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Yepair an~ 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 us often as such mo~ey shall be paid to
Lessor and the Lessee, said sums so paid shall be deposited in a joint
account of Che LessoY 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, i.mprove-
ments or personal property datnaged or destroyed by ffre. windstorm or
other casualty_for which insurance money shall be payable and shall be.
by the Lessor and the Lessee, paid out from said joinC account from tine
~to time on the estimates of an architect licensed as such in the State
of Florida a~nd having supervision of such construction and repair,
ceYtifying that the amount of such estimate is being applied to the paymen
of the reconstruction, repair or replacement and at a reasonable cost
thereof, Provided, however, that it shall 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 completed 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
i~ediaCely deposit into said fund such additional sums as may be
necessary and will procure receipted bills and full and final waivers of
lien when said woTk 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 all of such work shall be effected,
completed and paid for as prc?mptly 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. th~y
shall 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 wi.thin six (6) months from
date of loss, Less~e shall have the option to terminate this~lease
without any further liability thereunder.
11.5 Surplus. 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
I'~ used to paq any. amounts due the Lessor at that time. .
! ~ ~ 11~.6 Mort a ees. Notwithstanding anything contained herei~
~ it is agreed that arry inst tut 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 requiYe.
12. DEMOLITIUN, CONSTRUCTION AND MAJOR AtTERATIONS. Lessee
shall undertake no emo ition or new construction on t e emised
premises, nor shaLl tessee make any ma3or alteration in the buildings
lacated 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 st~all require.
Nothing in ~his paragraph shall ever be construed to relieve Lessee
of its obligation to maintain and repair the improvements located
upon the de~;ised~ premises .
13. 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 ~e~s¢.
~ ~R2g3 397
~ . 80GK PAGF
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