HomeMy WebLinkAbout0066 b. Reconstrur.tian and Re air b Lessee~. 1'he Lessee, at
its expense, s a repa r an re~~onstruct~ f necessary, ~ny and
all improvement~, bu~ldings and structures d3maged, and shall
replace or repair ali personal property damaged so as to restore
the same inte good condition. For the purpose of thi~ paragraph,
as well as when used elsewhere in this Agreement, "good condition"
shall mpan the best co~dition in which it .is reaso~ably possible
to replace the z~eal or personal property involved~ Work neces-
sary to accon~p2ish the replacing or repair of any damaged or
destroyed improve„~ents or p~rsonal property shall be commenced
not later than sixty (60} days after the occurrence of damage,
and shall be completed iio later than ten (10) months after date
of commencement, provided, however, these time limitations sha11
be extended by reaso~ of any time lost due to an Act of God, war,
civil insurrection, strike~ or other events over which the
Lzssee has no control.
c. Plans S ecifications and Estimates. Within thirty (30;
days after the occurrznce o damage requi~ring replacement or
repair of imFrovements to the Demised Premises, wherein such
replacement or repair requires the is~i~ance of a building or other
perrr~it by and pursuant to the o=dinances of a governm~ntal
authority, the Lessee shall supply to the Lessor plans and
specifications for such reconstructican and repair. Said plat~s
and specifications shall be prepared by and be under the
certificate of an architect licensed to practice in the Stat~
of F?~~~~~~ Within thirty (30) days thereafter the Lessee
shall furnish to the Lessor a copy of a contract executed by an
independent, licensed, general contractor wherein the work,
labor and materials indicated by such plans and specifications
are to be furnished at an agreed price and 3 performance,
completion and payment bond is provided for,
d. Proceeds of Insurance.
(1) Fund. In t:~e event proceeds of insurance shall
i~e payable by reason of damage andj:;r total or partial
destruction o£ the Demised Premises, or any portion thereof,
and as of ten as such insurance pi•oceeds shall be payable,
the same shall be paid to the Lessor, and said sums so
paid shall be deposited in a special account of the Lessor
in a bank in St. Lucie County, Florida, and such sums
shall be available to the Lessee for the purpose of recon-
struction a~d repair pursuant ~o the provisions of this
paragraph. S~ch m~nies sha11 be paid out of said special
acccunt from time to time by the Lessor upon the certi£i-
cate of the Lessee or of the contractor who has contracted
for the performance of such reconstruction and repair,
certifying that the amount of the payment is being applied
to the payment of obligations incurred for such reconstruction
and repai~, provided, however, the L~ssor shall have ~he
right to make such payment directly to the sub-contractor
~ or materialman to w};om sums of money may be due ar.d owing
£rom time to time, as reflected in such certificate, and
~ provided, further, that the Lessor shall have the right to
; require the L~ssee at the time of contracting for or under-
; taking such repair or reconstruct:on, and/or at su~h
; additional time therearter as may be appropriate, to provide
' evidence satisfactory to th~ Lessor that at all times the
undisdursed portion of such fund in said bank account is
sufficient to pay for the reconstruction and repair in its
Entirety, and if at any time it should reasonably appear
to the Lessor that said funds will be insufficient to pay
the full cast of said repair and reconstruction, the Lessee
will imr.tiediately and forthwith deposit into said fund such
, additional monies as may be re~sonably necessary to pay
such full costs. Upon the co;npletion of the said reconstruction
and/or repair, and upor~ the Lessor having been provided with
` rece~.pted b~l~s and full and final ~v~ivers ~of lien as to all
~ work perf~rm~d and mateiial supplied, any monies remaining
zn said special account shall be paid over and disbursed
by the Lessor to the Lessee.
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