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:
Appears in 4 contracts
Samples: Loan Agreement, Loan Agreement (Empire State Building Associates L.L.C.), Loan Agreement (Empire State Realty Trust, Inc.)
