq. If during the tzrr; af this Lease
- the entire Demised Fremises shall be taken as a result of
the exercise of ~he power of em~.nent domain, herein c311ed
"proceeding", this ~.ease and all right, title and interest
~ - of the Lessee hereunder shall cease and come to an ~nd on
~ the date ef the vesting of title purusant to such proceeding
and th~ :.essor shall be entitled t~ and shall receive
~ the total award made i~ such proceeding and the Lessee
~ hereby absolutely assigns such award to ti:e Lessor.
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` (2) Partial Takin~. If during the term of this Lease
; less than the entire Demised Premises shatl be taken in any
such Froceediny, this Lease shall terminate as to the part
so taken and the Lessor shall be entitled to and shall
I; receive the total award made in any such proceeding and the
Lessee hereby assigns such award to Lessar, but the Lessee
' ir, such ca~e covenants a~d agrees that at Lessee's sole
~ cost and expense (subject to reimbursement as hereir.afte~
provided) promptly to restore, repair and replace those
portions of the buildings on the Demised Premises not so
taken to complete architectural units and replace
building totally taken ~or the ~,se and occupancy of the
Lessee as in this Leas~ expressed. The Lessor agrees in
.:onnection with such restoration to applY or cause to be
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