HomeMy WebLinkAbout1916 immediately deposit into said fund such additional sums as may
be necessary and will procure receipted bills and full and final
waivers of lien when said work shall have been completed. It shall
be the duty of the Lessee to cause such showing to be made and such
to be accomplished as often as said buildings, improvements or
personal property may be destroyed, damaged arr lost; and all of
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such work shall be etfected, completed and paid for as promptly as
the exercise by the Lessee af due diligence makes possible. The
work, when completed, shaTl restore the premises substantially to
the condition in whi~,h they existed before such destruction, damage
or loss took place, and, in any event, they shall cause the premises,
as restored, to have a value which is not less than th e value which
the premises had or possessed prior to the loss or damage which made
such repairs or reconstruction necessary. Lessor shall have the
right to require the Lessee to obtain a campletion, perfarmance and
payment bond in an amount and in the form and with a company licensed
to do business in the State of Fiorida, approved by the Lessor.
13.5. Surplus. When after the payment of repair or
replacement of damage, pursuant to this paragraph, there shalZ re-
main any surplus of the insurance proceeds, said surplus shall be
first used to pay any amounts due the Lessor at that time and the
remaining balance, if any, shall be paid to the Lessee.
13.6. Mortqaqees. Notwithstanding anything con-
tained herein, it is agreed that any institutional first mortgagee
owning an institutional first mortgage encumbering the Recreation
Center, may hold su~h insurance proceeds and funds and may impose
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