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.. .�.... 1 1 � .. ....... _.:....... .....,.t.r.._:...rt 1...gel n' ■ -:'1 i 1 1 <br /> Lease,the parties agree that the interest of LESSOR in the premises is$20,000.00 and <br /> �r in the event of a covered loss,LESSOR shall be entitled to receive that amount from <br /> the insurance proceeds.In the event of destruction by fire,windstorm or other <br /> casualty the LESSEE shall,at its option,have the right to utilize the insurance <br /> 1 proceeds to repair or rebuild the premises (in which event the LESSOR should retain <br /> its insurable interest in the premises) or to declare the Lease terminated without <br /> further liability after payment to LESSOR of its interest in the property as set out <br /> hereinabove. <br /> 6. There is currently a residential structure located on the premises. <br /> LESSEE proposes to enlarge the structure substantially and make improvements <br /> thereto and utilize it for a restaurant and other purposes consistent therewith. <br /> LESSOR covenants that the premises are zoned suitably for such purpose. LESSEE <br /> shall make the floor plans for improvements available to LESSOR for approval. In the <br /> event LESSOR disapproves,LESSEE shall have the option to either terminate the lease <br /> without liability or to modify the plans to LESSOR's satisfaction. All improvements <br /> shall be constructed in accordance with the applicable building,plumbing and wiring <br /> codes. <br /> 7. Upon the termination of this lease,title to all improvements on the <br /> demised premises shall vest in the LESSOR. Provided,however,title to all fixtures, <br /> trade fixtures and other personal property shall remain in the LESSEE and may be <br /> 3 <br /> N <br />