HomeMy WebLinkAbout0613 paragraph, the Lessee shall furnish policies insuring the "
actual replacement costs, said valuation shall be without
deduction or depreciation insofar as such coverage may be
obtainable, and in such case the term "maximum insurable
value" as used herein shall mean the actual replaceinent cost
of the property required to be insured without deduction
for depreciation.
(1) All insurance required to be carried
shall be effected under policies written in such
form and issued by such companies as shall be approved
by the Lessor, who shall not unreasonably withhold such
approval. A~1 policies shall be for the benefit of the
Lessor and the Lessee as their respective interests
may appear, and shall be subject to such provisions
as mortgagees of the Demised Premises may require.
13. Reconstruction and Repair. Upon the occurrence of any
damage or total or partial destruction to any portion of the Demised
Premises, whether or not the casualty causing such damage be insured
against, and whether or not, if insured, any proceeds are paid in
connection therewith, the foregoing provisions shall apply:-
a. Lease to Continue. The destruction, alteration,
demolition or non-use or other deterioration in condition
ot the Demised Premises or any portion thereof, regardless of the
nature thereof or events w~:ich cause such destruction, alter-
ation, demolition or non-use, except taking by eminent domain,
shall not in any way reduce, abate or suspend the Lessee's obli-
gations and covenants hereunder nor shall the same effect a
termination in whole or in part of this Lease.
b. Reconstruction and Re air b Lessee. The Lessee,
at its expense, s a repair an reconstruct, if necessary,
any and alI improvements, buildings and structures damaged,
and sha1Z replace or repair all personal property damaged
so as to restore the same into good condition. For the
purposes of this paragraph, as well as when used elsewhere
in this Agreement, "good condition" shall mean the best
condition in which it i~ reasonably possible to replace
the real or personal property involved. Work necessary to
accomplish the replacing or repair of any 3amaged or
destroyed i.mproveanents or personal property shall be com-
menced no later than sixty (bU) days after the occurrence
of damage, and shaZl be completed no later than ten (10)
months after date of commencement, provided, however, these
time limitations shall be extended by reason of any time
lost due to an Act of God, war, civil insurrection, strikes
or other events over which the Lessee has no control.
. _ _ c-. P~ans, Spe~i~~cations-_and _ Estimates - - . filithin _ ~tti~'ty - - -
(30) days after the occurrence o c~amage requiring replace-
ment or repair of improvements to the Demised Premises,
wherein such replacement or repair requires the issuance of
a building or other permit by and pursuant to the ordinances
of a governmental authority, the Lessee shall supply to the
Lessor plans and specifications for such reconstruction and
repair. Said plans and specifications shall be prepared by ,
and be under ~he certificate of an architect licensed to
practice in the State of Florida. Within thirty (30) days
thereaf ter the Lessee shall furnish to the Lessor a copy of
a contract executed by an independent, licensed, genera2
contractor ~herein the work, labor and materials indicated
by such plans and specifications are to be furnished at an
agreed price and a gerformance, completion and payment
bond is provided for.
d. Proceeds of Znsurance.
(1) Fund. In the event proceeds of insurance
shall be payaFi~e by reason of damage and/or total
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