HomeMy WebLinkAbout2076 have the right to make such payment directly to the sub-contractor
or materialman to whom sums of money may be due and owing from
time to time, as reflected in such certificate, and provided,
further, that the Lessor shall have the right to require the Lessee
at the time of contracting for or undertaking such repair or reconstruc-
tion, and/or at such additional time fihereafter as may be appropriate,
to provide evidence satisfactory fio the Lessor that at all times
the undisbursed portion of such fund in said bank account is suffi-
cient to pay for the reconstruction and repair in its entirety, and
if at any time it should reasonably appear to the Lessor that said
funds will be insufficient to pay the full cost of said repair and
reconstruction, the Lessee will immediately and forthwith deposit
in~o said fund such additional monies as may be reasonably necessary
to pay such full costs. Upon the completion of the said reconstruc-
tion and/or repair, and upon the Lessor having been provided with
receipted bills and full and final waivers of lien as to all work
perfa~ed and material supplied, any monies remaining in said
special account shall be paid over and disbursed by the Lessor to
the Lessee.
(2) In any instance where the proceecis ui i~isui=an~e ror~
damage or destruction shall be less than $5,000.00 for reason that
it reasonably 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 be disbursed by it for the
purpose of paying for the reconstruction and repair.
(3) Notwithstanding anything contained herein to the con-
trary, the provisions of any mortgage now or hereafter encumbering
the llemised-Premises relative to insurance and proceeds thereof
shall have priority and shall supercede all of the provisians of
this Lease. In the event a mortgagee 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 m~rtgagee to create from its awn funds or from
the proceeds of a new mortgage upon the Demised Premises the amount
of monies so applied by such mo~tgagee, the said monies to be
held b}r the Lessor in a special fumd pursuant to the provisions of
sub-paragraph (1) of this Article, as if the same were the proceeds
of insurance. If a mortgagee shal~l elect to submit the application
of insurance proceeds to reconst~uction and repair, such mortgagee
~ may hold such funds and may impose such terms and conditions rela- F
a tive to requiring the Lessee to supplement such funds in such ~
amounts as may be necessary to pay for reconstruction and repair, j
to disbursements of the same, and to such other matters relating
~ to such funds and proceeds as such mortgagee may require.
~ 14, Lessorts Rig,ht to Apply fl~nds Held on Behalf of the Lessee.
~ If at any time during the teMn of this Lease the Lessor shall have in
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~ its possession monies otherwise belonging or payable to the Lessee, and _
~ the Lessee shall at the ti.me 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 the right to apply such pro-
~ ceeds against all existing defaults to the extent available or necessary
to cure such defaults. '
;
15. Eminent Domain. ~
; a. As to Demised Premises. ~
: (1) Total Taking. If during the term of this Lease the '
entire Demised Prelnises shall be taken as a result of the exercise _
- of the power of eminent domain, herein ealled "proceedingt', this :
- Lease and all right, title and interest of the Lessee hereunder i
sha 11 cease and come to an end on the date of the vesfiing of title ~
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