HomeMy WebLinkAbout0683 C. In tr,e event of tne destructior. o.: tne sti~.d bui~dir.o or
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~rr~proven,ents, or said persona~ propert,y by .:ire, w~ndsto:.~? or ar.y other
casua3.ty for which ir.surance wi~i be payable, ar.d ss o.:~en as suc'r. in-
s~;rance ;nor.ey shal~. be paid to Lessor ar,d tr.e •Lessea , sa:.d su.~,s so paid
- shai~, be rie~osited ir. a joint accour.t of the Lessor and the :.essee, ~n
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a ban:c aesignated by the Lessor, and shall be avai~ab~e to Lessee for
~ne reconstruction or repair, as the case r~.ay be, of ar.y buildi:,g or
buiidings da;naged or destroyed by fire, windstorrr. or otr.er casualty ~or
whicr. insu~ance money snall be payable ar~d shall be, by tr,e Lessor anc
t'r.e Lessee, paid out from sa~d ~oint accoun~ from time to t::r,.e, or. tr,e
es~irr.ates of an architect, 3icensed as sucn in the SLat~ of Florida,
haY~r~g supervision of sucr, cor.structior. and repair, certifyin~ t'c.a~ tr.e
ar,~ou.ZL o~ such estimate is being appl~ed to the payment oi t:~e reconstruc-
tion or repair and at a reasonaoie cost therefDn, provided. however,
that it shall be the dutv of t'r.e Lessee, at, the ti:ne of creatin~ such
ioin~ oank account, and fror~. time to Z:~:r,e thereafter until t'r.e said work
of recor,struction or repair sr,all have been completed and paid ~or ~o
afford tine Lessor adQquate evide :ce of the fact t'r.at at all t:ir~es the
ur~disbursed portion of •the fund in said ioint bank account is suf~ icient '
to pay for the work or recons~ructior. or repair in its entirety, ana i:
t'r~e said fund is at any tirr~e ir,sufficier.t to pay for the fuli cos~ o~ the
~oa, the I.essee sr,all imr?ediately and ~orthwith deposit into said fund
sucn funds as ~ay be ne ce ssary and to procure re ceipted bilis a:d ~ uli `
and f~nal waivers of lien when the said work s'nall.nave been cor„pieted :
ar,d done . ~
D. The originals of all such policies.sr.all be dei~vered to
i.essor by Lessee along ~iith the receipted bills evidencing the ~act that
~:e premiums tnerefor are paid; but nothing hereir~ contained sha?11 be
construed as prohibiting Lessee from financing the premiums w:?ere the
~e: zr.s of the policies are for three ( 3) yea: s or r;.ore , and ~n suc: event,
t:~e receip~s shall evidence it to be t'r,e fact ~hat the instai~;:ar.t prem- i
iw;. payment or payrr,ents are paic~ at or before their respective :,ia~ur~-
~~es. VJhere , however, there is a ~r•ortgage or. t'r~e prerr.'ises, ana ,
ar.der ~he terms of such mortgage or mortgages, is obliga~o:y upo:.
t'r.e ;.essee to cause the originals of sucr. polic~es ~o be deiive: eci to
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