HomeMy WebLinkAbout0563 ~sLi~ate is being applied to the payr?ent of the reconstruction or
ra~~ir and at a reasonable cost therefor, provided, however, that it
~:;a~3 be the duty of the Lessee, at the time~ of creating such joint ,
~aak accour.t, and from time to time thereafter until the said work
o~ co:.s~ruction or repair shall have been completed and paid for to
~.~~o:.d the Lessor adequate evidence of the fact that at all times
~ae ;:ndisoursed portion of the fund in said joint account is suffi-
;.i~:.t to pay for the wor~c of construction or repair in its entirety,
4:~a i~ the said fund is at any time insuff icient to pay for the full
cc~:. ~r tha job, the Lessee shall immediately and forthwith deposit
i.:~~ said fund such ~unds as may be necessary and to procure
_acei~~ed bil:.s and full and final waivers of lien when the said
w;,r~: s:zall have been completed and done. It shall be the duty of
~'r,a i,essee to cause such showing to be made and such repairs to be
Gcco:zplisY~.zd as often as the premises may be damaged or may need
-re~airs; and all of such work shall be effected, completed and paid
~or as promptly as the exercise by the Lessee of due diligence
:~~~as ~ossible, and in any event, it shall be completed within nine
(S) :rior.tns after the time when the loss or damage first took p~ace;
'a::~ s~ch nine-month period shall be enlarged by any delays caused
w~taout faul~ or aeglect on ;he part of the Lessee, by acts of God,
s~rikes, loc~cou~s or other conditions which are not attributable to,
or are caused~by the Lessee's default or neglect to exercise due
diiir,ence. The work, when completed, shall restore the premises
s::bstantially to the condition in which they existed be~ore such
n~..-~age or destruction took place, and in any event, they shall cause
~ne premises, as restored, to have a value which is not less than
; ~:.a value which the prer??ises had or possessed prior to the Ioss Qr
i da.-;~age which made such repairs or reconstruction necessary. Lessor
~ s:.all nave the right to require the Lessee to obtain a completion,
~ ~e~~ormance and payment bond in an amount and in the form and with
~ a co:apany licensed to do business in the State of Florida, approved
~ 'ay the Lessor. In the event the property described in Exhibit B is
4 s::~:.zitted to condominium ownership, then in such event, the pro-
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~ visions in said Declaration under the Article covering Casualty
~ i:surance relating to the rights and designation of the institutional
~ ~~rs~ mortgagee specif ied in said Declaration are hereby incorporated
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~ nerein by reference, together with the -right of said institutiona
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~ first mortgagee to require the insurance proceeds to be endorse
by the Lessor and Lessee herein to the Insurance Trustee as specified
~ ir. said Declaration and di:sbursedby said Insurance Trustee upon `the
~ a~proval of tr.e Lessor, Lessee and said institutional first mortqayee.
~ D. The originals of all such policies shall be delivered to
~ ~ yessor by Lessee along with the receipted bills evidencing the
~ ~~c~ ~;,at tY:e ~:e:aiuns therefo: a:e paid; ~ but nothing herein
~ co:.*ai:.ed shall be construed as prohibiting Lessee from financinq
;.:.e pre:niums wnera the terns of t:ie policies are for three (3
~ yesrs o: more, and in such event, the receipts shall evidence it to
tne ~act that the installmeat prenium paylrrent or payments are
:~~d at o: before their respective maturities. Where, however,
t'r.ere is a r..ortgage on the premicat croatad purauant . to tho provisions
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L,AW OFFICES BART L. COHEN, CITV NATIONI.L BANK BUILOINC3, MIAM1, FLORI~A
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