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Home My WebLink About0562 X CASUALiY INSURANCE PROVISIO\S A, Y,essee cove:~an~s and agrees with I.~ssor that Lessee will o~~ times during the term of this Lease, keep insured any and G~; 'auildir.gs a~d improve~nents now or hereafter Iocated upon said ~a:ised premises ar.d all personal property which Lessee may bring r..u :ntair. uoor. t:~a premises, in order to comply with the ters;~s o~ ~i:~s Lease, in good ar.d responsible insurance compa:~ies aut2-.orized 3o b::sin~ss in Florida, or in such co:npanies as shall have been ,,.:~roved 5y Lessor and any mortgagee then holding a mortga5e a::c.x:~~~ing tne ree sir.tiple title to the demised premises, for _;,~~~~~ti~:~ 4gainst all loss or damage to said property by fire, a ~•r~:.~s ~o~:n or causes insured agains ~ by extended coverage" , and ~;.a 'aUildir.gs or improve:..ents on the premises at any time c~:.:.ai:~ boiiars or elevators, then Lessee will cause to be written ;s geae~ally known as boiler insurance policies and elevator ~:s;:raace volicies, and wherever the doctri.ne of co-insuranca might ' ~,-::~y to any such insurance, then the amount of the insurance so ? c~~~ied by I~ssee will be at all times suff icient to prevent co- i:sLra:.ce or. the par~ of the Lessor and the Lessee, and all such ~~~cies s:.all be payable ir. the event or loss jointly to the Lessor u:.a z;e I.essee, as their respective interests may appear. voth~ng :::::eia coatained, however, shall be construed as prohibiting the - a~~Qc'r..-;Ze:~t to ~ such policies of a standard mortgage form clause, but s~c'r. even~, t:.e said nortgage clause shall identify briefly the ~z:.erest of the mortgagee as such; such as, for example, stating "~~~st mortgagee of the fee simple title" or "mortgagee o~ the Ionq ~e~r.I.essee's interest in the Ninety-Nine Year Lease". The amour.t o~ ir.surance required, as sj.~ecified in this paragraph, shall be an ~ ; a.;,o::a~ equai to the maximum insura3le replace:r?ent value, as ~ cc:.er:ained annually by the Lessee and as approved by the Lessor. ~ ~ B. From the inception of any construction work which Lessee ~ :r.ay efiect on the demised premises, and as often as the Lessee may ~ co:~s~ruc~ a buildiag or make a substantial alteration ~r, a buiidir.g, ~ ~:e Lessee will cause Bu~lders' Risk Insurance Policies to be written ~ co.;.pliance with the prov~sions ~of the preceding paragraph, as such pa-ragraph relates to the nature, ninimum anount and naming of portion ~ assured by sLCh coverage, and said policies shall be subject to the ~ ap~roval of the Lessor. ~ : ~ C. Ir. the event of the destruction of the said building or = ~ ~ ;.z~-rovemen~s or said personal property by fire, windstorm or ar.y ~ o:.:er casualty for which insurance will be payable, and as o~ten as ; s~:c:~ insurance :toney shall be paid to Lessor and Lessee, said sums { ~ so ~a~d s;~all 'ae de~sited i; a joinz accoun~ of the Lessor ano tne ';z; yassae, ir. a bank designated by t'r.e Lessor, and shall be available ~ to :,assez :.o~ tha reconstruction or repair, as the case may be, o~ - 'aui~ding or buildings damaged or destroyed by fire, windsLOrm - o:.r.er casualty ~or whicr. insu:ance money shall be payable and by the I.essor and tho Lessee, paid out from said joint = ~c;.o::n:. ::rom tima to ~ime, on t,:e estimates of an architect, ' ; ~.~c~:.~aci as such in the State o~ r^lo~ ida, havinq supervision oz = :.~;ca coastruction and repair, certifying that the amount of such _ Ra^f ao~ 226 ~ 562 - - 5- LAW OFFICE3 BAFiT L. CONEN, CITY NATIONAL BANK BUILOING, MIAM1, FLORIDA _~,t ~:'r: s.; p