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 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 subject 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.

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 subject to the rights of the Lender, any replacement Lender, then Developer shal l 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 ninety (90) calendar days after such substantial damage or destruction. In such event, Developer shall concurrently repay the full outstanding balance of the City Agency Loan to City Agency and this Agreement shall be automatically terminated. As used in this Section 9.5906, "“substantial damage" ” caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction which is ten fifteen percent (1015%) or more of the replacement cost of the improvements comprising the Project Improvements. In the event Developer does not timely elect not to repair, replace, or restore the Project Improvements as set forth in the first sentence of this Section 9.5906, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore the Project ImprovementsImprovements and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed Project Improvements in accordance with Section 905 above.

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 subject 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.

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 subject to the rights of the Lender, any replacement Lender, then Developer shal l 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 ninety (90) calendar days after such substantial damage or destruction. In such event, Developer shall concurrently repay the full outstanding balance of the City Authority Loan to City Authority and this Agreement shall be automatically terminated. As used in this Section 9.5906, "substantial damage" ―substantial damage‖ caused by a casualty not required to be (and not) covered by insurance shall mean damage or destruction which is ten fifty percent (1050%) or more of the replacement cost of the improvements comprising the Project Improvements. In the event Developer does not timely elect not to repair, replace, or restore the Project Improvements as set forth in the first sentence of this Section 9.5906, Developer shall be conclusively deemed to have waived its right not to repair, replace, or restore the Project ImprovementsImprovements and thereafter Developer shall promptly commence and complete the repair, replacement, or restoration of the damaged or destroyed Project Improvements in accordance with Section 905 above.