HomeMy WebLinkAbout0045 all improvements, buildings and structures damaged, and.shall re- ,
place or repair all personal property damaged so as to restore !
the same into good condition. For the purposes of this paragraph, _
as well as when used elsewhere in this Agreement, "good condition"
shall mean the best condition in which it is reasonably possible
to replace the real or personal property involved. Work neces-
sary to acomplish the replacing or repair of any damaged or de-
stroyed improvements or personal property shall be commenced not :
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later thsn sixty leu j aays at'ter Lne vc~u~•i~atice ~i u~c~~~a, ~j.u
shall be completed no later than ten (10) montha after date of
~ommencement, provided, however, these time limitations shall be .
extended by reason of any time lost due to an Act of God, war,
civil insurrection, strikes or-other events over which the Lessee
has no control.
c. Plans, Specifications and Estimates. Within thirty (~0) ;
days after e occurrence o amage requ r ng replacement or re- ;
pair of improvements to the Demised Premisea, Kherein such replace- ;
• ment or repair requirea the issuance of a building or other permit ~
by and pursuant to the ordinancea of
a governmental authority, the r
Lessee shall supply to the Lessor plans ar~d specifications for such ~
reconstruction and repair. Said plans and specifications shall be ~
prepared by and be under the certificate of an architect licensed ;
to practice in the Stat~ of Flor~da. Within thirty (30) days there- ~
after the Lessee sha12 furnish to the Lessor a copy of a contract
executed by an independent, license~i, general contractor Nherein ~
the work, labor and materials indicated by such plans and specifi- ;
cations are to be furnished at an agreed price and a performance, ~
completion and payment bond is provided for. ~
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d. Proceeds of Insurance.
(1) F~nd. In the event proceeds of insurance shall
be pavable-'bv
reason of damage and/or total or partial
destruction of the Demised Premises, or at~ portion there-
' of, and as often as such insurance proceeda shall be pay-
~ able, the same shall be paid to the Lessor, and said su~ ;
~ so paid shall be deposited in a special account of the Les-
; sor in a bank 3n St. Lucie County, Florida, and such sums
~ shall be available to the Lessee for the purpose of recon- ~
; struction and repair pursuant to the provisions of this ~
paragraph. Such monies shall be paid out of said special }
~ account from time to time by the Lessor upon the certif'i- ~
cate of the Lessee or of the contractor who has contracted 3
~ for the performance of such reconstruction and repair, cer- ~
~ tifying.that the amount of the payment is being applied to ~
~ the payment of obligations incurred for such reconstruction g
- and repair, provided, however, the Lessor shall have the ~
~ right to make such payment directly to the sub-contraetor
~ or materialman to whom sums of money may be due and owing
~ from time to time, as reflected in such certificate, and
~ provided, further, that the Lessor shall have the right to
require the-Lessee at the time of contracting for or under-
taking such repair or reconstruction, and~or at such addi- i
h3 tional time thereafter as may be appropriate, to provide =
~ evidence satisfactory to the Lessor that at all times the `
- undisbursed portion of such fund in said bank account is
sufficient to pay for the reconstruction and repair in ita
entirety, and if at any time it should reasanably appear
to the Lessor that said funds will be insufficient to pay
_ the full cost of said repair and reconstruction, the Les-
see will immediately and forthwith deposit into said 11xnd ;
such additional monies as may be reasonably neceasary to ~
~ pay such full costs. Upon the completion of the said re- ~
~f construction and/or repair, and upon the Lessor having ~
been provided with receipted billa ar~d full and final waiv-
ers of lien as to all work performed and material supplied, _
= any monies remaining in sald special account shall be paid ~
= over and disbursed by the Leasor to the Lessee.
(2) In any instance where the proceeds of insurance ~
for dama~e or destruction shall be less than ~5,000.00 for ?
_ reason that it reasonably appeara that the cost of repair ~
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ao~K198 PAGE 45 `
~ ~a~Y OFFICES OF GOLQSTEfN. FRANKLIN, GHONIN ~ SCHRANK. P. A.. 2020 fvORTMEAST 163no STREET. NORTH MIAf.II BEAGH. FLORIDA 33162 ~