Common use of Casualty Loss Prior to Closing Clause in Contracts

Casualty Loss Prior to Closing. If prior to the Time of Closing, a material casualty loss, destruction, or damage to any part of the Parking Garage System has occurred and this Agreement has not been terminated under Section 2.4(d), then the Authority at its option shall (i) promptly and diligently repair and rebuild the affected parts of the Parking Garage System to restore them to at least the same condition in which they were before the occurrence of such casualty loss, destruction, or damage, provided that if the affected parts of the Parking Garage System cannot prior to the Closing Date be repaired or rebuilt to restore them to at least the same condition in which they were before the occurrence of such casualty loss, destruction, or damage, the Authority shall make such repairs or restoration as can reasonably be completed prior to the Closing Date and prior to the Closing Date shall provide to the Concessionaire a plan for the completion of such repairs or restoration following the Time of Closing at the Authority’s expense subject to the Concessionaire’s reasonable approval and shall then complete such repairs or restoration in accordance with such plan, or (ii) authorize the Concessionaire to repair and rebuild the affected parts of the Parking Garage System, in which event the Authority and the City shall assign to the Concessionaire all insurance and other proceeds payable by third-party insurers or other third parties to the Authority and the City in respect of such casualty loss, destruction, or damage and enforce (with the cooperation of the Concessionaire) all of its rights, remedies, and privileges under any applicable insurance policies with third-party insurers, provided that to the extent that such proceeds are not sufficient to repair and rebuild the affected parts of the Parking Garage System and restore such affected parts to at least the same condition in which they were before the occurrence of the casualty loss, destruction, or damage then (A) the Concessionaire may terminate this Agreement prior to the Closing Date or (B) in the event that the Concessionaire does not terminate this Agreement pursuant to clause (A), the Authority shall reimburse the Concessionaire for the difference upon such terms as are agreed to by the Authority and the Concessionaire. The Authority and the City, on a joint and several basis, shall pay the Concessionaire all Concession Compensation with respect to any repair or restoration required by this Section 2.5(i).

Casualty Loss Prior to Closing. If prior to the Time of Closing, a material casualty loss, destruction, destruction or damage to any part of the Parking Garage System has occurred and this Agreement has not been terminated under Section 2.4(d), then the Authority City at its option shall (i) promptly and diligently repair and rebuild the affected parts of the Parking Garage System to restore them to at least the same condition in which they were before the occurrence of such casualty loss, destruction, destruction or damage, provided that if the affected parts of the Parking Garage System cannot prior to the Closing Date be repaired or rebuilt to restore them to at least the same condition in which they were before the occurrence of such casualty loss, destruction, destruction or damage, the Authority City shall make such repairs or restoration as can reasonably be completed prior to the Closing Date and prior to the Closing Date shall provide to the Concessionaire a plan for the completion of such repairs or restoration following the Time of Closing at the AuthorityCity’s expense subject to the Concessionaire’s reasonable approval and shall then complete such repairs or restoration in accordance with such plan, or (ii) authorize the Concessionaire to repair and rebuild the affected parts of the Parking Garage System, in which event the Authority and the City shall assign to the Concessionaire all insurance and other proceeds payable by third-party insurers or other third parties to the Authority and the City in respect of such casualty loss, destruction, destruction or damage and enforce (with the cooperation of the Concessionaire) all of its rights, remedies, remedies and privileges under any applicable insurance policies with third-party insurers, provided that to the extent that such proceeds are not sufficient to repair and rebuild the affected parts of the Parking Garage System and restore such affected parts to at least the same condition in which they were before the occurrence of the casualty loss, destruction, destruction or damage then (A) the Concessionaire any Party may terminate this Agreement prior to the Closing Date or (B) in the event that the Concessionaire does not terminate neither Party terminates this Agreement pursuant to clause (A), the Authority City shall reimburse the Concessionaire for the difference upon such terms as are agreed to by the Authority City and the Concessionaire. The Authority and the City, on a joint and several basis, City shall pay the Concessionaire all Concession Compensation with respect to any repair or restoration required by this Section 2.5(i).

Casualty Loss Prior to Closing. If prior to the Time of Closing, a material casualty loss, destruction, destruction or damage to any part of the Parking Garage System has occurred and this Agreement has not been terminated under Section 2.4(d), then the Authority at its option shall (i) promptly and diligently repair and rebuild the affected parts of the Parking Garage System to restore them to at least the same condition in which they were before the occurrence of such casualty loss, destruction, destruction or damage, ; provided that if the affected parts of the Parking Garage System cannot prior to the Closing Date be repaired or rebuilt to restore them to at least the same condition in which they were before the occurrence of such casualty loss, destruction, destruction or damage, the Authority shall make such repairs or restoration as can reasonably be completed prior to the Closing Date and prior to the Closing Date shall provide to the Concessionaire a plan for the completion of such repairs or restoration following the Time of Closing at the Authority’s expense subject to the Concessionaire’s reasonable approval and shall then complete such repairs or restoration in accordance with such plan, or (ii) authorize the Concessionaire to repair and rebuild the affected parts of the Parking Garage System, in which event the Authority and the City shall assign to the Concessionaire all insurance and other proceeds payable by third-party insurers or other third parties to the Authority and the City in respect of such casualty loss, destruction, destruction or damage and enforce (with the cooperation of the Concessionaire) all of its rights, remedies, remedies and privileges under any applicable insurance policies with third-party insurers, ; provided that to the extent that such proceeds are not sufficient to repair and rebuild the affected parts of the Parking Garage System and restore such affected parts to at least the same condition in which they were before the occurrence of the casualty loss, destruction, destruction or damage then (A) the Concessionaire either Party may terminate this Agreement prior to the Closing Date or (B) in the event that the Concessionaire does not terminate neither Party terminates this Agreement pursuant to clause (A), the Authority shall reimburse the Concessionaire for the difference upon such terms as are agreed to by the Authority and the Concessionaire. The Authority and the City, on a joint and several basis, shall pay the Concessionaire all Concession Compensation with respect to any repair or restoration required by this Section 2.5(i).

Casualty Loss Prior to Closing. If prior to between the Setting Date and the Time of Closing, a material casualty loss, destruction, destruction or damage to any part of the Parking Garage Utility System has occurred and occurred, unless this Agreement has not been terminated under Section 2.4(d), then the Authority University shall, at its option shall option, either (i) promptly and diligently repair and rebuild the affected parts of the Parking Garage Utility System to restore them to at least the same condition in which they were before the occurrence of such casualty loss, destruction, destruction or damage, provided that if the affected parts of the Parking Garage Utility System cannot prior to the Closing Date be repaired or rebuilt to restore them to at least the same condition in which they were before the occurrence of such casualty loss, destruction, destruction or damage, the Authority University shall make such repairs or restoration as can reasonably be completed prior to the Closing Date and prior to the Closing Date shall provide to the Concessionaire a plan for the completion of such repairs or restoration following the Time of Closing at the AuthorityUniversity’s expense subject to the Concessionaire’s reasonable approval and shall then complete such repairs or restoration in accordance with such plan, or (ii) authorize the Concessionaire to repair the Utility System and rebuild the affected parts of the Parking Garage System, in which event the Authority and the City shall assign to the Concessionaire all insurance and other proceeds (if any) payable by third-party insurers or other third parties to the Authority and the City in respect of such casualty loss, destruction, destruction or damage and enforce (with the cooperation of the Concessionaire) all of its rights, remedies, remedies and privileges under any applicable insurance policies with third-party insurers, the costs of which shall not be included in the Variable Fee Component or the Utility Fee; provided that to the extent that if no insurance exists or such insurance proceeds are not sufficient to repair and rebuild the affected parts of the Parking Garage Utility System and restore such affected parts to at least its prior condition, then the same condition in which they were before the occurrence of the casualty loss, destruction, or damage then (A) the Concessionaire may terminate this Agreement prior to the Closing Date or (B) in the event that the Concessionaire does not terminate this Agreement pursuant to clause (A), the Authority University shall reimburse the Concessionaire for that amount representing the difference upon such terms as are agreed between the out-of-pocket cost to repair and the amount of any insurance proceeds received by the Authority and the Concessionaire. The Authority and It shall not be a Concessionaire Default for the City, on a joint and several basis, shall pay inability of the Concessionaire all Concession Compensation with respect to meet any obligation hereunder as a direct result of such casualty loss, destruction or damage unless the University has elected to authorize the Concessionaire to repair or restoration required by the Utility System pursuant to clause (ii) of this Section 2.5(i)) and the Concessionaire is not diligently repairing or restoring the Utility System.