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due under the option by the Lessee to the Lessor, the Lessor
will deliver a Warranty Deed to the premises to the Lessee~pursuant
to the terms of the contract attached hereto as Exhibit A and
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incorporated into this lease.
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13. SECURITY DEPOSIT: At the time of execution of
this lease, the Lessor shall receive from the Lessee a
security deposit in the amount of One Thousand Two Hundred
,
Dollars ($1,200.00) which shall be retained by the Lessor
throughout the term of this lease. In the event that the
lease is terminated by agreement between the parties and the
premises returned to the Lessor in good condition and no
default occurs, then the security deposit shall be returned
to the Lessee. In the event that a default in the terms of
this lease occurs, or in the event that damage is done to
the premises, the security deposit shall be retained by the
Lessor and shall be applied toward the payment of any damages
which the Lessor might suffer. The security deposit will
not be applied toward the~purchase price in the event that
the Option to Purchase is exercised.
14. INSURANCE: The Lessee agrees to secure insurance
on the premises to the insurable value of the improvements,
not less than $25,000.00. In the event that the improvements
are destroyed and there is no default in any other terms in
this lease, the proceeds may be used to rebuild the improvements
on the premises. In the event that the parties determine
not to rebuild the premises, and to terminate the lease, which
right of termination shall be at Lessee's option, then $25,000.00
of the proceeds of the insurance shall be paid to the Lessor.
All sums over $25,000.00 shall be retained by the Lessee. In
addition, the Lessee shall carry liability insurance on the
premises and shall hold.the Lessor harmless from any damage
or injury which might result to a business invitee or to any
person who might be injured on the premises. ,
dD~XJ40 PAGE~:UJ~
; Page Five.
~ BRENNAN~ McALtLEY, HArSKAR 6 McA~ILEY, ATTORNEVS AT LAW, 519 SOUTH IN01AN RIVER OP.., FORT PIERCE. ilA. 33450
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