HomeMy WebLinkAbout0923 (2) ln any inst~ncc: wherc: the proceeds of insurance
~ for damage or destruction shall be less than $5,000.00 for
reason that it reason~~bly appears that the cost of repair
or reconstruction shall be less than'$5.000.00, then the
proceeds of insurance shall be payable to the Lessee
directly. to bc: disbursed by it for the purpose of payin9
for the reconstruction and repair.
(3) Notwithstandiny anything contained herein to the
contrary, the provisions of any mortgage now or hereafter
' encumbering the Demised Premises relative to insurance and
proceeds thereof shall havc., 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 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 after the application of said
funds by such mortgagee to 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 mortgagee, the
said monies t~ be held b~ 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 elect to submit the application of insurance
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 r~lating to such funds and proceeds as such
mortgagee may require.
14. Lessar's Ri ht to A 1 Funds Held on Behalf of the Lessee.
If at any time during t e,term o this ease t e Lessor s a ave in
its possession monies otherwise belonging or payable to the Lessee, and
the Lessee shall at the time said money or funds would otherwise be
i payable to it be in detault in the payment of any of its obligations
j provided for herein~ the Lessor shall have the right to apply such _
E proceeds against all existing defaults to the extent available or
; necessary to cure such defaults.
i _
~ 15. Eminent Domain.
~
a. As to Demised Premises. .
~
~ (1') Total Takin . If during the term of this Lease
~ the entire~emise Prernises shall be taken as a result of
~ the exercise of the power of eminent domain, herein called
~ "proceeding", this ~.ease and all ri~ht, title and interest
~ ~ of the Lessee hereunder shall-ceose 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 L.essee
~ hereby absolutely assigns such award to the Lessor.
~
3 (2) l~artial Taking. If during the'term of this Lease
~ less than the entire Demised Premises shall be taken in any
such proceedimg, this Lease shall terminate as to the part
~a so taken and the Lessor shall be entit"led to anci 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 sole
cost and expense (subject to reimbursement as hereinafter
= provided) promptly to restore, repair and replace those
portions of the buildings on the Demised Premises not so
taken to complete architect~ral units and replace
building totally taken for the use and occupancy of the ;
~ Lessee as in ttiis Lease expressed. The Lessor agrees in
= connection with such restoratian to apply or caus~ to be
~ ~ ~oo~ 223 FaGf 923
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