No Obligation to Repair and Restore Damage Due to Casualty Not Covered by Insurance. In the event that any of the Housing Units are totally or substantially destroyed or damaged by a casualty for which Developer is not required to (and Developer has not) insured against, Developer shall not be required to repair, restore or replace such Housing Units and Developer may elect not to repair, restore or replace the Housing Units by giving Notice to Agency within ninety (90) days of such loss, provided Developer promptly removes all debris from the portion of the Site affected and reconveys such portion of the Site to Agency. For purposes of this Section, the term “substantially destroyed or damaged” means destruction or damage the repair of which is reasonably estimated to cost twenty-five percent (25%) or more of the replacement cost of the Housing Units damaged.
Appears in 1 contract
No Obligation to Repair and Restore Damage Due to Casualty Not Covered by Insurance. In the event that any of the Housing Units are totally or substantially destroyed or damaged by a casualty for which Developer is not required to (and Developer has not) insured against, Developer shall not be required to repair, restore or replace such Housing Units and Developer may elect not to repair, restore or replace the Housing Units by giving Notice to Agency Authority within ninety (90) days of such loss, provided Developer promptly removes all debris from the portion of the Site affected and reconveys such portion of the Site to AgencyAuthority. For purposes of this Section, the term “substantially destroyed or damaged” means destruction or damage the repair of which is reasonably estimated to cost twenty-five percent (25%) or more of the replacement cost of the Housing Units damaged.
Appears in 1 contract
No Obligation to Repair and Restore Damage Due to Casualty Not Covered by Insurance. In the event that any of the Housing Units are Retail Space or Site is totally or substantially destroyed or damaged by a casualty for which Developer is not required to (and Developer has not) insured against, Developer shall not be required to repair, restore or replace such Housing Units Retail Space or Site and Developer may elect not to repair, restore or replace the Housing Units Retail Space or Site by giving Notice to Agency within ninety (90) days of such loss, provided Developer promptly removes all debris from the portion of the Site affected and reconveys such portion of the Site to Agency. For purposes of this Section, the term “substantially destroyed or damaged” means destruction or damage the repair of which is reasonably estimated to cost twenty-five percent (25%) or more of the replacement cost of the Housing Units damaged.Retail Space or Site damaged.
Appears in 1 contract
No Obligation to Repair and Restore Damage Due to Casualty Not Covered by Insurance. In the event that any of the Housing Units are totally or substantially destroyed or damaged by a casualty for which Developer is not required to (and Developer has not) insured against, Developer shall not be required to repair, restore or replace such Housing Units and Developer may elect not to repair, restore or replace the Housing Units by giving Notice to Agency within ninety (90) days of such loss, provided Developer promptly removes all debris from the portion of the Site affected and reconveys such portion of the Site to Agency. For purposes of this Section, the term “substantially destroyed or damaged” means destruction or damage the repair of which is reasonably estimated to cost twenty-five percent (25%) or more of the replacement cost of the Housing Units damaged.damaged.
Appears in 1 contract
