Casualty Restoration. (a) (i) In the event of any damage to or destruction of the Property, Borrower shall give prompt written notice to Lender (which notice shall set forth Borrower’s good faith estimate of the cost of repairing or restoring such damage or destruction, or if Borrower cannot reasonably estimate the anticipated cost of restoration, Borrower shall nonetheless give Lender prompt notice of the occurrence of such damage or destruction, and will diligently proceed to obtain estimates to enable Borrower to quantify the anticipated cost and time required for such restoration, whereupon Borrower shall promptly notify Lender of such good faith estimate) and, provided that restoration does not violate any Legal Requirements, Borrower shall promptly commence and diligently prosecute to completion the repair, restoration or rebuilding of the Property so damaged or destroyed to a condition such that the Property shall be at least equal in value to that immediately prior to the damage to the extent practicable, in full compliance with all Legal Requirements and the provisions of all Leases, and in accordance with Section 3.04(b) below. Such repair, restoration or rebuilding of the Property are sometimes hereinafter collectively referred to as the “Work”.
Casualty Restoration. If the Hotel is damaged by any casualty and the cost to restore the Hotel to the same condition as existed previously is less than 60% of the Hotel’s replacement cost at the time of the casualty, Franchisee will cause the Hotel to be promptly renovated and reopened within a reasonable time under Section 4.
Casualty Restoration. In the event of total or partial destruction of the Leased Premises by fire or other casualty, Landlord agrees promptly to restore and repair same; provided, however, Landlord’s obligation hereunder with respect to the Leased Premises shall be limited to the reconstruction of such of the improvements as were originally required to be made by Landlord pursuant to the Workletter. Rent shall proportionately xxxxx during the time that the Building or part thereof is unusable or inaccessible because of any such damage. Within sixty (60) days after such casualty, Landlord shall deliver to Tenant written notice (the “Casualty Notice”) setting forth Landlord’s reasonable estimate for substantial completion of the required restoration and repair work. If the Casualty Notice provides that the Leased Premises is destroyed to the extent that it cannot be repaired or rebuilt within one hundred eighty (180) days from the casualty date, then either Landlord or Tenant may, upon thirty (30) days’ written notice to the other party, terminate this Lease with respect to matters thereafter accruing. In the event Landlord elects to terminate this Lease, Tenant shall have the right to reject Landlord’s termination in which case the Lease shall remain in full force and effect; provided, however, if the remaining Lease Term following Landlord’s estimated completion date is less than five (5) years, the Lease Term shall be automatically extended as follows: Tenant may elect to either (x) exercise a remaining option to extend the Lease Term pursuant to Section 17.01 below, in which case any right to retract its exercise of an option to extend set forth in Section 17.01 shall be null and void and the applicable Extension Term shall commence upon the expiration of the preceding term, or (y) keep any remaining options to extend (if any) unaffected by the casualty, in which case the Lease Term shall be extended to the last day of the fifth (5th) year following Landlord’s substantial completion of the restoration and repair work in connection with such casualty, and the Minimum Annual Rent per square foot for any resulting extension term shall be an amount equal to one hundred two percent (102%) of the Minimum Annual Rent per square foot for the period immediately preceding such extension term for the first twelve (12) months of such extension term, with an increase of two percent (2%) for each successive twelve (12) month period of such extension term.
Casualty Restoration. 57 Section 3.05. Compliance with Insurance Requirements.................... 61 Section 3.06. Event of Default During Restoration....................... 62 Section 3.07. Application of Proceeds to Debt Reduction................. 62 ARTICLE IV: IMPOSITIONS.................................................. 62 Section 4.01. Payment of Impositions, Utilities and Taxes, etc. ....... 62 Section 4.02. Deduction from Value..................................... 63 Section 4.03. No Joint Assessment...................................... 63
Casualty Restoration. (a) (i) In the event of any damage to or destruction of the Mortgaged Property, Mortgagor shall give prompt written notice to Mortgagee (which notice shall set forth Mortgagor's good faith estimate of the cost of repairing or restoring such damage or destruction, or if Mortgagor cannot reasonably estimate the anticipated cost of restoration, Mortgagor shall nonetheless give Mortgagee prompt notice of the occurrence of such damage or destruction, and will diligently proceed to obtain estimates to enable Mortgagor to quantify the anticipated cost and time required for such restoration, whereupon Mortgagor shall promptly notify Mortgagee of such good faith estimate) and, provided that restoration does not violate any Legal Requirements, Mortgagor shall promptly commence and diligently prosecute to completion the repair, restoration or rebuilding of the Mortgaged Property so damaged or destroyed to a condition such that the Mortgaged Property shall be at least equal in value to that immediately prior to the damage to the extent practicable, in full compliance with all Legal Requirements and the provisions of all Leases, and in accordance with Section 3.04(b) below. Such repair, restoration or rebuilding of the Mortgaged Property are sometimes hereinafter collectively referred to as the "Work".
Casualty Restoration. Article 3, Subsection 3.3(h);
Casualty Restoration the activity of repairing, restoring, replacing, or rebuilding the Resort as required by Article 7.
Casualty Restoration. (a) (i) In the event of any damage to or destruction of the Property, Grantor shall give prompt written notice to Lender (which notice shall set forth Grantor’s good faith estimate of the cost of repairing or restoring such damage or destruction, or, if Grantor cannot reasonably estimate the anticipated cost of restoration, Grantor shall nonetheless give Lender prompt notice of the occurrence of such damage or destruction, and will diligently proceed to obtain estimates to enable Grantor to quantify the anticipated cost and time required for such restoration, whereupon Grantor shall promptly notify Lender of such good faith estimate) and, provided that restoration does not violate any Legal Requirements, Grantor shall promptly commence and diligently prosecute to completion the repair, restoration or rebuilding of the Property so damaged or destroyed to a condition such that the Property shall be at least equal in value to that immediately prior to the damage to the extent practicable, in full compliance with all Legal Requirements and the provisions of all Leases, and in accordance with Section 3.04(b) below. Such repair, restoration or rebuilding of the Property are sometimes hereinafter collectively referred to as the “Work”.
Casualty Restoration. (a) Landlord’s Obligation to Restore. Subject to the provisions of Section 12.02(d), upon the occurrence of any Casualty, Landlord shall, in accordance with the provisions of this Article 12, restore the Landlord Maintenance Components, but only to the extent of any insurance required to be carried by Landlord pursuant to Section 11.02(a)(B) or recovery of damages from third parties who may be responsible for the damage or destruction, including any insurance proceeds paid to Landlord by the insurer of any such third-party (“Third-Party Damages”), and from any funds or other resources made available to and received by Landlord from any Governmental Authorities to pay for a restoration of the Premises as a result of the Casualty (“Governmental Resources”), and from any insurance proceeds received from any insurance policy Landlord or Tenant in their sole discretion had acquired that covered such loss or damage (all such insurance proceeds, Third-Party Damages and Governmental Resources are hereinafter referred to together as “Restoration Resources”). Any such restoration of Landlord Maintenance Components shall be, to the extent reasonably practicable, given the amount of Restoration Resources, of the same scope, character and quality of the Improvements as they existed immediately prior to the Casualty (a “Landlord’s Casualty Restoration”). Except to the extent it has elected to self-insure, in no event shall Landlord be required to advance or otherwise provide any of its own funds or otherwise incur or pay any out-of-pocket costs or expenses in connection with any Casualty Restoration.
Casualty Restoration. Upon receipt of such notice, Landlord covenants and agrees to permit Tenant to undertake any Construction Work to effect a Landlord’s Casualty Restoration on all of the same terms and conditions applicable to the performance of Construction Work pursuant to Section 12.02(e) hereof; provided, however, that Tenant shall first have demonstrated in a reasonably satisfactory manner to Landlord (i) that the design of the proposed Landlord’s Casualty Restoration is consistent with the character of the Park, (ii) that it is likely of approval from the relevant Governmental Authorities, and (iii) that Xxxxxx has secured sufficient funds, together with the funds to be made available to Landlord, to undertake and complete the Landlord’s Casualty Restoration proposed by Xxxxxx. In such event, Landlord shall make available to Tenant all funds which are required for the performance of Landlord’s Casualty Restoration as provided below. Nothing contained in this Section 12.02(g) obligates Tenant to perform any Landlord’s Casualty Restoration until and unless Tenant shall make the foregoing election in its sole discretion.
