HomeMy WebLinkAbout1522 When, in ~ompliance Nith the provia~ons of this paragraph, the ~
Leasee ahall furnish policies insuring the actual replacenrant
coats, aeld valuation shall be Mithout d~duction or depreciation
inaofar as auch coverage may be obtainable, and in auch ~ase the
term "maacimum insurable value" ae used herein ahall mean the
act~al replacement coat oP the property required to be iriaured
without deduction Por depreciation. ~ ~ .
All insurance required to be carried ahall be erreatea unaer
policies Nritten in such Porm and issued by such companies as
shall be approved by the Lesaor, Kho sha12 not unreaaonably
Nithhold such approva2. All policies shall be for the b~nefi t
of the Lessor and the Lessee as their respeetive interests may ~
appear, and shall be sub~ect to such provisions as mortgageea ~
of the Demised Premises may require. ~
13. Reconstruction and Repair. Up~n the oce~irrence of any
daa,age or o a or par a es ruc ion to ary portion oP the Demised
Premises, Nhether or not the casualty causing such damage be inaured
against, and Nhether or not, iP~insur~ed, any proceeda are paid in
connection therexith, the Poregoing provisions shall apply:
a. Lease to continue.. The deatruction, alterat3on, dem-
olition or non-use or o er det,~ri ration in coniition of tha ,
Demised Premises or any portion th~reof, regardless of the na- i
ture thereof or events Nhich cause such destruction, alteration,
demolition or non-use, except takir~g by en~ nent domain, sha27.
not in any Nay i•aduce, ab~~e ar ausger~d the Lessee's obligations
and covenants hereunder nor shall the same efPect a termination
in Mhole or in part oP this Lease. '
b. Reconstruction and Repair by Lessee. The Lessee, at ita
expense, s a repa r a recons ruc , necessary, any and
a1.1 improvements, buildings and structures damaged, and shaZl re-
place or repair alI personal propertq damaged so as to ~estore
the same into good condition. For the purposes of thie paragraph,
as t~ell as xhen used elaewhere in this Agreement, "good conditiop"
ahall a?ean the best condition in which it is r~easonably posaible -
to replace the real or personal property inv~olved. work necea-
sary to accompliah the replacing or repair of any damdged or de-
atroyed improvements or peraonal property ahall be commenced not
later than aixty (60) days after the occurrence of damage, and ~
ahall be completed no later than ten (].0) months after date o~
co~aencement, provided, hoxever, the$e time limitations shall be
extended by reason of any time lost due to an Act oP aod, Nar,
civil insurrection, strikes or other events over Mhich the Lessee
has no control. -
- ~
c.
Plans S ecifications and Eatimatea. Within thirty (30)
days after e occurrence o amage requ ng replacement or re-
pair of improvements to the Demiaed Premises, r_herein such replace-
ment or.repair requirea the iasuance o~' a building or other permit
by arid pursuant to the ordinances of a governmental authority, the
Lessee shall supply to the Lessor plans and speciPications for such-: ~
reconstruction and repair. Said plana and apecifications shall be
prepared by and be under the certiPieate of an archit-ect licensed
to practice in the State of Florida. Within thirty (30) days there-
after the Lessee shall f'urnish to the Lessor s copy of a contract
executed by an independent, licensed, general contractor wherein
the xork, labor and matertals indicated by such plans and speci.fi-
cations are to be furnished at an agreed price and a performance, ~
completion and payment band is provided for. ~ ~
d. Proceeda oP Insurance.
(1) Fund. In the event proceeda of insurance shall
be payableTsy-reason of damage and/or total or partiai
destruction of the Demised Premises, or any portion ther~e-
oP, and. as often as such insurance proceeds shall be pay-
able, the same sha12 be p~id to the Lessor, and said suma
so pa3d shaZl be 3eposited in a special account oP the Les-
. ~
~9 s~193 i5~0
LAW OFFICES OF GOLDSTEtM. FRANKItN. CNONlN Q SCHRAfVK, p. A. 2020 NQRTHEAST 163wn STREET. NORTH MIAMt BEAGH. FLORIDA 33t62