Common use of Damage or Destruction Due to Cause Not Required to be Covered by Insurance Clause in Contracts

Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the improvements comprising the Project are completely destroyed or substantially damaged by a casualty against which Developer is not required to (and has not) insured, then Subject to the rights of any Senior Lender, 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 one hundred twenty (120) days after such substantial damage or destruction. In such event, (i) Developer shall remove all debris from the Site and cause any liens on the property, including that of Senior Lender, to be paid in full and/or removed from title on the Site, and (ii) upon removal of any other liens on the Site, the AH/DDA, the Ground Lease, and this Agreement shall automatically terminate and City shall cooperate to remove this Agreement, the Memorandum of Ground Lease, and the AH/DDA from title. As used in this Section 8.3, “substantial damage” shall mean damage or destruction which is thirty-five percent (35%) or more of the replacement cost of the improvements comprising the Project. In the event Developer does not timely elect not to repair, replace, or restore the improvements as set forth in the first sentence of this Section 8.3, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore the improvements and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed improvements in accordance with Section 8.1 above and continue operation of the apartment complex and parking spaces during the period of repair (if practicable) in accordance with Section 8.2 above.

Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the improvements comprising the Project Improvements are completely destroyed or substantially damaged by a casualty against for which Developer is not required to (and has not) insuredinsured against, then Subject to the rights of any Senior Lender, Developer shall not be required to repair, replace, or restore such improvements and may elect not to do so by providing City Authority with written notice of election not to repair, replace, or restore within one hundred twenty ninety (12090) days after such substantial damage or destruction. In such event, (i) Developer shall remove all debris from concurrently repay the Site and cause any liens on full outstanding balance of the property, including that of Senior Lender, Authority Loan to be paid in full and/or removed from title on the Site, and (ii) upon removal of any other liens on the Site, the AH/DDA, the Ground Lease, Authority and this Agreement shall be automatically terminate and City shall cooperate to remove this Agreement, the Memorandum of Ground Lease, and the AH/DDA from titleterminated. As used in this Section 8.3906, “substantial damage” ―substantial damage‖ caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction which is thirty-five fifty percent (3550%) or more of the replacement cost of the improvements comprising the ProjectProject Improvements. In the event Developer does not timely elect not to repair, replace, or restore the improvements Project Improvements as set forth in the first sentence of this Section 8.3906, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore the improvements Project Improvements and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed improvements Project Improvements in accordance with Section 8.1 above and continue operation of the apartment complex and parking spaces during the period of repair (if practicable) in accordance with Section 8.2 905 above.

Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the improvements comprising the Project are Phase I is completely destroyed or substantially damaged suffers Substantial Damage (as hereinafter defined) caused by a casualty against for which Developer is not required to (and has not) insuredinsured against, or if insurance proceeds are insufficient to rebuild then Subject to the rights of any Senior Lender, Developer shall not be required to repair, replace, or restore such improvements and may elect not to do so by providing City Authority with written notice of election not to repair, replace, or restore within one hundred twenty ninety (12090) days after such substantial damage or destruction. In such event, (i) the Ground Lease shall be automatically terminated and Developer shall remove all debris from immediately tender possession of the Site and cause any liens on the property, including that of Senior Lender, to be paid in full and/or removed from title on the Site, and (ii) upon removal of any other liens on the Site, the AH/DDA, the Ground Lease, and this Agreement shall automatically terminate and City shall cooperate to remove this Agreement, the Memorandum of Ground Lease, and the AH/DDA from titleAuthority. As used in this Section 8.33.6.5, “substantial damageSubstantial Damage” caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction which is thirty-five fifteen percent (3515%) or more of the replacement cost of the improvements comprising the Project. Phase I. In the event Developer does not timely elect not to repair, replace, or restore the improvements Phase I as set forth in the first sentence of this Section 8.33.6.5, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore the improvements Phase I and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed improvements Phase I in accordance with Section 8.1 above and continue operation of the apartment complex and parking spaces during the period of repair (if practicable) in accordance with Section 8.2 3.6.4 above.

Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the improvements comprising the Project Improvements are completely destroyed or substantially damaged by a casualty against for which Developer is not required to (and has not) insuredinsured against, then Subject or if insurance proceeds are insufficient to rebuild, and subj ect to the rights of any Senior the Lender, any replacement Lender, then Developer shall 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 one hundred twenty ninety (12090) calendar days after such substantial damage or destruction. In such event, (i) Developer shall remove all debris from concurrently repay the Site and cause any liens on full outstanding balance of the property, including that of Senior Lender, City Loan to be paid in full and/or removed from title on the Site, and (ii) upon removal of any other liens on the Site, the AH/DDA, the Ground Lease, City and this Agreement shall be automatically terminate and City shall cooperate to remove this Agreement, the Memorandum of Ground Lease, and the AH/DDA from titleterminated. As used in this Section 8.39.5, “"substantial damage” " caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction which is thirty-five ten percent (3510%) or more of the replacement cost of the improvements comprising the ProjectProject Improvements. In the event Developer does not timely elect not to repair, replace, or restore the improvements Project Improvements as set forth in the first sentence of this Section 8.39.5, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore the improvements and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed improvements in accordance with Section 8.1 above and continue operation of the apartment complex and parking spaces during the period of repair (if practicable) in accordance with Section 8.2 aboveProject Improvements.

Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the improvements comprising the Project Improvements are completely destroyed or substantially damaged by a casualty against for which Developer is not required to (and has not) insuredinsured against, then Subject to the rights of any Senior Lender, Developer shall not be required to repair, replace, or restore such improvements and may elect not to do so by providing City Agency with written notice of election not to repair, replace, or restore within one hundred twenty ninety (12090) days after such substantial damage or destruction. In such event, (i) Developer shall remove all debris from concurrently repay the Site and cause any liens on full outstanding balance of the property, including that of Senior Lender, Agency Loan to be paid in full and/or removed from title on the Site, and (ii) upon removal of any other liens on the Site, the AH/DDA, the Ground Lease, Agency and this Agreement shall be automatically terminate and City shall cooperate to remove this Agreement, the Memorandum of Ground Lease, and the AH/DDA from titleterminated. As used in this Section 8.3906, “substantial damage” caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction which is thirty-five fifteen percent (3515%) or more of the replacement cost of the improvements comprising the ProjectProject Improvements. In the event Developer does not timely elect not to repair, replace, or restore the improvements Project Improvements as set forth in the first sentence of this Section 8.3906, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore the improvements Project Improvements and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed improvements Project Improvements in accordance with Section 8.1 above and continue operation of the apartment complex and parking spaces during the period of repair (if practicable) in accordance with Section 8.2 905 above.