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HomeMy WebLinkAbout1571 b. R~construction and Re air b Lessee, The Lessee, at its expense, s a repa r an reconstruc , f necessary, any and all improvemtnts, buildings and structures damaged, a~d shal~ replace or repair a12 personal property damaged so as to restore the same into good condition. For the purpose of this paragraph, as~w~ll as when used elsewhere in this Agreement, "gcod 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 replacing or re~air of any damaged or destroyed improvements or personal property shall be commence~ not later than sixty (b0) days after the occurxen~e of damage, and shall be completed no later than ten (20) months after date of commencement, 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. Flans S ecifications and Estimates. Within thirty (30) days after~t -e~occurrence o damage requiring replacement or repair of improvements to the Demised Premises, wherein such replacement 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 p~ans 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 thereafter the Lessee shall furnish to the Lessor a copy of a contract executed by an ~ independent, Iicensed, general contractor wherein the work, labor and materials indicated by such plans and specificatians are to be furnished at an agreed price and a performance, completion and payme~t bond is provided for. d. Proceeds of Insurance. (1} Fund. In the event proceeds of insurance shall be payable-~reason cf damage and/or total or partial destruction of the Demised Premises, or any portion thereof, and as often as such insurance prcceeds shall be payable, the same shall be paid to 'he T^^~~r, and said sums so paid shall be deposited ir. ~~count of the Lessor in a bank in St. Lucie r~•~ ~ , and such. sums shall be available to purpose of recon- struction and repair pur _ visions of this paragraph. Such monie~ . •.:.~t of said special account from time to t: .•.-_r upon the certifi- ' cate ~of the Lessee or oi who has contracted ! for the performance, of such ~ction and repair, ' certifying that the amaunt of the payment is being applied ' to the payment of obligations incurred for such reconstruction ~ and repair, provided, however, the Lessor shall have the right to make such payment directly to the sub-contractor ~r materialman to whom sums of money may be due and owing i from time to time, as reflected in such certificate, and f 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 ' additional 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 its ent?rety, and if at any timc it should reasonably appear to the Lessor that said funds will be insufficient to pay the full cost of said repair and reconstruction, the Lessee will immediately and forthwith deposit into said fund such additional monies as may be re&sonably necessary to pay such full costs. Upon the completion of the said reconstruction and/or repair, and upon thA Lessor having been provided with rece_pted b~lls and full and final waivers'of Iien as to all work performed and material supplied, any monies remaining in said special account shall be paid o~~er and disbursed by the Lessor to the Lessee. ~o~~ 2~1 p~~~5S9 ~ ~ . ~ ~~'1 -y- 2 it (a7 ~ ~ ~ 4 , z , - . - , Y - . _ y _ ~ _ ~ ~ -s: , . ~.___'Y^, _N ~~J a ...:--.u~..~1_w::_~ "