HomeMy WebLinkAbout1785 paragraph, the Lessee shall furnfah~policiea iasuring the
actual replaceme~nt cost~, said valuation shall be wittwut
deductfon or depreciation insofar as such coverage may ba
obtafnable, and in such case tha tera "maximum insurable
value" as used herein shall mean tha actual replacement cost
ot the property required to ba insured without deduction
tor depreciation.
(1) All insurance required to be carried
8ha11 be effected undes policies written in such
form and isaued by such cc~apanies as shall be approved
by the Lessor, who shall not unreasonably Withhold such
approval. All policies ahall be for the benefit of- the
Lessor and the Leasee as their respective interests ;
~ may appear, and shall be subject to such provisions
as mortqaqees of the Demised Premisea may require.
13. Reconstruction and Re air. Upon the occurrence of any
~ damaqe or tota or part a estruction to any portion of the Demised
Premises, whether or not the casua~ty causinq such damaqe be insured •
aqainst, and whether or not, if inaured, any proceeds are paid fn
i~oanection therewith, the foreqofnq provisions shall apply:
a. Lease to Continue. The destruction, alteration,
demoliti.on or non-use or other deterioration in condition
of the Demised Premises or any portion thereof, regardless of the
nature thereof or events which cause such destruction, alter-
atfon, demolition or non-use, except taking by eminent damain, ~
shall not in any way reduce, abate.or suspend the I,essee's ablf- i
qations and covenants hereunder nor shall the same effect a~ ;
~termination in whole or in part of this Lease. ~
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b. Reconstruction and Re sir b Lessee. The Lessee, ~
at its expense, s a repa an reconstruc , if necessary,
any and all improvements, buildinqs and structures damaqed, ~
~ and shall replace or repair all personal property daiaaged ;
so as to restore the same into qood condition. For the - ~
purposes of this paraqraph-, as well as when used elsewhere ~
; in this Aqreement, "qood condition" shall mean the best
condition in which it is reasonably possible to replace
~ the real or personal property involved. Work necessary to
j accomplish the replacinq or repair of any damaqed or
~ destroyed improvements or personal property shall be can-
~ menced no later than sixty (60) days after the occurrence
of damaqe, and shall be completed no later than ten (10)
months after date of commencement, provided, hawever, 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. Plans S cifications and Estimates. Within thirty ~
(30) days a ter e occurrence o amage requirinq replace- ~
ment or repair of improvements to the Demised Premises, . ;
wherein such replacement or repair requires the issuance of
a buildinq or other permit by and pursuant to the ordinances
of a qovernmental 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 the certificate of an architect licensed to ~
practice in the State of Florida. Within thirty (30) days ;
thereafter the Lessee shall furnish to the Lessor a copy of
a contract executed by an independent, liceased, qeneral
contractor wherein the work, labor aad materials indicated
by such plaws and specifications are to be furnished at aa
aqreed price and a perform,ance, eaapletion an~d payment ~
bond is provi,ded for. ~ #
d. Froce~eds of ~~surance.
(1) Fun~-. In tb,e eveat proceeds of insutance
~~hall ba paya-Fi~e by rea8on of damaqe and/or total .
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