HomeMy WebLinkAbout0919 at all times during the term of this Lease, keep insured any and all
buildings and improvements now or hereafter located upon said demised
premises and all personal property which Lessee may bring or maintain
upon the premises, in order to comply with the terms of this Lease, in
good and responsible insurance companies au~horized to do business in
F1Qrida, or in such companies as shall have been approved by Lessor
and any mortgagee then holding a mortgage encumbering the fee simple
title to the demised premises, for pretection against all loss or damage
to said property by fire, wir.dstorm or causes insured 3gainst by "ex-
tended coverage", and if th~ t~uildings or improvements on the premises
at. any time cantain boilers or elevators, then Lessee will cause to be
wrztten what is generally kncwn as boiler insurance po~icies and eleva-
tor insurance policies, and wherever the doctrine of co-ins~arance might
apply to any such insurance, then the amount of the insurance so carrisd
by Lessee will be at all times sufficient to pr~vent co-insurance on
the ~art of t,he Lessor and the Lessee, and aIl such policies shall be
payable in the event of loss, jointly to the Lessor and the Lessee, as
their rejpective interests may appear. I~othing herein contained, how-
ever, shall be construed as prohi'~iting the attachment to such policies
of a standard mortgage form clause, but in such ever_t, the said mort-
gage clause shall identify briefly the interest of the mortgagee as
such, such as, for exar~ple, stating "first mortgagee of the fee simple
title", or "mortgagee of the long-terrrt I,essee's interest in the Ninety-
hine Year Lease". The amount of insurance reQuired, as spe cified in
this paragragh, shall be an amount equal to the rr.aximum insurable re-
placernent value, as de_termir~ed annually by the Lessee and as approved
by ~r~e Lesscr.
B. From the inception of any c~nstruction work which Lessee
may effect on the demised premises, and as of~.en as the Lessee may con-
struc~ a building or make a substantial al~eratior_ in a building, the
Lessee will cause Builders' R~sk Insurance Policies to be written in
compliance wiLh the provisi~ns of the precedir~g paragraph, as such para-
graph reiates to tne nature , mir~imi:m amount and namirg of porticr. as-
sured by such coJerage, and s~id policies snall ~e subject to the ap-
, pr~val cf the Lessor.
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Y~1~10 94fi
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