HomeMy WebLinkAbout1895 the fact that the premiums therefor are paid; but nothing herein
contained will be construed as prohibiting the Lessee from financing
the premiums where the terms of the policies are for three (3)
years or more and, in such event, the receipts will evidence
it to be the fact that the installment premium-payment or
payments are paid at or before their respective maturities.
However, where there is a mortgage upon the Demised Premises ~
created pursuant to the provisions contained in this Lease and
under the terms of such mortgage it is obliqatory upon the
Lessee to cause the originals of such policies to be delivered
to the mortgagee, then the Lessee may deliver such policies to
the Mortgagee. Such policies or certificates, together with ;
evidence of the fact that the premiums have been~paid as
aforesaid, will be delivered by the Lessee to the Lessor before
the expiration of the then corresponding insurance coverage ~
so that the Lessor may be assured that such coverage is being 1
continuously carried by the Lessee. i
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f. If at any time while said joint bank account
contains any of the proceeds of such insurance the Lessee is
in default under this Lease, then the Lessor will be immediately
entitled to receive from said joint bank account the amount of
money necessary to cure the Lessee's default; and if, while any
of the funds remain in said joint bank account, the mortgagee
of any mortgage upon the Demised Premises or upon the Lessee's
interest therein elects under the tern~s of such mortgage to
receive any part or all of tha proceeds of such insurance by
way of application upon said mortgage, then such sum will be
paid from said insurance awards or from the proceeds of said
joint bank account to such mortgagee; but in either of these ~
events, it will be obligatory upon the Lessee to immediately 's
reimburse said joint bank account with a sufficient sum of money
to assure the Lessor that the said joint bank account will, at
all times, contain sufficient funds to pay for all of the cost
of reconstruction, repair or replacement. If after said work is
completed and paid for there remains any money in said joint bank
account such balance will be applied to the account of Lessee,
if at that time the Lessee is not in default under the terms
of this Lease. If at any time while the joint bank account ~
contains any undisbursed funds or while there remains outstanding
any obligation from any insurance company for such losses this
Lease is cancelled for the Lessee's default, then the undisbursed
portion of said joint bank account and the insurance claim ~
will be and become i.mmediately the property of the Lessor as ~
part of what will accrue to the Lessor upon the occasion of`
default by the Lessee and the consequent cancellation of this
Lease, as liquidated and agreed upon damages for such default
and for such cancellation.
g. No damage or destruction to any improvements, buildings, _
equipment, furniture or fixtures by fire, windstorm or any other ;
casualty will entitle the Lessee to surrender possession of the
Demised Premises or to terminate this lease, or to violate any of
its provisions, or to cause any abatement or rebate in the rent
then due or thereafter becoming due hereunder.
11. LESSEE TO PAY INSURANCE PREMIUMS.
The Lessee will pay the premiums for all insurance
policies which the Lessee is obligated to obtain under the terms
of this I,ease and will deliver the said policies and the evidence
of payment to the Lessor, within the time herein set forth:
Nothing herein contained will ever be construed as
rendering the Lessor liable for the payment of any such insurance
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