HomeMy WebLinkAbout1572 (2) In any instance where the proceeds of insurance
for damage or destruction sha~l be less than ~5,000.00 for
reason that it reasonably appeaxs that the cost of repair
or reconstruction sha~3 be less than $S,OOO.OU, then the
proceeds 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) Notwithsta~ding anything contained herein to the
contrary, the provisions of any mortgage now or hereafter
encumbering the Demised Premises relative to insurance and
proceeds thereot. 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
the reduc~ion or payment of the mortgage debt and so elects
to apply the same or some portion thereof, the Lessor shall
ba rz~cti~~u w~~hir 1~0 ~a}•s ~fter the application of said
funds by such mortgagee to create from its own-funds or
from the proceeds of a n~w mortgage upon the Demised Premises
the amount of monies so applied by such mort~agee, the
said monies to be held by the Lessor in a special fund
pursuant to the provisions of sub-paragraph (1) of this
Article, as if the same were the proceeds of insurance. If
a mortgagee shall ele~t to submit the application of insuxance
proceeds to reconstruction and repair, such mortgagee may
hold such funds and may impose such terms and conditions
relative to requiring the Lessee to supplement such funds
in such amounts as may be necessary to pay for reconstruction
and repair, to disbursements of the same, and to such other
matters relating to such funds and ;~roceeds as such
mortgagee may require.
14. Lessor's Ri ht to A 1 Funds Held on Behalf of the Lessee.
If at any t~.me during the term o t is Lease the Lessor sha ave in
its possession monies othexwise belonging or paya5le to the Lessee, and
the Lessee shall at the time said 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 th? right to apply such
proceeds against all existing defaults to the exter.t available or
necessary to cure such defaults.
15. Eminent ~main.
a. As to Demised Premises.
(1) Total ?akinq. If during the term of this Lease
the entire Demised Premises shall be taken as a result of
the exercise of the power of eminent domain, herein called
"proceeding", this ~.ease and all right, title and interest
of the Lessee hereunder shall ceasA and come to an end on
~ the date of the vesting of title purusant to such proceeding
and the Lessor shall be entitled to and shall receive
the total award made in such proceeding and the Lessee
hereby absolutely assigns such award to the Lessor.
(2) Partial Takin . If durin
the term of this Lease
less than the enfiire Demised Premises shall be taken in any
such proceeding, this Lease shall terminate as to the part
so taken and the Lessor shall be entitled to and shall
receive the total award made in any such proceeding and the
Lessee hereby assigns such award to Lessor, but the Lessee
in such case covenants and agrees that at Lessee's soie
cost an3 expense (subject to rEimbursement as hereinafter
provided) promptly to restore, repair and repZace those
portions of the b~*ildings on the Demised Premises not so
taken to complete architectural units and replace
building totally taken for the use and occuFancy of the
Lessee as in this Lease expressed. The Lessor agrees in
connection wzth such restoration to apply or cause to be
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