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. 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. 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. (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".
(ii) Borrower shall not adjust, compromise or settle any claim for Insurance Proceeds without the prior written consent of Lender, which shall not be unreasonably withheld or delayed and Lender shall have the right, at Borrower's sole cost and expense, to participate in any settlement or adjustment of Insurance Proceeds; provided, however, that, except during the continuance of an Event of Default, Lender's consent shall not be required with respect to the adjustment, compromising or settlement of any claim for Insurance Proceeds in an amount less than $1,000,000.
(iii) Subject to Section 3.04(a)(iv), Lender shall apply any Insurance Proceeds which it may receive towards the Work in accordance with Section 3.04(b) and the other applicable sections of this Article III.
(iv) If (A) a Default shall have occurred, (B) Lender is not reasonably satisfied that the Debt Yield, after substantial completion of the Work, will be at least equal to 8.25%, (C) more than thirty percent (30%) of the reasonably estimated fair market value of the Property is damaged or destroyed, (D) Lender is not reasonably satisfied that the Work can be completed six (6) months prior to Maturity or (E) Lender is not reasonably satisfied that the Work can be comp...
Casualty Restoration. 61 Section 3.05. Compliance with Insurance Requirements...................... 65 Section 3.06. Event of Default During Restoration......................... 66 Section 3.07. Application of Proceeds to Debt Reduction................... 67 Page --------------------------------------------------------------------------------
Casualty Restoration the activity of repairing, restoring, replacing, or rebuilding the Resort as required by Article 7.
Casualty Restoration. Article 3, Subsection 3.3(h);
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. In the event the Premises or any portion of the Building is damaged by fire or other insured casualty, Licensor shall diligently repair the same to the extent possible with the insurance proceeds received by Licensor, subject to the provisions of this Section 16.1 hereinafter set forth, if such repairs can in Licensor’s opinion be completed within ninety (90) days following the occurrence of the casualty under the laws and regulations of federal, state and local governmental authorities having jurisdiction thereof. In such event this License shall remain in full force and effect without any abatement of Rent. Notwithstanding the foregoing, if such casualty shall occur during the final twelve (12) months of the term of this License, Licensor shall not be obligated to repair such damage, but may instead elect to terminate this License upon written notice given to Licensee within thirty (30) days after the date of such fire or other casualty, in which event this License shall terminate as of the termination date specified in Licensor’s notice. A total destruction of the Building shall automatically terminate this License. To the extent insurance proceeds must be paid by Licensor to a mortgagee or deed of trust beneficiary encumbering the Premises or the Building to reduce any indebtedness of Licensor secured thereby, Licensor shall not be deemed to have insurance coverage to the extent of the damage and destruction unless such mortgagee or beneficiary permits Licensor to use such proceeds for the rebuilding, restoration and repair of the Premises or the Building.
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”.
