Common use of Material Damage Clause in Contracts

Material Damage. Notwithstanding any provision of this Reimbursement Agreement to the contrary, if the Premises shall have suffered any material damage or destruction prior to any disbursement from the Project Fund, such damaged or destroyed portion shall be restored or replaced in a manner acceptable to Bank without cost to Bank prior to the approval by Bank of any further disbursement from the Project Fund.

Material Damage. Notwithstanding any provision of this Reimbursement Agreement to the contrary, if the Premises Project shall have suffered any material damage or destruction prior to any disbursement from the Project Fund, such damaged or destroyed portion shall be restored or replaced in a manner acceptable to the Bank without cost to the Bank prior to the approval by the Bank of any further disbursement from the Project Fund; provided that if such damage or destruction shall occur during the construction period for the Improvements, the Borrower may use any insurance proceeds to rebuild or repair the Project.

Material Damage. Notwithstanding any provision of this Reimbursement Agreement to the contrary, if the Project Facility or the Premises shall have suffered any material damage or destruction prior to any disbursement from the Project Funddisbursement, such damaged or destroyed portion shall be restored or replaced in a manner acceptable to Bank without cost to Bank prior to the approval by Bank of any further disbursement from the Project Fundby Bank.

Material Damage. Notwithstanding any provision of this --------------- Reimbursement Agreement to the contrary, if any portion of the Premises shall have suffered any material damage or destruction prior to any disbursement from the Project Fund, such damaged or destroyed portion shall be restored or replaced in a manner acceptable to the Bank without cost to the Bank prior to the approval by the Bank of any further disbursement from the Project Fund.