Major Casualty or Condemnation. (a) If a Casualty or Condemnation has occurred to the Property, Borrower shall or shall cause Operating Company to commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement, provided that, if required pursuant to the terms of this Agreement, Agent shall have made the Net Proceeds available to Borrower in accordance with the provisions of this Agreement. If the Net Proceeds are equal to or greater than the Restoration Threshold or the costs of completing the Restoration are equal to or greater than the Restoration Threshold, or the Observation Deck shall, as a result of such Casualty, be inaccessible or closed for more than thirty (30) days, Agent shall make the Net Proceeds available for the Restoration, provided that each of the following conditions are met:
(i) no Monetary Default or Event of Default shall have occurred and be continuing;
(ii) the Net Proceeds Deficiency, if applicable, shall have been deposited with Agent within (30) days of the settlement of any claim with respect to a Casualty or Condemnation;
(iii) (A) in the event the Net Proceeds are insurance proceeds, less than twenty-five percent (25%) of the total floor area of the Improvements at the Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (B) in the event the Net Proceeds are an Award, less than ten percent (10%) of the land constituting the Property is taken, and such land is located along the perimeter or periphery of the Property, and no portion of the Improvements is the subject of the Condemnation;
(iv) the Debt Yield for the Property, after giving effect to the Restoration, shall be equal to or greater than 16%, as determined by Agent in its reasonable discretion. Agent hereby agrees that, in connection with Agent’s determination of the Debt Yield after giving effect to the Restoration in connection with a Casualty or Condemnation, if Agent used a lower NOI to calculate the applicable Debt Yield than the NOI which was calculated by Borrower, Agent shall review the same with Borrower and/or its representatives, including Agent’s adjustment (if any) to Gross Revenues and/or Operating Expenses, as applicable, to provide to Borrower and/or its representatives the basis for and details surrounding such determination (provided, however, that the duration of such review and the provision of such basis for and details surrounding Agent’s determination shall be reasonably determined by ...
Major Casualty or Condemnation. (a) If a Casualty or Condemnation has occurred to the Property and the Net Proceeds are equal to or greater than the Restoration Threshold or the costs of completing the Restoration is equal to or greater than the Restoration Threshold, Lender shall make the Net Proceeds available for the Restoration, provided that each of the following conditions are met:
(i) no Event of Default shall have occurred and be continuing;
(ii) (A) in the event the Net Proceeds are insurance proceeds, less than twenty-five percent (25%) of the total floor area of the Improvements at the Property has been materially damaged, destroyed or rendered unusable as a result of such Casualty or (B) in the event the Net Proceeds are an Award, less than twenty-five percent (25%) of the land constituting the Property is taken, and such land is located along the perimeter or periphery of the Property, and no portion of the Improvements is the subject of the Condemnation;
(iii) Leases requiring payment of annual rent equal to seventy-five percent (75%) of the Gross Revenue received by Borrower during the twelve (12) month period immediately preceding the Casualty or Condemnation and all Major Leases shall remain in full force and effect during and after the completion of the Restoration without abatement of rent beyond the time required for Restoration, notwithstanding the occurrence of such Casualty or Condemnation.
Major Casualty or Condemnation. If prior to Closing, (i) condemnation proceedings are commenced against all or any material portion of the Property and such proceedings are not covered by Section 9.2, or (ii) the Property is damaged by fire or other casualty and such damage is not covered by Section 9.2, either Purchaser or Seller shall have the right, upon notice in writing to the other party delivered within ten (10) days after Seller gives Purchaser notice of such matter as described in this Section 9.3, to terminate this Agreement, whereupon this Agreement shall terminate, the Title Company shall return the Deposit to Purchaser and neither party to this Agreement shall thereafter have any further rights or liabilities under this Agreement other than those that expressly survive termination of this Agreement. If neither party timely elects to terminate this Agreement, then this Agreement shall continue in full force and effect and the Purchase Price shall not be reduced except as hereinafter set forth, but Purchaser shall be entitled to an assignment of all of the proceeds payable to Seller of fire or other casualty insurance (other than those proceeds expended by or on behalf of Seller prior to Closing to restore the Property), all business interruption or rent loss insurance proceeds (if any) payable with respect to the period from and after Closing, and all condemnation awards payable to Seller (other than any portion of the award in respect of income lost prior to Closing or expended by or on behalf of Seller prior to Closing to restore the Property), as the case may be, and Seller shall have no obligation to repair or restore the Property; provided, however, that in the case of any insured casualty, the Purchase Price shall be reduced by the "deductible" applied by the applicable Seller's insurer with respect to such fire or casualty and not paid by such Seller prior to Closing.
Major Casualty or Condemnation. (a) If a Casualty or Condemnation has occurred to the Property, Borrower shall commence and satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement and the Project Loan Agreement. If the Net Proceeds are equal to or greater than the Restoration Threshold or the costs of completing the Restoration, or Completion of the Improvements, as applicable, is equal to or greater than the Restoration Threshold, Lender shall make the Net Proceeds available for the Restoration, provided that each of the following conditions are met:
(A) If the Casualty or Condemnation occurs prior to the Completion of the Improvements:
Major Casualty or Condemnation. Any Major Casualty or Major Condemnation affecting the Property shall occur; or
Major Casualty or Condemnation. If a Casualty or Condemnation has occurred to the Property and the costs of completing the Restoration is equal to or greater than the Restoration Threshold, Lender shall make the Net Proceeds available to Borrower for the Restoration, provided that each of the following conditions precedent are satisfied:
Major Casualty or Condemnation. (a) If a Casualty or Condemnation has occurred to the Property and the Net Proceeds are equal to or greater than the Restoration Threshold or the costs of completing the Restoration is equal to or greater than the Restoration Threshold, Lender shall make the Net Proceeds available for the Restoration, provided that each of the following conditions are met:
(i) no Event of Default shall have occurred and be continuing;
(A) in the event the Net Proceeds are insurance proceeds, less than thirty percent (30%) of each of the (i) fair market value of the Property as reasonably determined by Lender and (ii) rentable area of the Property has been damaged, destroyed or rendered unusable as a result of such Casualty or
(B) in the event the Net Proceeds are an Award, less than fifteen percent (15%) of each of the (i) fair market value of the Property as reasonably determined by Lender, and (ii) rentable area of the Property has been taken, and such land is located along the perimeter or periphery of the Property, and no portion of the Improvements material to the operation of the Property, as determined by Lender in its sole discretion, is the subject of the Condemnation;
(iii) Leases requiring payment of annual rent equal to eighty percent (80%) of the Operating Income received by Borrower during the twelve
Major Casualty or Condemnation. (a) If a Casualty or Condemnation has occurred to a Mezzanine Property and the Net Proceeds are equal to or greater than the Restoration Threshold or the costs of completing the Restoration is equal to or greater than the Restoration Threshold, Lender shall make the Net Proceeds available for the Restoration, provided that each of the following conditions are met:
(i) no Event of Default shall have occurred and be continuing;
(ii) (A) in the event the Net Proceeds are insurance proceeds, less than twenty-five percent (25%) of the total floor area of the Improvements at the applicable Mezzanine Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (B) in the event the Net Proceeds are an Award, less than ten percent (10%) of the land constituting applicable Mezzanine Property is taken, and such land is located along the perimeter or periphery of the Mezzanine Property, and no portion of the Improvements is the subject of the Condemnation;
(iii) (A) in the event of a Casualty, the Casualty resulted in an actual or constructive loss of less than twenty-five percent (25%) of the fair market value of the applicable Mezzanine Property or (B) in the event of a Condemnation, the Condemnation resulted in an actual or constructive loss of less than ten percent (10%) of the fair market value of the applicable Mezzanine Property.
Major Casualty or Condemnation. (a) If a Casualty or Condemnation has occurred to any one or more Individual Properties and the Net Proceeds, when taken together with the Net Proceeds obtained in connection with any previous Casualty or Condemnation at any Individual Property which has not yet been fully restored, are equal to or greater than the Restoration Threshold or the costs of completing the Restoration, when taken together with the costs of completing any Restoration to any Individual Property which was the subject of a previous Casualty or Condemnation which has not yet been fully completed, is equal to or greater than the Restoration Threshold, Lender shall make the Net Proceeds available for the Restoration, provided that each of the following conditions are met:
(i) no Event of Default shall have occurred and be continuing;
(ii) in the event the Net Proceeds are an Award, in Borrower's or the Manager's (as agent of Borrower) reasonable judgment, the Property shall be capable of being restored so that it can continue to be used as a KinderCare child care center when the Restoration is complete;
Major Casualty or Condemnation. Any Major Casualty or Major Condemnation affecting the Property shall occur; or (m) Material Adverse Effect. Any event(s) or condition(s) which has a Material Adverse Effect shall occur or exist.
