HomeMy WebLinkAbout2895 ~ When, in compliance with the proviolone of this paragraph, the `
Lessee shall furni3h policies insurin~ the aetual replacerrent
costs, said valuation shall be without deduction or deprec2ation
~ insofar as such coveraCe may be obtainable, arxi in such case the
-term "maximum insurable value" as used herein shall mean the
~ actual replacement cost of the property required to be insured ~
without deduction Por depreciation. ~
_ All insurance required to be carried ahall be effected under
. policies written in such form and issued by such companies aa
. shall be approved by the Lesaor, who ehall not unreasonably
withhold such approval. Al1 policiea shall be for the benefit '
of the Lessor and the Lessee as their respective interests may ~
~ appear, and shall be sub~ect to such provisions as nartgagees
of the Demised Premises may require.
~ 13. Reconstruction and Repair. Upon the occurrence of ar~y
. damage or o a or par a es ruc ion to any portion of the Demised
Premises, whether or not the casualty causing such damage be insured
~ against, and whether or not, if insured, any proceeds are paid ~in
aennection therewith, the foregoing provisions shall app~}r:
a. Lease to continue. The destruction, alteration, dem-
• olition or non-use or o er deterioration in cotxlition of the
Demised Premises or any portion thereof, regardless of the na-
ture thereof or events which cause such destruction, alteration,
~ demolition or non-use, except taking by e~nent domain, shall ~
not in any way reduce, abate or suspend the I.essee's obligations
and covenants hereunder nor shall the same efPect a tez~caination
' in whole or in part of this Lease.
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~ b. Reconstruction and Repair by Lessee. The Lessee, at its
; ~ expense, s a rg~a r a reec>n c;- nerce~s-a~~i;-- any and
_ ~ 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 paragraphs
~ 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 accomplish the xeplacing or repair of any damaged or de-
~ ~ stroyed improvements or personal property shall be commenced not
° • later than sixty (60) days after the occurrence of damage, ard
~ .
~ - shall be completed no later than ten (10) months after date of
~ . commencement, provided, however, these time limitations shall be
~ extended by reason o~ any time 2ost due to an Act of God, war,
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civil insurrection, strikes or other events over which the Lessee
~ ~ - has no control.
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- c. Plans Specifications and Estimates. Within thirty (30)
~ days after e occurrence o amage requ ng replacement or re-
pair of improvements to the Demised Premises, wherein such replace-
~ ment or repair requires the issuance of a building or other permit
~ by and pursuant to the ordinances of a governmental authority, the
._Lessee shall supply to the Lessor plans and 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 State of Florida. Within thirty (30} days there- =
' after the Lessee shall Purnish to the Lessor a copy of a contract
executed by an independent, licensed, gen~eral contractor wherein
~ the work, labor and materials indicated by such plane arxl specifi-
cations are to be furnished at an agreed priee an~d a performar~ce,
_ aompletion and payment bond is provided Por.
~ . d. Proceeds of Insurance.
. (1) Ftind. In the event proceeds of insurance shall
- ~ be payable~y-reason of damage and/or total or partial
_ . destruction of the Demised Premises, or any portion the re- -
_ of, and as often as such insurance proceeds shall be pay- `
~~5 able,. the same shall be paid to the LeBSOr, and said sun~
so paid shall be depoaited in a apealal account oP the Lea-
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- U?W OPfIC¢B O/ GOLDiTEiN, FAANKLIN. CHONIN ~ iCHNANK. 1. A.. 2020 NORTH[AST IS,~O YTR[[T. NOATN MIAMI BEACH, F1~0°;
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