HomeMy WebLinkAbout0760 companies, doing business in the State of Florida, for:
Fire and extended coverage and Flood Hazard at
least to 80% of the insurable replacement
value of the buildings, with loss payable
clauses included for the benefit of the Lessor.
Public liability insurance insuring Lessor
and Lessee against injury to person or loss -
of life arising out of the use and occupation
of the leased premises with limits of Five
Hundred Thousand Dollars ($500,000.00) for one
person and One Million Dollars ($1,000,000.00)
for any number of persons injured or killed in -
any one accident and shall deposit with Lessor
appropriate certificates of the existence of
such insurance executed by Lessee's insurance
carrier. In lieu of the foregoing, Lessee
shall notify~Lessor that it carries such
public liability coverage under a blanket policy,
stating the amounts thereof and that the Lessor
of the leased premises has been added as a
co-insured.
Lessee agrees that it shall at all times
protect, indemnify, save and keep harmless the
Lessor against and from any and all claims aris-
ing out of or from any accidents or other occur-
rence on or about said premises causing injury
to any person or persons or property whomsoever
or whatsoever and due directly or indirectly
to negligent use of the leased premises, or .
any part thereof, by said Lessee, its officers,
employees, agents, Lessee's permittees, or by -
sufferance by Lessee.
In addition, Lessee agrees•to annually furnish
to Lessor a copy of Lessee's insurance appraisals.
XI
I! MORTGAGES
I 1. Lessee shall be entitled to mortgage the premises
leased herein to secure repayment of the funds used to con-
struct the buildings on the leased premises; further, Lessee
shall be entitled to refinance the premises by executing
a new, or renewal, mortgage to secure repayment of funds
borrowed for an expansion of the Motel located on the leased
premises; in each instance, Lessee will give Lessor sixty
(60) days written notice of its intention to execute a
mortgage, and will furnish Lessor with such information regarding
said financings as Lessor may request; furthermore, Lessee
will instruct the mortgagee and mortgagee will agree to give
Lessor thirty (30) days written notice of default b}Y Lessee
prior to mortgagee's taking any action in the event of
default under the mortgage.
. aoo~ 331 P~cE ~
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