Common use of Casualty Where Restoration Clause in Contracts

Casualty Where Restoration. is Impossible or at End of Term. In the event of substantial damage or destruction by a casualty at any time after the ninety-fifth (95th) anniversary of the Commencement Date, and so long as no Tenant Event of Default exists hereunder, Tenant, in lieu of Restoring the Project, subject to the rights of any Mortgagee, shall have the right to terminate this Lease upon thirty (30) days’ notice to the FCRHA, in which event all insurance proceeds in respect of such casualty (or a sum equivalent to such amount) shall be payable as follows: first, to satisfy Tenant’s obligations to any and all Mortgagees; second, to the demolition, clearing and grading work occasioned by such casualty described below; third, to pay any Additional Costs or other amounts owed by Tenant to the FCRHA under this Lease; and fourth, the balance to the FCRHA. Tenant, at its sole expense, shall deliver to the FCRHA any plans or other technical materials related to the design and construction of the Improvements and, at the request of the FCRHA, shall remove any damaged Improvements and restore that portion of the Premises on which the demolished Improvements were located to a cleared and safe condition and at a grade approximately level with the abutting land and otherwise in accordance with all Applicable Laws relating to the removal of Improvements on the Property. Upon the completion of any such demolition, clearing and grading work to the reasonable satisfaction of the FCRHA and the payment of such portion of any such insurance proceeds due to the FCRHA pursuant to the terms of this Section 8.09, and provided that no Tenant Event of Default exists hereunder, this Lease shall be terminated without liability or further recourse to the parties hereto, provided that any Additional Costs owed by Tenant to the FCRHA as of the date of said termination shall be paid or otherwise carried out in full.