Damage Destruction and Condemnation Use of Net Proceeds Sample Clauses

Damage Destruction and Condemnation Use of Net Proceeds. Section 7.1. Damage, Destruction and Condemnation 27
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Damage Destruction and Condemnation Use of Net Proceeds. The Corporation will provide a complete written report to the Lender immediately upon any loss, theft, damage, destruction or taking under condemnation or under the threat of condemnation of the Project or any portion thereof (the “Damaged Project Portion”) to the extent that any of the foregoing is valued more than $50,000 per event. If all or any portion of the Project is so lost, stolen, destroyed, damaged or taken, the Corporation will as soon as practicable either (a) repair, restore, reconstruct, replace or improve the Facilities at the Corporation’s sole cost and expense to the same or an improved condition and value and to accomplish at least the same function as existed immediately before the loss, theft, damage, destruction or taking or (b) pay the applicable Prepayment Amount for the Loan. If, within forty-five (45) days of the loss occurrence, (1) the Corporation fails to notify the Lender; (2) the Corporation and the Lender fail to execute an amendment to this Agreement to delete the Damaged Project Portion and add the replacement property to the description of the Project or (3) the Corporation fails to pay the Prepayment Amount (if any), then the Lender may, at its sole discretion, declare the Prepayment Amount to be immediately due and payable, and the Corporation is required to pay the same. Provided that no Event of Default has occurred that remains uncured, the Net Proceeds of insurance or any taking shall be made available by the Lender to be applied to discharge the Corporation’s obligation under this Article VIII, and after so applied any excess shall be paid directly to the Corporation. If the Corporation elects to repair, restore, reconstruct, replace or improve the Project and if the Corporation or the Lender so requests by a notice in writing to the other parties to this Agreement, the Net Proceeds shall be deposited with the Lender in escrow pending disbursement for that purpose. If the Net Proceeds are insufficient to discharge
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Damage Destruction and Condemnation Use of Net Proceeds 
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Related to Damage Destruction and Condemnation Use of Net Proceeds

  • Damage, Destruction and Condemnation (a) In the event that at any time during the term of this Agreement the whole or part of the Facility shall be damaged or destroyed, or taken or condemned by a competent authority for any public use or purpose, or by agreement among the Agency, the Lessee and those authorized to exercise such right, or if the temporary use of the Facility shall be so taken by condemnation or agreement (a “Loss Event”) (i) the Agency shall have no obligation to rebuild, replace, repair or restore the Facility, (ii) there shall be no abatement, postponement or reduction in the Rental Payments payable by the Lessee under this Agreement or any other Project Document to which it is a party, and (iii) the Lessee will promptly give written notice of such Loss Event to the Agency, generally describing the nature and extent thereof. (b) In the event a Loss Event shall occur, the Lessee shall (i) at its own cost and expense (except to the extent paid from the Net Proceeds as provided below), promptly and diligently rebuild, replace, repair or restore the Facility to substantially its condition immediately prior to the Loss Event, or to a condition of at least equivalent value, operating efficiency and function, regardless of whether or not the Net Proceeds derived from the Loss Event shall be sufficient to pay the cost thereof, and the Lessee shall not by reason of payment of any such excess costs be entitled to any reimbursement from the Agency, nor shall the Rental Payments payable by the Lessee under this Agreement or any other Project Document to which it is a party be abated, postponed or reduced, or (ii) exercise its option to purchase the Agency’s interest in the facility and to terminate this Agreement as provided in Section 8.1 hereof. As soon as practicable but no later than ninety (90) days after the occurrence of the Loss Event, the Lessee shall advise the Agency in writing of the action to be taken by the Lessee under this Section 5.1(b). (c) All rebuilding, replacements, repairs or restorations of the Facility in respect of or occasioned by a Loss Event shall (i) automatically be deemed a part of the Facility and shall be subject to this Agreement and the Sublease Agreement, (ii) be effected only if the Lessee shall deliver to the Agency an Opinion of Counsel reasonably acceptable to the Agency to the effect that such rebuilding, replacement, repair or restoration shall not change the nature of the Facility as an Approved Facility and a qualified “project” as defined in the Act, (iii) (Reserved), and (iv) be effected following the settlement of any insurance claim relating thereto with due diligence in a good and workmanlike manner, in compliance with all applicable legal requirements and be promptly and fully paid for by the Lessee in accordance with the terms of the applicable contract(s) therefor. (d) (Reserved). (e) The Agency and the Lessee shall cooperate and consult with each other in all matters pertaining to the settlement, compromise, arbitration or adjustment of any claim or demand on account of any Loss Event. (f) Notwithstanding anything contained herein to the contrary, if all or substantially all of the Facility shall be taken or condemned, or if the taking or condemnation renders the Facility unsuitable for use by the Lessee (or Sublessee) as determined by Xxxxxx as contemplated hereby, the Lessee shall exercise its option to terminate this Agreement as provided in Section 8.1 hereof. (g) The Lessee shall be entitled to any insurance proceeds or condemnation award, compensation or damages attributable to the Facility. (h) The Lessee hereby waives the provisions of Section 227 of the New York Real Property Law or any law of like import now or hereafter in effect.

  • DAMAGE OR DESTRUCTION OF PREMISES a. In the event the Premises are damaged by fire or other perils or casualty covered by fire and extended coverage insurance, Landlord may, in its sole and absolute discretion, repair or rebuild the same within a reasonable time after the event causing such damage. This Lease shall remain in full force and effect, except that Tenant shall be entitled to a proportionate reduction of the rent from the date of damage and while such repairs are being made, such proportionate reduction to be based upon the extent to which the damage and making of such repairs shall reasonably interfere with the business carried on by Tenant in the Premises as determined by Landlord. If the damage is due to the fault or neglect of Tenant or its employees, as determined by Landlord in its sole discretion, there shall be no reduction of rent. Landlord may authorize or direct construction of an alternative structure or may elect to retain any insurance proceeds received by it if Landlord deems reconstruction or construction of an alternative structure to be impractical or unreasonable in its sole discretion. b. In the event the Premises are damaged to any extent as a result of any cause other than the perils covered by fire and extended coverage insurance, Landlord shall in its sole discretion have the option to: (1.) to repair, reconstruct or restore the Premises within a reasonable time of the event causing the damage, in which case this Lease shall continue in full force and effect, but the rent shall be proportionately reduced as provided above in 11a. during the period of such repair, reconstruction or restoration, or (2.) to give notice to Tenant at any time within sixty (60) days after such damage occurs, terminating this Lease as of the date specified in such notice, which date shall be no more than thirty (30) days after the giving of such notice. In the event of giving to Tenant such notice of termination, this Lease shall terminate and all interests of Tenant in the Premises shall cease on the date so specified in such notice and Tenant shall pay the rent, as proportionately reduced, based upon the extent, if any, to which such damage interfered with the business carried on by Tenant in the Premises, up to the date of such termination. c. With regard to Landlord’s duty or option to repair, reconstruct or restore the Premises within a reasonable time of the event causing the damage as provided in 11a. and b. above, Landlord shall act promptly and with due diligence, but Landlord shall not be responsible for delays caused by factors beyond Landlord’s control, including but not limited to delays because of strikes, work slowdowns or stoppages, accidents, acts of God, failure of any governmental or other authority to act in a timely manner, or delays caused by contractors. If such delays occur, Tenant agrees that Landlord shall not be responsible for damages, nor shall Landlord be deemed to be in default under this Lease. d. Landlord shall not be required to repair any damage by fire or other casualty, or to make any repair or replacements of any leasehold improvements, fixtures, or other personal property of Tenant.

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