HomeMy WebLinkAbout0476 repair and reconstruct any and all improvements so damaged to restore
the same to the original condition. If a loss occurs for which insur-
ance will be payable. and as often as such ~oney shall be paid to '
Lessor and the Lessee, said sums so paid shall be deposited in a joint ~
accouant of ~he Lessor and the Lessee in a bank designated by the Lessor ~
and shall be available to the Lessor for the reconstruction. repair or ~
replacement. as the case may be, of any of the said buildings, improve-
ments or personal property damaged or destroyed by fire, windstorai or
other casualty for which insurance money shall be payable and shall be,
by the Lessor and the Lessee, paid out from said ~oing 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 estimate is being applied to the payment
of the reconstruction, repair or replacement and at a reasonable cost
thereof. Provfded, however, that it sha21 be the duty of the Lessor,
at the time of creating such ~oint bank_account, and from~time to time
thereafter until the said work of reconstruction or repair shall have
been comp2eted and paid for, to afford the Lessee adequate evidence of
the fact that at all times the undisbursed portion of the fund in said
j oint bank account is sufficient to pay for such reconstruction. repair
or replacement in its entirety; and if the said fund is at any time
insufficient to pay for the full cost of the job,-the Lessor shall
immnediately deposit into said fund such additional sums as may be
necessary and will procure receipted bills and full and finaZ waivers of
2ien when said work shall have been completed. It shall be the duty
of the Lessor to cause such showing to be made and such to be accomplished
as often as said buildings, improvements, or personal property may be
destroyed, damaged or lost; and a11 of such work shall be effected,
completed and paid for as promptly as the exercise by the Lessor of
due diligence makes possible. The work, when completed, shall restore
the premises substantially to the condition in which they existed before
such destruction, damage or loss took place, and, in any event, they
shal2 cause the premises, as restored, to have a value which is not less
than the value which the premises had or possessed prior to the loss
or damage which made such repairs or reconstruction necessary. Should
the Lessor fail to restore the premises within six (6) months from
° date.of loss, Lessee shall have the option to terminate this lease
without any further liability thereunder.
12.5 Su lus. When after the payment of repair or
replacement of damage, pursuant to this paragraph, there shall remain
any surplus of the insurance proceeds, said surplus shall be first
used to pay any amounts due the Lessor at that time.
~ 12.6 Mort a ees. Notwithstanding anything contained herein
it is agreed that any nstitut onal first mortgagee owning any institu-
tional first mortgage encumbering the Recreation Center, may hold such ~
-insurance proceeds and funds and may impose such terms and conditions
to require the Lessor to supplement such funds in such amounts as may
be necessary to pay for reconstruction and repair~ to the disbursement
of the same, and to such other matters relating to such funds and
proceeds;.as such nortgagee may require. ,
13. DEMOLITION CONSTRUCTION AND MAJOR ALTERATIONS. Lessee
shall undertake no emo t on or new construct on on t e em sed
premises, nor shall Lessee make any major alteration in the buildings
located on the demised premises at the time of commencement of this
lease, without the prior written consent and approval of the Lessor
and upon such terms and conditions as the Lessor shall require.
Nothing in this paragraph shall ever be construed to relieve Lessee
-of its obligation to maintain and repair the improvements located .
upon the demised premises. '
14. MORTGAGES. No mortgage lien, or other encumbrance ~
against the mote property shall be considered or construed as a
mortgage~ lien, or other encumbrance against the fee simple title of
the Lessor in and to the Recreation Center or the Lessee s interest
under this lease.
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