Damage or Destruction of the Facility. (a) If the Facility or any part or component thereof shall be damaged or destroyed (in whole or in part) at any time during the Lease Term:
Damage or Destruction of the Facility. (a) If the Facility or any part or component thereof shall be damaged or destroyed (in whole or in part) at any time during the Lease Term:
(i) the Agency shall have no obligation to replace, repair, rebuild, restore or relocate the Facility;
(ii) there shall be no abatement or reduction in the amounts payable by the Company under this Lease Agreement, including, without limitation, the PILOT Payments (whether or not the Facility is replaced, repaired, rebuilt, restored or relocated);
(iii) the Company shall promptly give written notice thereof to the Agency;
(iv) upon the occurrence of such damage or destruction, the Net Proceeds derived from the insurance shall be (A) paid to the Company or the Lender, as applicable, for the replacement, repair, rebuilding, restoration or relocation of the Facility as provided in Section 7.1(b) hereof or (B) applied pursuant to Section 7.1(e) hereof; and
(v) if the Facility is not replaced, repaired, rebuilt, restored or relocated, as provided herein and in Section 7.1(b) hereof, this Lease Agreement shall be terminated at the option of the Agency and the provisions of Section 7.1(e) hereof shall apply.
(b) Any replacements, repairs, rebuilding, restorations or relocations of the Facility by the Company after the occurrence of such damage or destruction shall be subject to the following conditions:
(i) the Facility shall be in substantially the same condition and value as an operating entity as existed prior to the damage or destruction;
(ii) the Facility shall continue to constitute a “project” as such term is defined in the Act;
(iii) the Facility will be subject to no Liens, other than Permitted Encumbrances; and
(iv) any other conditions the Agency may reasonably impose.
(c) All such repair, replacement, rebuilding, restoration or relocation of the Facility shall be effected with due diligence in a good and workmanlike manner in compliance with all applicable legal requirements, shall be promptly and fully paid for by the Company in accordance with the terms of the applicable contracts and shall automatically become a part of the Facility as if the same were specifically provided herein.
(d) In the event such Net Proceeds are not sufficient to pay in full the costs of such repair, replacement, rebuilding, restoration or relocation, the Company shall nonetheless complete the work, or cause the work to be completed pursuant to the terms of this Lease Agreement, and pay from its own moneys, or cause to be paid by such o...
Damage or Destruction of the Facility. (a) If any portion of the Facility is damaged or destroyed (in whole or in part) at any time during the Term: (i) NGL shall not have an obligation to replace, repair, rebuild, restore or relocate the Facility or any portion thereof; (ii) there shall be no abatement or reduction in the amounts payable by PESRM under this Agreement (whether or not the Facility is replaced, repaired, rebuilt, restored or relocated); and (iii) PESRM shall, at its option, either (A) repair, replace, rebuild, restore or relocate the Facility, or (B) continue to pay the outstanding amounts due to NGL under this Agreement in accordance with the terms hereof.
Damage or Destruction of the Facility. If (i) the Facility shall be totally or materially destroyed by fire, casualty, or other cause or happening, and either (a) insurance proceeds are unavailable in an amount sufficient to rebuild the Facility, and the Parties do not reach a mutually acceptable solution for rebuilding the Facility, (b) in the last five (5) years of the Term (unless Live Nation exercises any Option then remaining), insurance proceeds are available in a sufficient amount, but City elects, in its sole and absolute discretion, to not rebuild the Facility, or (c) insurance proceeds are available in a sufficient amount, but the Facility cannot be rebuilt within a period of twenty-four (24) months following the destruction, or (ii) any lawful authority shall order demolition or removal of any portion of the Facility, so as to render it unfit for use as intended by this Agreement, including, without limitation the Permitted Uses and a sellable capacity of at least ten thousand (10,000), then this Agreement shall terminate as of the date of such destruction and subject to Section 25.15, all of Live Nation’s liability hereunder shall cease from and after such date. If the Facility shall be totally or materially destroyed as described in this paragraph but this Agreement does not terminate, then all payments due hereunder from the date of such destruction to the date the Facility has been rebuilt shall be proportionately abated. If the Facility shall be partially destroyed by fire, casualty or other cause or happening, or be declared unsafe by any lawful authority, then it shall promptly be restored or made safe by City, at its sole cost and expense, and a proportional portion of the payments otherwise due from Live Nation to City shall xxxxx until the Facility shall have been restored and put in proper condition for use pursuant to the terms of this Agreement. If the Facility cannot be restored or made safe after partial destruction or declaration of unsafe condition without cancelling or rescheduling more than two (2) years’ of booked Events, then Live Nation, at its option, may cancel and terminate this Agreement in its entirety, and subject to Section 25.15, all of Live Nation’s liability hereunder shall cease from and after the date of such destruction or declaration of unsafe condition.
