HomeMy WebLinkAbout2243 5. FIRE, WIND AND OTHER CASUALTY INSURANCE. The Lessee
hereby covenants and agrees with the Lessor that Lessee will, at
a11 times during the term of this lease, keep insured any and all
buildings and improvements that may be built upon or placed upon
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said demised premises, in good and responsible insurance companies
authorized to do business in the State of Florida, for protection
against loss or damage caused by or resulting from fire, windstorm, '
or other casualty, in an amount that wi12 be sufficient to prevent
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co-insurance on the part of the Lessor or the Lessee; provided
however, any standard deductible clause required by insurers for
unusual hazards will not be in violation of this covenant against
co-insurance. AI1 policies issued and renewals thereof shall
be payable in the event of loss jointly to the Lessor and
Lessee, as their interests may appear, In the event of the
destruction of said buildings or improvements by fire, windstorm,
or other casualty for which insurance money sha11 be payable, ~
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} such insurance money shall be deposited in the joint account
of the Lessor and Lessee in a Florida bank designated by ~
Lessee, and shall be available to the Lessee for the reconstruction
or repair, as the case may be, of any building or improvements
damaged or destroyed by fire, windstorm, or other casualty
for which insurance money shall be payable, and shall be
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by the Lessor and Lessee paid out of said joint account from
time to time on the estimates of any architect selected by ~
Lessee, licensed in the State of Florida, having supervision
of such reconstruction or repair, and at a reasonable cost
therefor. And the Lessee covenants and agrees that in the
event of the destruction or damage of the said buildings
or improvements on said premises, or any part thereof, and
as often as any buildings or improvements on said premises `
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shall be destroyed or damaged by fire, windstorm, or other ~
casualty, the Lessee shall ha~*e the same rebuilt and ready ~
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for occupancy w~thin eighteen (18) months from the date the ;
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insurance proceeds are made available to Lessee.
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