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 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 Phase I is the Project Improvements are completely destroyed or suffers Substantial Damage (as hereinafter defined) caused 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 then Developer shall not be required to repair, replace, or restore such improvements and may elect not to do so by providing Authority Agency 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 Ground Lease full outstanding balance of the Agency Loan to Agency and this Agreement shall be automatically terminated and Developer shall immediately tender possession of the Site to Authorityterminated. As used in this Section 3.6.5906, “Substantial Damagesubstantial 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. the Project Improvements. In the event Developer does not timely elect not to repair, replace, or restore Phase I the Project Improvements as set forth in the first sentence of this Section 3.6.5906, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore Phase I the Project Improvements and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed Phase I Project Improvements in accordance with Section 3.6.4 905 above.

Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If Phase I II 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. II. In the event Developer does not timely elect not to repair, replace, or restore Phase I II 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 II and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed Phase I II in accordance with Section 3.6.4 above.

Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If Phase I is the Project Improvements are completely destroyed or suffers Substantial Damage (as hereinafter defined) caused 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 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 Ground Lease full outstanding balance of the Authority Loan to Authority and this Agreement shall be automatically terminated and Developer shall immediately tender possession of the Site to Authorityterminated. As used in this Section 3.6.5906, “Substantial Damage” ―substantial damage‖ caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction which is fifteen fifty percent (1550%) or more of the replacement cost of the improvements comprising Phase I. the Project Improvements. In the event Developer does not timely elect not to repair, replace, or restore Phase I the Project Improvements as set forth in the first sentence of this Section 3.6.5906, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore Phase I the Project Improvements and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed Phase I Project Improvements in accordance with Section 3.6.4 905 above.

Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If Phase I either Project 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 3.6.5306.4, “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 Phase I. the applicable Project. In the event Developer does not timely elect not to repair, replace, or restore Phase I the applicable Project as set forth in the first sentence of this Section 3.6.5306.4, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore Phase I the applicable Project 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.promptly