HomeMy WebLinkAbout1894 c. From the inception of any construction w~ork which
Lessee may eEfect on the Demised Premises and as often as the
Lessee.may construct a building or make a substantial alteration
in a building, the Lessee will cause workmen's compensation
and builder's risk insurance policies to be written. Said
policies will be subject to the approval of the Lessor and will
provide coverage at all times when such construction is in progress.
d. In the event of the damage or destruction of any ~
of the buildings, improvements, equipment, furniture and fixtures
~ now or hereafter constructed or brought upon the Demised Premises
by fire, windstorm or any other casualty for which said insurance
is payable, and as often as such insurance money will be paid to
Lessor and the Lessee, said sums so paid will be deposited in a
joint account-of the Lessor and the Lessee in a bank designated
by the Lessor and will be availabZe to the Lessee for the
reconstruction, repair or replacement, as the case may be, of
any of the said buildings, improvements, equipment, furniture
or fixtures damaged or destroyed by f ire, windstorm, or other
casualty for which insurance money is payable and will be paid '
out from said joint account from time to time on the estimates
of an architect licensed as such in the State of Florida and
having supervision of such construction and repair, certifying ~ ~
that the amount of such esti.mate is being applied to the payment ~
of the reconstruction, repair or replacement and at a reasonable ~
cost therefor. Provided, how~ever, that it will be the duty of
the Lessee, at the time of creating such joint bank account
and from time to time thereafter until the said work of repair
or reconstruction shall have been completed and paid for, to
afford the Lessor adequate evidence of the fact that at all times
the undisbursed portion of the fund in said joint account is ;
sufficient ta pay for such reconstruction, repair or replacement +
in its entirety; and if the said fund is at any time insufficient
ta pay for the full cost of the job, the Lessee will immediately
deposit into said fund such additional sums as may be necessary ~
and will procure receipted bills and full and final waivers of
lien when said work shall have been completed. It will be the duty ,
of the Lessee to cause such showing to be made and such to be
accomplished as often as said buildings, improvements, equipment,
furniture or fixtures may be damaged, destroyed or lost; and all
of such work will be effected, completed and paid for as promptly
as the exercise by the Lessee of diligence makes possible. And, ;
in any event, it shall be completed within nine (9) months after the i
time when the damage, destruction or loss first took place. ;
However, such nine (9) month period will be enlarged by any delays ~
caused without fault or neglect on the part of the Lessee by acts ~
of God, strikes, lockouts, or any other conditions which are not E
attributable to, or are not caused by, the Lessee's default~or ;
neglect to exercise due diligence. The work, when completed, ;
~rill restore the Demised Premises substantially to the condition
in which they existed before such damaget destruction or loss took
place; and, in any event, it will cause the Demised Premises, as `
restored, to have a value which is not less than the value which
the Demised Premises had or possessed prior to the damage or loss
which made such repairs or reconstruction necessary. The Lessor will
have the right to require the-Lessee to obtain a completion,
performance and payment bond in an amount and in the form and
with a company licensed to do business in the State of Florida,
approved by the Lessor;.and any first mortgagee may require ~
such insurance proceeds to be disbursed only upon the approval
of the Lessor, the Lessee and said first mortgagee.
e. The originals of all such policies will be delivered
to the Lessor by the Lessee, together with receipted bills evidencing
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FEE. PARKER & FEE. P. A.
ATTORNEVS A7 lAW ~ooV p~~C1893
POST OFFICE BO% 1000 M1 r i
FORT PIERCE. FIOR~DA 33450
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