Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If Phase I is completely destroyed or suffers Substantial Damage (as hereinafter defined) caused by a casualty for which Developer is not required to (and has not) insured against, or if insurance proceeds are insufficient to rebuild then Developer shall not be required to repair, replace, or restore such improvements and may elect not to do so by providing Authority with written notice of election not to repair, replace, or restore within ninety (90) days after such substantial damage or destruction. In such event, the Ground Lease shall be automatically terminated and Developer shall immediately tender possession of the Site to Authority. As used in this Section 3.6.5, “Substantial Damage” caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction which is fifteen percent (15%) or more of the replacement cost of the improvements comprising Phase I. In the event Developer does not timely elect not to repair, replace, or restore Phase I as set forth in the first sentence of this Section 3.6.5, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore Phase I and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed Phase I in accordance with Section 3.6.4 above.
Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the Improvements are completely destroyed or substantially damaged by a casualty that Owner is not required to insure against under the Subrecipient Agreement (and Owner has not insured against), then Owner shall not be required to Restore such Improvements and may elect not to Restore such Improvements within ninety (90) days after such substantial damage or destruction by delivering Notice of such election to City. If Owner is not required to Restore damaged Improvements and Owner timely Notifies City of Owner’s election not to Restore, Owner shall nevertheless remove all debris from the Property. As used in this Section5.4, “substantial damage” caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction that is more than ten percent (10%) of the replacement cost of the Improvements. This Regulatory Agreement shall not be affected by Owner’s election not to Restore any Improvements.
Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If Phase B of the Apartment Complex is completely destroyed or suffers Substantial Damage (as hereinafter defined) caused by a casualty for which Tenant is not required to (and has not) insured against, or if insurance proceeds are insufficient to rebuild then Tenant shall not be required to repair, replace, or restore such improvements and may elect not to do so by providing Landlord with written notice of election not to repair, replace, or restore within ninety (90) days after such substantial damage or destruction. In such event, this Ground Lease shall be automatically terminated and Tenant shall immediately tender possession of the Property to Landlord. As used in
Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the Project is completely destroyed or suffers Substantial Damage (as hereinafter defined) caused by a casualty for which Tenant is not required to (and has not) insured against, or if insurance proceeds are insufficient to rebuild then Tenant may, at its option, terminate this Lease upon written notice to Landlord, such termination to be effective on the date specified in such notice, which date shall be no sooner than the date of the casualty nor later than one hundred eighty (180) days after the date of such notice. In such event, Tenant shall immediately tender possession of the Property to Landlord. As used in this Section 13.2, “Substantial Damage” caused by a casualty not required to be (and not) covered by insurance means damage or destruction which is fifteen percent (15%) or more of the replacement cost of the improvements comprising the Project.
Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If Phase A of the Apartment Complex is completely destroyed or suffers Substantial Damage (as hereinafter defined) caused by a casualty for which Tenant is not required to (and has not) insured against, or if insurance proceeds are insufficient to rebuild then Tenant shall not be
Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the Project is completely destroyed or suffers Substantial Damage (as hereinafter
Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the Apartment Complex is completely destroyed or suffers Substantial Damage caused by a casualty for which Developer is not required to (and has not) insured against, then Developer shall not be required to repair, replace, or restore such improvements and may elect not to do so by providing Authority with written notice of election not to repair, replace, or restore within ninety (90) days after such substantial damage or destruction. In such event, Developer shall concurrently repay the full outstanding balance of Authority Loan to Authority. As used in this Section 307.4, “Substantial Damage” caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction which is fifteen percent (15%) or more of the replacement cost of the improvements comprising the Apartment Complex. In the event Developer does not timely elect not to repair, replace, or restore the Apartment Complex as set forth in the first sentence of this Section 307.4, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore the Apartment Complex and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed Apartment Complex in accordance with Section 307.3 above.
Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the Apartment Complex is completely destroyed or substantially damaged by a casualty for which Developer is not required to (and has not) insured against, then Developer shall not be required to repair, replace, or restore such improvements and may elect not to do so by providing Authority and Agency with written notice of election not to repair, replace, or restore within ninety (90) days after such substantial damage or destruction. As used in this Section 306.4, “substantial damage” caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction which is fifteen percent (15%) or more of the replacement cost of the improvements comprising the Apartment Complex. In the event Developer does not timely elect not
Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the Project Improvements are completely destroyed or substantially damaged by a casualty for which Developer is not required to (and has not) insured against, or if insurance proceeds are insufficient to rebuild, and subj ect to the r ights of the Lender or any replacement Lender, then Developer shall not be required to repair, replace, or restore such improvements and may elect not to do so by providing City with written notice of election not to repair, replace, or restore within ninety (90) calendar days after such substantial damage or destruction. In such event, Developer shall concurrently repay the full outstanding balance of the City Loan to City and this Agreement shall be automatically terminated. As used in this Section 904, "substantial damage" caused by a casualty not required to be (and not)
Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the Project Improvements are completely destroyed or substantially damaged by a casualty for which Developer is not required to (and has not) insured against, or if insurance proceeds are insufficient to rebuild, and subj ect to the rights of the Lender, any replacement Lender, then Developer shal l not be required to repair, replace, or restore such improvements and may elect not to do so by providing City with written notice of election not to repair, replace, or restore within ninety (90) calendar days after such substantial damage or destruction. In such event, Developer shall concurrently repay the full outstanding balance of the City Loan to City and this Agreement shall be automatically terminated. As used in this Section 9.5, "substantial damage" caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction which is ten percent (10%) or more of the replacement cost of the improvements comprising the Project Improvements. In the event Developer does not timely elect to repair, replace, or restore the Project Improvements as set forth in the first sentence of this Section 9.5, Developer shall be conclusively deemed to have waived its right to repair, replace, or restore the Project Improvements.
