HomeMy WebLinkAbout0920 C. In the event of the destruction of the said building or
improv~ments, or said personal property by fire, windstorm or any other
casualty for which insurar.ce will be payable, and as often as such insur-
ance money shall be paid to Lessor and the Lessee, said sums so paid
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shall be deposited in a joint account of the Lessor and the Lessee, in
a bank designated by the Lessor, and shall be available to Lessee for
the reconstruction or repair, as the case may be, of any building or
buildings damaged or destroved b}~ fire, windstorm or other casualty for
which insurance money shall be payable and shall be, by the Le ssor and
the Lessee, gaid eut from said joint account from time to time, on the
estimates of an arch~itect, licensed ~s such in the State of Florid~,
having supervision of such construction and repair, certifying tha.t the
amount of such estimate is being applied to the payment of thF reconstruc-
tion or repair and at a reasonable cost therefor, provided, h~wever,
that it shall be the dutSr of Lhe Lessee, at the time of creating such
joint ~a~k acco~:nt, and from time to time thereafter until the said work
o£ reconstruction or repair shall have beer. completed and paid for to
afi'ord the Lessor adequate evider.ce of the fact that at all time~ th~
undisbursed portion of the fund in said joint account is sufficient ta
pa~~ for tre work ef reconstruction flr repair in its entirety, and if the
said it;nd is at any time insufficient to pay for the full cost ef the
~ob, the Lessee shall immediately ar.d forthwith deposit into said fund
sucr. funds as may be necessary and to procure receipted bills and full
and final waivers o~' lien when the said work shall have been completed
and d~ne .
~ D. The originals of all such policies sna.ii oe deiivered to
Lessar by Lessee aicng with the receipted bills evidencing the fact that
tne premi~~:m~s therefor are paid; but nothing herein contained shali be
eonstrued as ~rohibiting Lessee from financing the premiums where *hE !
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terms of * Y'.e p~l i cie s are f or three ( 3) years or more , and in such event ,
the re ce ipt s shail evidence it to be the fa ^,t ~hat the insLaZlment prem-
i::m paymen`, ~r pay-rr.ents are paid ~t or ~efore their respective m~turi- '
ties. Where, how~ver, triere is 3 mortgage on the premises, and if,
ur.der ~he terms of such mortgage cr mortgages, it is obligatory upen
the Lessee to ca~:se the origir,als of such poiicies t.a be delivered Lo
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