HomeMy WebLinkAbout0850 b. li~~cc~nstruction .?nci tt~ ~,,ir 1, L~ss~:a. The Lessee~ at
its expense, s~~ repair and rtconstruct, if necess~ry~ any and
all improvem~nts~ buildings and structures damaged, and st~all
replace or repair all personal property damaged so as to restore
' the same into good condition. For the purpose of this p:~ra9raph~
as wall as ~vh~~n used els~:whcre in this Agrec~ment, "good condition"
shall m~:an the best condition in which it is reasonably possible
to replace the real or personal property involved. Work neces-
sary to accomplish the repl:~cing or repair of any damaged or
destroyed improv~ments or person~l property shall be commenced
not later than six~y (60) days after the accurrence of damaye~
and shall b~ completed no later than ten (10) months after date
of commence~nent. provided, however, these tima limitations shall
be extended by reason of any time lost due to an Act of God, ~var,
civil insurrection~ strikes or other events over which the
Lessee has no control.
c. Plans S ecific~tions and Estimates. Within thirty (30)
days after t ~ occurrence o dan~age requiring replacement or
repair of improvements to the Uemised Premises. wherein such
replacement or repair requires the is:uance of a building or ott~er
permit by and pursuant to the ordin~nces of a governmental
authority, the Lessee shall suE~~ly to the Lessor plans and
specifications for such r~construction and repair. Sa~d ~~lans
and specifications shall be Frepared by and be under the
certificate of an architect licensed to practice in the State
~ of Florida. Within thirty (3U) days thereafter the Lessee
shall furnish to the Lessor a copy of a contract executed by an
in~lependent, licens~d, gener~l 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.
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d. F~rocecds of Insur;~nce.
(1) Fund. In the event proceeds of insurance shall
be payable~iy~reason of damaae and/or total or partial
destruction of the Demised Premises, or any portion thereof,
and as often as such insurance proceeds shall be payable,
the sarne 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 and repair pursuant to the provisions of this
paragraph. Such monies shall be paid out of saici special
account lrom time to time by the Lessor upon the certifi-
cate of the Lessee or of the contractor who has contracted
for the performance of such reconstruction and repair,
certiiying that the arnount of the payinent is being applied
; - to the payment af obligations incurred for such reconstructicn
! and repair, provided, hosvever, the Lesscr shall have the
' right t~ rn~kc: such payrnent directly to the sub-contractor -
' or materialm~,n to whom sums of money may be due and ~wing
~ from timc: ta time, as reflected in such certificate, dnd
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 tirne therediter as may be appropriate, to provide
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~ evidence satisf~ctary to the Lessor that at all times the
undisbursed portion of sueh fund in said bank account is
sufficient to pay for the reconstruction and repair in its
er~tirety, and if at any time it should reasonably appear
; to the L~ssor 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 m~y be rQasonably necessary to pay
: such full costs. Upon the cor~pletion of the said reconstructior
k and/or repair, and upon the Lessor having been provided with
E receipted bills and full and final vw ivers'of lien as to all
; work performed and material supplied, any monies remaining
` in said special account shall be paid over and disbursed
; by the Lessor to the Lessee.
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