HomeMy WebLinkAbout0922 b. Reconstruction and k~ ~~ir h I.essce. The Lessee~ at
its expense, s ~ repa r and-reconstruct, if necessary. any and
all improvements. buildings and struc~ures damaged~ and shall
replace or repair all personal property damaged so as to restore
the same into good condition. For the purpose of this paragraph,
as well as when used elsewfiere in this Agreement, "good 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 repair of any damaged or
destroyed improvements or personal property shall be commenced
not later than sixty (60) days after the occurrence of damage,
and shall be completed no later than ten (ZO) months after date .
of commencement, provided, however, these time limitations shall ~
be extended t~y reason of any *ime lost due to an Act of God, wai,
civil insurrection, strikes or other events over which the
Lessee has no control. •
c. Plans S ecifications and Estimates. Within thirty (30)
days after t e occurrence o damage requ~ring replacement or
repair of improvements to the Demised Prem~ses, wherein such
~ replacement or repair requires the is~uance of a building ox 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 plans
and specifications shall be Frepared 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, licensed, generai contractor wherein the work,
labor and matarials indicated by such plans and specifications
are to be f~rnished at an agreed price and ~ performance,
completion and payment bond is provided for.
d. F'roceeds of Insurance.
~
; (1) Fund. In the event proceeds of insurance shall `
; be payable~y reason of damage 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 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 and repair pursuant to the provisions of this
paragraph. Such monies shall be paid out of said special
accaunt from time to time by the Lessor upon the certifi-
cate ot 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 paymant 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
or materialman to whom sums of money may be due and owing
from time to time, as reflected in such certificate, and
provided, further, that the Lessor shall have the right to
req~ir'~ the Lessee at the timE of contracting for or under-
taking such repair or reconstruction, and/or at such
additional tzme thereafter as may be appropriate, to provide
evidence satis£a~tory 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
entirety, and if at any time 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 ressonably necessary to pay
such full costs. Upon the completion of the said reconstTUCtior
and/or repair, and upon the Lessor having been provided with
receipted bills and full and final waivers'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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