HomeMy WebLinkAbout0807 it~aiaediately depoait into said fund auch additional eums as may
be necessary and will procure receipted bills and full and final
waivers of lien when said work shall have been caapleted. it ehall °
be the duty of the Lessee to cause auch showing to be made and such
to be accaaplished as often aa said buildings, improvement$ or
personal property may be destroyed, dataaged aac loat; and all of
such w~ork shall be effected, coaapleted and paid for as promptly as
the exercise by the Lessee of due diligence makes poesible. .The
v~rork, when canpleted, shall restore the premises eubatantially to
the condition in which they existed before such destruction, damage
or loss took place, and, in any event, they shall cause the premisea,
as restored, to have a value whiCh is not less than the 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 c~apletion, perfortaance and
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F payment bond in an amount and in the form and with a company licensed
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~ to do buainess in the State of Florida, approved by the Lessor.
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~ 13.5. Surplus. When after the payment of repair or
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~ replacement of damage, pursuant to this paragraph, there shall re-
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~ main any surplus of the insurance proceQds, said aurplus shall be -
f irst used to pay any amounts due the Leseor at that time and the ~
remaining balance, if any, shall be paid to the Leseee.
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~ 13.6. Mortqaqees. Notwith8tanc3ing anything con-
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~ tained herein, it is agreed that a~ i~nstitutional first taortgagee
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~ owning an institutional f irst mortgage encumbering the Recreation _
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# Center, may hold such insurance proceeds and funds and may impose
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