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HomeMy WebLinkAbout0340 i . ~ . . . ; ; . s , . ~ ; ; . ~ _ ~ ~ By the.Sea relative to~thia lease, specifically including those ( ~ . relative to the Lessor s approval and consent with regard to ~ ~ voluntary termination of condominium and to_amendment of the , Declaration of Condominium are hereby declared to be an integral ` ~ part of the consideration qiven by the Lessee to the I.essor for ~ this lease. Notwithstanding anything contained in said Declara- i tion of Condominium, it is specifically agreed that should a ~i first mortqagee, being a bank, insurance company, or savings and loan association, become the owner of all of the units contained within The Condominium by foreclosure or deeds in lieu of fore- ciosure or combinations thereo€, then in such case only, such mortgagee ahall have the right to terminate-The Condominium with- out the approval or consent of the Lessor. ' . 13. DUTY OF LESSSE TO ASSESS AND PAY. It shall be the duty of the essee o assess s un owners in accordance with ~ the Florida Condominium Act, its Declaration of Condominium and By-Laws in such amounts a~s shall be necessary to pay its obliga- ' - tions, payable in money to the Lessor'hereunder, and to other- wise perform its ~ovenants and promises herein. ~ 14. INSURANCE. The Lessee shall at its sole expense 4 ~ throughout t e term of this lease keep in force insurance policie~ as ~follows : ~ ; ~ 1. Public Liabilit . Comprehensive, general public liability insurance w c the Lessor, Lessee, and all other lessees as to the demised premi.ses shall be named,insureclQ _:against claims for bodily injury, sickness or disease including death at any tiuae resulting therefrom and for injury to or ~ destruction of property, includinq the loss of use thereof ~ arising out of ownership, maintenance, use or operation of the ~ ~ demised premises or any buildinq or unprovement or personalty ~ ; located thereon, without maximum limitations. . ~ ~ r ~ ~ f 2. Pro rt Insurance. Policies of insurance insuring ~ against loss or amage o e uildings and improvements now or ~ ~ hereafter located upon the demi.sed premi~ses and all furniture, fixtures, maehinery, equipment and furnishings now or hereafter ~ brought or placed thereon insuring agiinst loss b.y: ~ ~ (a) Fire. Fire, windstorm and su~h other hazards ~ as may be included in the hroadest form of extenc~ed coverage from ~ time to ti.me available; and . ~ ~ (b) Boiler. By voiler explosion, if boilers are ~ now or hereafter loca~c~ in the aforesaid buildings; and ~ ' ~ (c) Other. To the extent required by the Lessor, ~ ~ war damage or damage ~y civil insurrection or commotion as the ~ same may not be covered by other policies above referred. ~ The insuranae required hereunder shall be in an amount equal to the maximum insurable value. .The Lessee ~ ; shall furnish policiea inaurinq actual replacement costs without ~ _ ~ deduction for depreciation and fn sueh case the term "max•imum ~ , insurable value" as ueed herein shall mean the actual replace- ~f ~ ~ ment oost of the property requirsd to be fnsured without de- f duction for depreciation. If policies insuring replacement costs are not available, then the said term "maximum insurable ;j value" shall mean the actual cash value with due allowance for j ADLER A 6RAHDOFF~I depreciation of the property required to be insured, to the ; ?7TCRNEY3 AT IAW. ~.A~~ extent insuranae may be afforded under policies covered in that i ~ o. s,x.,,~ ~ manner. ~ _ i gqrSMOw[ OARDlNf ~ SMOPPIN6 CCNT[R . BAADENTON. fLO11~DA 1 L ~ ~ asso~ ° i TILi!MON[ ~11-~33.2{7 • . - i ~ } . - ; -s.: : ,'~Y~` . rl ~y.,T~.... .~~t-S'~.:' '