HomeMy WebLinkAbout0673 all improvementa, buildinga and atructures dame.ged, ar~d shall re- ~
place or repair all personal property damaged so as to restore
the same into good condition. For the purpoaea of thie paragraph; }
as r+ell as when used elseMhere in this Agreement, "good condition' ~
shall mean the best condition in Nhich it ia reasonab],y poasible
to replace the real or peraonal property involved. Work necea-
sary to acomplish the replacing or repair of any damaged or de-
stroyed improvementa or peraonal property ahall be comaaenced not
later ~han sixty (60) days after the occurrence of damage, ar~d
shall be completed no later thar? ten (10) montha after date of
comm~ncement, provided, hoxever, these time limitationa ahall be
eatended by reasan of any time loat due to an Act oP God, Nar,
civil insurrection, strikes or other eventa over Mhich the Lessee
has no control.
c. Plana, Specificationa and Estimates. Within thirty (~0)
days aftar occurrence o amage requ r ng replacement or re-
pair of improvements to the Demised Premiaes, Nherein aucA replace-
ment or repair requires the iasuance oP a building or other permit
by and pursuant to the ordinances of a governmental authority, the
Leasee ahall supply to the Leasor plana and specificationa for such
reconatruction and repair. Said plans and specifications shall be
prepared by and be under the certificate of an architeet licensed
to practice in the State of Florida. Within thirty (30) dmya there-
after the Lesaee shall furniah to the Lessor a copy oP a contract
eaecuted by an independent, licensed, general contractor r+herein
the Nork, labor and materiala irydicated by such plana ar~d specifi-
cationa are to be Purnished at an agreed price ar~d a performance,
completion and payment bond is provided for.
d. Proceeds of Inaurance.
(1) ~nd. In the event proceeds of insurance shall
' ~e payabZs~y
reasar. of dam~?ge and /or total or partial
destruction oP the Demised Premises, or any portion there- t
~ of, and as often ae s~~h i:,s:u ance praceeds ahall be pay-
t able, the same shall be paid to the Lesaor, and said sums s
~ so paid shall be depoaited in a apecial account of the Lea- ~
; sor in a bank in St. Lucie County, Florida, and such sums -
~ shall be available to the Lesaee for the purpose of recon-
~ atruction and repair pursuant to the provisiona of thia
paragraph. Such moniea shall be paid out of said special
- account from time to time by the Leasor upon the ce rtifi-
cate of the Lessee or of the contractor Mho has contracted
for the p+sri'orrr~ance of such reconstruction at~d repair, cer-
~ tifying that the amount of the payment is being applied to
~ the payment oP obligationa incurred for such reconatruction
$nd repair, provided, hoxever, the Leasor shall have the
t~ right to make such payn~ent directly to the sub-contractor
~ or materialman to whom suma of money may be due ard oMing
~ from time to time, as reflected in such certificate, ar~d
~ provided, further, that the Leasor shall have the right to
require the Lesaee at the time of contractirg for or under-
e~z taking such repair or reconatruction, and /or at such addi-
tional time thereafter as may be appropriate, to provide
; evidence satisPactory to the Lesaor that at all times the
undisbursed portion of auch fund in said bank account is
} sufficient to pay for the reconatruction and repair in its
: entirety, and if at any time it should reasonably appear
{a to the Lessor that said funda will be inaufficient to pay
- the full cost of said repair and reconstruction, the Lea-
- see Nill immediately and forthwith deposit into said fund
° such additional monies as may be reaaonably necessary to i
_ pay auch full cos*s. Upon the completion oF the said re-
- construction and/or repa~r, and upon the Lesaor having
been provided Mith receipted billa and full and final xaiv- '
era of lien as to all Nork performed and material aupplied,
= any monies remaining in aaid apecial account ahall be paid
- over and disbursed by the Leasor to the Leseee.
(2) In any instance where the proceeda of insurance
` for darr~ge or destruction ahall be lesa than ~ 5,000.00 for
° reason that it reasonably appears that the cost of repair ~
!
e,»K 197 ?A~~ 6?3 k
- ~•~y ^«~''~5 L'^t^~•E~~!. FRANKLIN. CNCN'N Q SCMRAr:K P A. 2020 '~ORTHEAST t63n~ STREET. NORTM MIAMI BEACM, fLOR~OA ~3162