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HomeMy WebLinkAbout1893 deposit with the Lessor such reasonable security as may be requested by the Lessor to prevent any forfeiture or sale of ~ the Demised Premises, or said improvements, buildinqs, equip- ment, furniture or fixtures. ~ Nothing in this Article 9 will obligate the Lessee to pay income, inheritance, estate or succession tax, or any tax in the nature of such taxes, or any other tax which may be levied or assessed against the Lessor, with respect to or because of the income derived from this Lease; nor will the Lessee be obZigated to pay corporation franchise or excise taxes which may be assessed or levied against the Lessor or against any corporate successor of the Lessor. 10. INSURANCE TO BE OBTAINED BY LESSEE. The Lessee shall obtain insurance as follows: a. The Lessee will cause to be written a policy or € policies of~insurance in the form generally known as public ' liability and property damage and/or owners', landlord ~nd ~ tenant po1icies, insuring the Lessee against a~y and alI claims ~ and demands made by any person or persons whomsoever for injuries ~ received in connection with the use, operation and maintenance = of the improvements, buildings, equipment, furniture and fixtures ' now or hereafter constructed or brought upon the Demised Premises and for any other risk generally insured against by such policies, each class of which wi11 be written within limits of not less than $300,000.00 for damages incurred or claimed by any one ~ person and for not less than $600,000.00 for damages incurred by more than one person. All such policies will name the Lessee and Lessor, as their respective interests may appear, ~ as the persons insured by such policy or policies and the ~ original or a true copy of each of such policies will be ~ delivered by the Lessee to the Lessor promptly when written, together with adequate evidence of the fact that the premiums therefor are paid; and, in any event, such policies and evidence of payment by the Lessee of the premiums will be delivered by i the Lessee to the Lessor before the expiration of any then similar coverage and in time to assure the Lessor that such coverage will be carried continuously. ~ b. The Lessee will keep insured any and all buildings, improvements, equipment, furniture and fixtures now or hereafter constructed or brought upon the Demised Premises with good and responsible-insurance companies ~ authorized to do business in the State of Florida, for protection against all loss or damage to such property by fire, windstorm _ ~ or causes insured against by "extended coverage"; and wherever ~ the doctrine of co-insurance might apply to any such insurance, ~ then the amount of the insurance so carried by the Lessee will ~ be at all times sufficient to prevent co-insurance on the part . of the Lessor and the Lessee. All such policies will be payable in the event of loss jointly to the Lessor and the Lessee, as their respective interests may appear. Nothing herein contained, however, will be construed as prohibiting the attachment to such policies of a standard mortgage form clause, but, in such event, the said mortgage clause wi11 identify briefly the interest of the mortgagee, such as, for example, stating "first mortgagee of the fee simple title", or "mortgagee of Lessee's interest in lease". The amount of insurance required, as specified in this paragraph, will be an amount equal to the maximum insurable replacement value, as determined annually by the Lessee, its successors, assigns, or agents, and as approved by the Lessor. -7- FEE. PARKER & FEE. P. A. ~ ATTORNEVS AT LAW pOOK fHGE ~Virt POST OFFICE BOX 1000 FORT PIERCE. FLORIOA 33450 ~ a ~ `~-~z~"°. -i I i ~'a~ ~z' -?J.