Common use of Abatement Clause in Contracts

Abatement. 19.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer have the right to demand, the Lease Payments as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions indicated in Exhibit C. 19.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 Repair the Project to full use. 19.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 The District shall notify Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 18 contracts

Samples: Facilities Lease, Facilities Lease, Facilities Lease

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Abatement. 19.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer have the right to demand, the Lease Payments as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions indicated in Exhibit C. 19.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 Repair the Project to full use. 19.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option optio to Exhibit D to the Facilities Lease n as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 The District shall notify Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 12 contracts

Samples: Facilities Lease, Facilities Lease, Facilities Lease

Abatement. 19.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer have the right to demand, the Lease Payments as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions indicated in Exhibit C. 19.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 Repair the Project to full use. 19.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 The District shall notify Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 12 contracts

Samples: Facilities Lease, Facilities Lease, Facilities Lease

Abatement. 19.1 20.1. If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer the Contractor have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C to this Master Facilities Lease. The Term shall cease at that time. 19.2 20.2. The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C. 19.3 20.3. The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to:insurance 19.3.1 20.3.1. Repair the Project to full use.; 19.3.2 20.3.2. Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Master Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 20.4. The District shall notify Developer the Contractor of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 3 contracts

Samples: Master Site Lease, Master Site Lease, Master Site Lease

Abatement. 19.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall the Developer have the right to demand, the Lease Payments as indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C. 19.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 Repair the Project to full use. 19.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C to this Facilities Lease. 19.4 The District shall notify the Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 3 contracts

Samples: Facilities Lease, Facilities Lease, Facilities Lease

Abatement. 19.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall the Developer have the right to demand, the Lease Payments as indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. Nothing in this section shall relieve District of its obligations, nor deny Developer its rights, under section 15.2. 19.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C. 19.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 Repair the Project to full use. 19.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C to this Facilities Lease. 19.4 The District shall notify the Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 3 contracts

Samples: Facilities Lease, Facilities Lease, Facilities Lease

Abatement. 19.1 19.1. If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall the Developer have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C to this Master Facilities Lease. The Term shall cease at that time. 19.2 19.2. The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C. 19.3 19.3. The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 19.3.1. Repair the Project to full use.; 19.3.2 19.3.2. Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Master Facilities Lease by appropriate endorsement; or 19.3.3 19.3.3. Exercise the District’s purchase option as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C to this Master Facilities Lease. 19.4 19.4. The District shall notify the Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 3 contracts

Samples: Master Facilities Lease, Master Facilities Lease, Master Facilities Lease

Abatement. 19.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall the Developer have the right to demand, the Lease Payments as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions indicated in Exhibit C. 19.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 Repair the Project to full use. 19.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 The District shall notify the Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 3 contracts

Samples: Facilities Lease, Facilities Lease, Facilities Lease

Abatement. 19.1 19.1. If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall the Developer have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 19.2. The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C. 19.3 19.3. The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 19.3.1. Repair the Project to full use.; 19.3.2 19.3.2. Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 19.3.3. Exercise the District’s purchase option as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C to this Facilities Lease. 19.4 19.4. The District shall notify the Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 2 contracts

Samples: Facilities Lease, Facilities Lease

Abatement. 19.1 20.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer the Contractor have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C to this Master Facilities Lease. The Term shall cease at that time. 19.2 20.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C. 19.3 20.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 20.3.1 Repair the Project to full use.; 19.3.2 20.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Master Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 20.4 The District shall notify Developer the Contractor of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's ’s obligations under this Section.

Appears in 2 contracts

Samples: Master Site Lease, Master Site Lease

Abatement. 19.1 19.1. If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall the Developer have the right to demand, the Lease Payments as indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 19.2. The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C. 19.3 19.3. The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 19.3.1. Repair the Project to full use.; 19.3.2 19.3.2. Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 19.3.3. Exercise the District’s purchase option as indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C to this Facilities Lease. 19.4 19.4. The District shall notify the Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 2 contracts

Samples: Facilities Lease, Facilities Lease

Abatement. 19.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer have the right to demand, the Lease Payments as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions indicated in Exhibit C. 19.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 Repair the Project to full use. 19.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option to Exhibit D to the Facilities Lease as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 The District shall notify Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 2 contracts

Samples: Facilities Lease, Facilities Lease

Abatement. 19.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall the Developer have the right to demand, the Lease Payments as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions indicated in Exhibit C.C. DWK DMS 3533423v1 19.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 Repair the Project to full use. 19.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 The District shall notify the Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 1 contract

Samples: Facilities Lease

Abatement. 19.1 20.1. If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer the Contractor have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 20.2. The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C. 19.3 20.3. The District shall as soon as practicable after such event, at its discretion, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to:of 19.3.1 20.3.1. Repair the Project to full use.; 19.3.2 20.3.2. Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to of the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 20.4. The District shall notify Developer the Contractor of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 1 contract

Samples: Site Lease

Abatement. 19.1 20.1. If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer the Contractor have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 20.2. The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C. 19.3 20.3. The District shall as soon as practicable after such event, at its discretion, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 20.3.1. Repair the Project to full use.; 19.3.2 20.3.2. Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to of the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 20.4. The District shall notify Developer the Contractor of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 1 contract

Samples: Site Lease

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Abatement. 19.1 20.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit EL, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer the Contractor have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C to this Master Facilities Lease. The Term shall cease at that time. 19.2 20.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Maximum Price Provisions indicated in Exhibit C. 19.3 20.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 20.3.1 Repair the Project to full use.; 19.3.2 20.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Master Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 20.4 The District shall notify Developer the Contractor of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's ’s obligations under this Section.

Appears in 1 contract

Samples: Master Site Lease

Abatement. 19.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall the Developer have the right to demand, the Lease Payments as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions indicated in Exhibit C. 19.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 Repair the Project to full use. 19.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; ortime 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 The District shall notify the Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 1 contract

Samples: Facilities Lease

Abatement. 19.1 19.1. If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer the Contractor have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C to this Master Facilities Lease. The Term shall cease at that time. 19.2 19.2. The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C. 19.3 19.3. The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 19.3.1. Repair the Project to full use.; 19.3.2 19.3.2. Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Master Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 19.4. The District shall notify Developer the Contractor of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 1 contract

Samples: Master Site Lease

Abatement. 19.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer the Contractor have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 . The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C. 19.3 C. The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 : Repair the Project to full use. 19.3.2 ; Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 or The District shall notify Developer the Contractor of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 1 contract

Samples: Site Lease

Abatement. 19.1 20.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit EL, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer the Contractor have the right to demand, the any future Lease Payments as indicated in the GMP provisions Provisions indicated in Exhibit C to this Master Facilities Lease. The Term shall cease at that time. 19.2 20.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Provisions indicated in Exhibit C. 19.3 20.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 20.3.1 Repair the Project to full use.; 19.3.2 20.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Master Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 20.4 The District shall notify Developer the Contractor of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's ’s obligations under this Section.

Appears in 1 contract

Samples: Master Site Lease

Abatement. 19.1 20.1. If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer the Contractor have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time. 19.2 20.2. The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C. 19.3 20.3. The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 20.3.1. Repair the Project to full use.; 19.3.2 20.3.2. Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 20.4. The District shall notify Developer the Contractor of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 1 contract

Samples: Site Lease

Abatement. 19.1 If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall the Developer have the right to demand, the Lease Payments as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. The Term shall cease at that time.. D R A F T 19.2 The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions indicated in Exhibit C. 19.3 The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 Repair the Project to full use. 19.3.2 Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 The District shall notify the Developer of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 1 contract

Samples: Facilities Lease

Abatement. 19.1 20.1. If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit E, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer the Contractor have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C to this Master Facilities Lease. The Term shall cease at that time. 19.2 20.2. The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C. 19.3 20.3. The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), either to: 19.3.1 20.3.1. Repair the Project to full use.; 19.3.2 20.3.2. Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Master Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 20.4. The District shall notify Developer the Contractor of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 1 contract

Samples: Master Site Lease

Abatement. 19.1 20.1. If, after the Parties have executed the Memorandum of Commencement Date attached hereto as Exhibit EE2, the Project becomes destroyed or damaged beyond repair, the District may determine its use of the Project abated. Thereafter, the District shall have no obligation to make, nor shall Developer the Contractor have the right to demand, the any future Lease Payments as indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C C2 to this Facilities Lease. The Term shall cease at that time. 19.2 20.2. The Parties hereby agree that the net proceeds of the District’s rental interruption insurance that the District must maintain during the Term, as required herein, shall constitute a special fund for the payment of the Lease Payments indicated in the GMP provisions Guaranteed Project Cost Provisions indicated in Exhibit C.C2. 19.3 20.3. The District shall as soon as practicable after such event, apply the net proceeds of its insurance policy intended to cover that loss (“Net Proceeds”), at its discretion, either to: 19.3.1 20.3.1. Repair the Project to full use.; 19.3.2 20.3.2. Replace the Project, at the District’s sole cost and expense, with property of equal or greater value to of the Project immediately prior to the time of the destruction or damage, and with that replacement, once completed, shall be substituted in this Facilities Lease by appropriate endorsement; or 19.3.3 Exercise the District’s purchase option as indicated in the GMP provisions indicated in Exhibit C to this Facilities Lease. 19.4 20.4. The District shall notify Developer the Contractor of which course of action it desires to take within thirty (30) days after the occurrence of the destruction or damage. The Net Proceeds of all insurance payable with respect to the Project shall be available to the District and shall be used to discharge the District's obligations under this Section.

Appears in 1 contract

Samples: Site Lease

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