HomeMy WebLinkAbout1722 When, in complaance wit?, the provisions of this paragrap'r~, tlie
I,essee shall ftirnish policies insuring the ac~ual rcplac.:ment
costs, said va:luation shall be without deduction or depreci.atio:~
inso~'ar as su~h coverage maf be obtainable, and in such ePSe the
ter~~~ "maximum insurable value" as used herei~ sl;all mean L32e
actual replacement cost of the property required to be insured
~:ithout deduc:ion Por depreciation.
All insurance requir•ed to be carrled sha? 1 bc~ effectec~ •an~ler ~
policies written in such form and issued by such coa~p~nies as
aha12 be approved by the Lessor, who shall not unreason~bly
withhold such approval. All p~,li~~es shall te for the benefit
of the Lesso~ and the Lessee us th~ir respeative interests may
appear, and shalx be sub~ect to such provisions as mortgagees
of the Demised Premi~es m~y require.
13. Reconstruation and Rc;pair.~ tipon the occurrence oP any
damagF or o a or par a es ruc ion ~o any portion oP Lhe Demised
Premises, whethe: or not the casualty causft~g such damage be inaured i
against, an3 whether- cr not, i£ insured, any p~oceeds are p~,id 'n ~
connection therewith, the £ore~;oing provisions sY;a~l apply: ~
a. Lease to conti?lu~. The destructi~n, alteration, dera- ~
olition or n~iz-use or oL~ier deterioration in cotxlition of the ~
Demised Pren~Ises or any portion thereof, r2~ardless the na- ~
ture thE~°eo~ or events which cuuse su~h destruction, a'.teration, ~
demolition or non-use, except takir~~ by em3.nEnt domain, shall i
not in any way reduce, abate or sus~,erx~. the Lessee ~ s obligations t
and c~venants her~un3er nor shall the same e~1'ect a termination ~
in whole or in part of this Iease. ~
b. Recc~n~truction and ReFair by Lessse. The Lessee, at its
expense, sFia!Tr`ep~~ r an recons ruc , f-"recessary, any and
all ~!mprovements, bui2dings t~.nd structures da:naged, and shall re-
place or repair al personal propert;~ da~r.aged so as to restore
the same into good~con3~ ion. For the nurposes of this paragraph,
as well as when useci Pls'~where in this 4greemer~t, "good condition"
ahall mean tha ~~st ccndition in which i~ is raasonably possible ~
to replace the real or peraonsjl ~roperty inv+olved. Work neces- ~
sary to accomplish the reFlacing or repatr of any damaged or d~- _
stroyed iruFrovements or personal properi;y s~all be commenced not ~
later than sixty (60) days a~ter the occurrence of damage, and
ahall be completed no later than ten (10) months after 3~te ot'
commencemer~t, provided, however, these time limit~tior~s ahall be
extended by reason of any time lost due to an Act of aod, war,
civil insurrection, strike~ or other events over which the Lessee
has no control.
c. Flans SpeciPication3 and Estimates. Within thirty (30)
days after~fie occurrence o amage requ ~ig re~lacement or re-
pair of imprc-remrnts to the Demised Premises, wherain ~uch replace-
ment or repair requtres the issuance of a building or other permit
by and pursuant to the ordinances o.f a gavernment~.l authority, the
Lessee shall supply to tlie Lessor plans and specifications for such
reconstructi~n and r~pair. Said plans and specificatians shall be
prepared by and be snder the certificate of an architect licensed
to practice ~.n the State oi' F7_orlda. Within thirty (30 ) days there-
after the Lessee shall furni sh to the Less~}r a copy of a contract
executed by an indep~ndent, 2lcensed, ~eneral c~ntr3ctor wherein
the work, la~or and materi~Zs i:xi3cated by sueh pla;~s anu specift-
cations are to be f'ui~nished at an agreed price and a performance,
completicn ar,d payment bond is providc-~i :or.
d. Proceeds of Insu~anc~.
(1~ Fund. In the event proceeds of xnsurance shall
be ~,a;abl.e~y~
reason ~f damage and/o„ t~tal or partial
dest;ruct•ion of the Demised Premises, ~r any portio:~ the:
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of, and a.: often as such insurance p2~oceeds shall ba pay-
ablc, the same s:.
;11 be paid to the Leasor, and said sums
so }~~{d sh411 be deposited in a spec~:~t accotin:~ o~' th4 I.es-
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~~'.Y OFFItES OF GULL~:,TEI?~, FRANKLIN, t?fONIN ~ SCHRANK, H. A.. 20T0 NOHTHEAST 16;,wp ~TREET, Nnr~TH N~IAMI BE/lt,N, ~LORIDA 3~1.:2
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