Election to Restore Sample Clauses
The "Election to Restore" clause allows a party, typically in a lease or insurance context, to choose to repair or restore property that has been damaged or destroyed rather than terminate the agreement or accept a payout. In practice, this clause outlines the process and timeframe for making such an election, and may specify the standards for restoration and the party responsible for the work. Its core function is to provide flexibility and control to the affected party, ensuring they have the option to maintain the status quo and continue the contractual relationship after a loss, rather than being forced into termination or settlement.
Election to Restore. If City elects to restore the Premises: (i) City shall promptly repair, restore, and rebuild the Premises as nearly as possible to the condition that they were in prior to destruction or with any changes or alterations as may be agreed upon by the Parties; (ii) the City shall with the City's notice of its election to restore, provide ▇▇▇▇▇ with a written estimate of the time to complete the restoration; and (iii) if the Clubhouse or Maintenance Building is partially or entirely destroyed, then to the extent of the insurance proceeds payable to City by reason of such destruction, City shall promptly repair, restore and rebuild the Clubhouse and/or Maintenance Building as nearly as possible to the condition that it was in prior to destruction or with any changes or alterations as may be agreed upon by the Parties, and any excess cost of such restoration shall be borne by City.
Election to Restore. If the Premises or the Building is destroyed by fire, earthquake, or other casualty to the extent that they are untenantable in whole or in part, then Landlord shall have the right but not the obligation to proceed with reasonable diligence to rebuild and restore the Premises or the Building or such part thereof. Landlord shall within 30 days after such destruction or injury notify Tenant whether Landlord intends to rebuild. If Landlord fails to notify Tenant within such period, then this Lease shall terminate as of the end of such period.
Election to Restore. 16 15.2 Rent Abatement................................................ 16 15.3
Election to Restore. If during the Term, all or any part of the Project or the Retrofit Equipment is destroyed or damaged by fire or other casualty (a "casualty") then in such event, unless this Lease is terminated as hereinafter provided, Tenant shall immediately give Landlord notice thereof and repair and reconstruct the Project to a condition substantially equivalent to its original condition and substantially in accordance with the Plans (but in any event in compliance with all Applicable Law).
Election to Restore. The determination of whether or not to restore any Improvements which are damaged or destroyed by fire or other casualty during the Term shall rest solely with Tenant. Tenant may elect to effect such restoration, to raze any and all Improvements on the Premises, to rebuild other Improvements or to rebuild no Improvements as it, in its sole discretion determines is appropriate; provided that if Tenant elects not to restore or rebuild the Improvements, then Tenant must promptly raze the Improvements. If Tenant elects (or is deemed to have elected) to raze any or all Improvements on the Premises without rebuilding any Improvements in their place, then Tenant is obligated to comply with the standards for removal in Section 10.5.
Election to Restore. In the event that any part of a property subject to this Declaration, or any improvements thereon, is taken by any authority having the power of condemnation or eminent domain, or is conveyed in lieu thereof, and if the Owner thereof elects to restore the remainder of the property, such Owner making such election will restore such remainder thereof as nearly as practicable to the same condition it was in prior to such taking or conveyance and in accordance with all applicable standards, restrictions, and provisions of this Declaration and all applicable zoning, subdivision, building, and other governmental regulations. All such work of restoration will be commenced promptly following such taking or conveyance and will be carried through diligently to conclusion.
Election to Restore. 17 8.02. Election to Terminate...........................................17 ARTICLE IX: CONDEMNATION....................................................17 9.01. Total Taking....................................................17 9.02. Partial Taking..................................................18 9.03.