City's Right to Reconstruct Terminal B Flight Stations Sample Clauses

City's Right to Reconstruct Terminal B Flight Stations. 1. In the event City, on or after January 1, 2008, determines that the Terminal B flight stations should be demolished and replaced as recommended in the approved Airport master plan, City may, upon giving Airline six-months written notice, take back (as hereinbelow provided) portions of Airline's Terminal B Leased Premises in order to carry out such reconstruction; provided, however, that in no event will more than 25% of such gates and holdroom space to be reconstructed be taken out of service at any one time for such reconstruction; and provided further that City provides Airline with reasonably comparable substitute interim space during such reconstruction. Airline shall have the right of first refusal to lease the reconstructed space at full compensatory rates. 2. In order to accomplish the foregoing reconstruction of certain Terminal B flight stations, City shall (A) if Airline wishes to lease such reconstructed space (which Airline shall have the first right of refusal to lease), (i) at City expense relocate at the new flight stations those salvageable or reusable Special Facilities (e.g. passenger loading bridges and Ground Support Equipment) and (ii) replace any demolished or non-reusable Special Facilities with replacement facilities of equivalent value and utility to Airline determined as of the date of such replacement in the reconstructed flight stations leased to Airline and (B) acquire such demolished or removed Special Facilities for a purchase price equal to the original principal amount of Bonds and any additional capital expenditures by Airline not funded with Bonds (documented to the reasonable satisfaction of the Director) allocable to such Special Facilities multiplied by a fraction, the numerator of which is the number of days from the date of acquisition to December 31, 2017 and the denominator of which is the number of days (but not less than 18.0 years) from the average weighted date of beneficial occupancy of such Special Facilities to December 31, 2017. Any such acquisition, but not relocation, costs shall be treated by City as costs of the replacement flight stations, subject to rents and charges as provided in Article V hereof. Under no circumstances will the foregoing described demolition and replacement of flight stations in Terminal B, nor the relocation, substitution or acquisition of Special Facilities as aforesaid relieve Airline of its obligations under the B Special Facilities Lease, particularly with respect to the pa...
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