Construction Term. Unless otherwise determined under Section 1.1(b), the Applicable Cost of Debt (in %) during the Construction Term shall be equal to the actual all-in interest rate paid by Lessor to finance the Construction Costs.
Construction Term. At all times from the date hereof to the Commercial Operation Date, Lessor shall maintain, or cause to be maintained, insurance as set forth in Schedule 11.3.
Construction Term. (a) Prior to the Commercial Operation Date, the risk of loss of or decrease in the enjoyment and beneficial use of the Leased Facility as a result of the damage or destruction thereof by fire, the elements, casualties, thefts, riots, wars or otherwise is assumed by Lessor, and Lessee shall not be answerable or accountable to Lessor therefor.
(b) If an Event of Loss occurs prior to the Commercial Operation Date that results in:
(i) less than $1,000,000 in physical loss, destruction or damage to the Facility in excess of any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of the Facility in accordance with the requirements of Section 2.1;
(ii) equal to or greater than $1,000,000 in physical loss, destruction or damage to the Facility in excess of any Loss Proceeds and/or Condemnation Award that Lessor receives or anticipates receiving in connection therewith, then Lessor shall be obligated to reconstruct or complete construction of the Facility in accordance with the requirements of Section 2.1, if and only if Lessee agrees to, and the PSCW approves, an increase in the “AALF” to be recovered in the Basic Rent formula by an amount equal to the additional Construction Costs incurred by or on behalf of Lessor to reconstruct or complete construction (including any costs incurred as a result of the time required to obtain PSCW approval), less the aggregate amount of any Loss Proceeds and/or Condemnation Award received by Lessor in connection therewith. The Required Commercial Operation Date shall be extended by a reasonable amount of time attributable to the time required to reconstruct or complete construction of the Facility (including any time required to obtain PSCW approval) and this Facility Lease and the other Lease Documents shall be amended as otherwise may be required by the Parties and approved by the PSCW; or
(iii) In the event that Lessee and/or the PSCW does not approve an increase in the “AALF” in the Basic Rent formula as provided above, then Lessor may terminate this Facility Lease in accordance with Section 2.5.
(c) If an Event of Total Loss occurs prior to the Commercial Operation Date, then Lessor may elect to terminate this Facility Lease in accordance with Section 2.5.
Construction Term. The period commencing on the date of this Agreement and continuing through the Conversion Date.
Construction Term. Lessee shall have the right to extend the lease to provide for construction of the Solar Facility (the “Construction Term”). The Construction Term shall commence on the date specified in a written notice to Lessor that Lessee elects to initiate the Construction Term as of a date so specified in such notice, or the date the Lessee begins construction of the Solar Facility, whichever occurs earlier. The Construction Term shall expire on the earlier of the commencement of the Operations Term or termination of Lease. The Construction Term shall be for an initial period of one (1) year from the commencement of the Construction Term. Xxxxxx and Xxxxxx may mutually agree in writing to extend the Construction Term for an additional one (1) year term by written notice to the Lessor. Lessee shall have the unilateral right to terminate this Lease at any time during the Construction Term without penalty, subject to removal obligations in Exhibit B, Section B-6(g), upon written notice to Lessor; provided, however, that in the event of such termination, the Lessor is entitled to retain all payments made by Lessee prior to the date of such termination.
Construction Term. Upon the expiration of the Development Term, the term of this Agreement shall automatically extend and continue (“Construction Term”) until the earlier to occur of:
(a) the date on which Tenant begins production of electrical energy generated by substantially all of the Solar Generating Equipment to be included in the Project or (b) the fourth (4th ) anniversary of the Effective Date. Upon the occurrence of either subsection (a) or (b), that date, as declared by Xxxxxx, is hereunder referred to as the “Operations Date.”
Construction Term. Construction Start: June 2020 • Anticipated Construction Completion: September 2020
Construction Term. The Construction Term, as defined in both of the lease documents, shall be the period beginning when MS obtains possession of the properties listed above and ending on the earlier of two years after the date of possession, or the Commercial Operations Date, unless extended by agreement of MS and the Town. Throughout this document, Commercial Operations Date has the same meaning as defined in the Land Lease Option and Lease Agreement (Solar Farm) between the Town and MS. During the Construction Term, MS shall make the following PILOT payments to the Town:
a. Twenty-Four Thousand and 00/100 Dollars ($24,000.00) within thirty (30) days of the start of the Construction Term;
b. A second Twenty-Four Thousand and 00/100 Dollars ($24,000.00) within thirty (30) days of the one (1) year anniversary of the start of the Construction Term;
c. If the Commercial Operations Date does not occur within twenty-four (24) months of the start of the Construction Term, and MS still plans to complete construction and operate the Facility, then MS and the Town will enter into good faith discussions to identify further interim PILOT payments during the Construction Term. If the Parties cannot reach an agreement, then this Agreement shall terminate.
Construction Term. Contract Duration
Construction Term. The Development Term shall end upon the commencement of the Construction Term.
