HomeMy WebLinkAbout0564 co:.:.~.iaed in t;zis lease, and if under the terms of s•~ ch mortgagr: or
.:.o~~5ages, it is obligatory upon the Lessee to caus~ the originals
o~ sucn policies to be delivered to the mortgagee, then Lessee
s::~'~~ deliver such origi~als to the mortgagee, and shall deliver
to L~~sor certiticates of such policies. The said policies or
;.~a :.i~icates tr.ereof, as tne ca$e may be,' together with evidence
;.::e fact that ~he premiums have been paid as aforesaid, shall
Ga~~ve:ed '~y Lessee to Lessor befora t2te expiration of the then
cor~asponding insurance coverage, to the end that Lessor may be
GJJV~zd t:zat such cove:age is beinq carried by the Lessee continuously.
if at any time while the joint bank account herein provided
co:.ta~ns any of tne proceeds of insurance, Lessee is in default
V•.4V~ tnis lease, t'r.en Lessor shall be immediately entitled to
~ece~.va ~ro:n said joint bank account the amount of noney necessary
c;:~e the Lessee's default; and if, while any of the funds remain
i: s~iz jo~nt bank account, the ~nortgagee of any mortgage made
rarsu~:~~ ~o the subordination privilege (hereinafter referred to as
s::c:;i a~acts (and this may be the only mortgagee to have such
e~ec~ion) under the terms of such mortqage, to receive any part or
a~~ oL the proceeds of such insurance by way of application upon
~:e said mortgage, t:zen such sum shall be paid from said insurance
4w~-r~s or fro:~ the nroceeds of said joint bank account to such
r:.or~gasae; bu~ in aither of ~hese events, it shall be obligatory
;:a~:~ Lessee immediately ~o reimburse the said joint bank account
w~~:. a st:m of .;.oney to assure the Lessor tha~ the said joint ban'~c
accour,t will, at-all times, as aforesaid, contain sufficient funds
:.o ~.y for all o~ the cost of reconstruction and repair. If, after
s~~d work of repair and reconstruction shall have been completed
; G:,d p~.id for, there remains a~y money in said joint bank account,
` s~:c'r. balance shall be paid therefrom to the Lessee, if at that tirtie
} t::e I.essee is not in default under the terms of this lease. If at
` s:.y tir.~e while the join~ bank account contains any undisbursed ~~:nds,
` ;.ne lease is cancelled for the Lessee's default, then the undisbursed
~ p;,~:.ion of said joint bank account shall be and become immediately
~ ;.:e property of the Lessor as part of what will accrue to the Lessor
u~a t:1e occasion of default by the Lessee and the consequent cancella-
~ ~~oa of the leasQ,as liquidated and agreed upon damages for such
~ ze:aLlt and for such cance.llation. Insurance mortgagee clause shall
~ .s
~ ~e su~ject to the te.~s of this lease.
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~ XI .
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~ LESSEE'S DUTY TO PAY INSURANCE PREMIUMS
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~ A, T,essee covzaan:.s and agrees with Lessor that Lessee will
_u ~.y tr.e pre:,?iw;~s ~or al~ insurance policies ~ahich Lessee is obligated
car=y snder the ~erms of this lesse and will deliver the said
~o~~cie~ and the evidence o€ paym~nt to the Lessor within the time
'r.;:~::i:~a:tor li.mitad. .
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LAW OFFICES BART L. COHEN, CITY NATiONAL BANK BUILDING, MIAM1~ FLORI~A
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