Common use of Obligation to Repair and Restore Damage Due to Casualty Covered by Insurance Clause in Contracts

Obligation to Repair and Restore Damage Due to Casualty Covered by Insurance. In the event that any of the Housing Units are totally or partially destroyed or rendered wholly or partly uninhabitable by fire or other casualty required to be insured against by Developer, Developer shall promptly proceed to obtain insurance proceeds and take all steps necessary to begin reconstruction and, immediately upon receipt of such insurance proceeds, promptly and diligently commence and complete the repair or replacement of the Housing Units to substantially the same condition as the Housing Units are required to be constructed pursuant to this Agreement. In no event shall the completion of the repair, restoration or replacement of the Housing Units exceed one (1) year from the date Developer obtains the insurance proceeds unless Agency approves a longer period in Agency’s reasonable discretion. Agency shall cooperate with Developer, at no expense to Agency, in obtaining any governmental permits required for the repair restoration or replacement. If, however, the then-existing laws of any governmental entity exercising jurisdiction over the Site do not permit the repair, restoration or replacement of the Housing Units, Developer may elect not to repair, restore or replace the Housing Units by giving Notice to Agency, in which event Developer shall be entitled to all insurance proceeds, provided Developer promptly removes all debris from the portion of the Site affected and reconveys such portion of the Site to Agency.

Obligation to Repair and Restore Damage Due to Casualty Covered by Insurance. In Subject to the event that any of provisions below, if the Housing Units are Project shall be totally or partially destroyed or rendered wholly or partly uninhabitable by fire or other casualty required to be insured against by Developer, Developer shall promptly proceed to obtain insurance proceeds and take all steps necessary to begin reconstruction and, immediately upon receipt of such insurance proceeds, to promptly and diligently commence and complete the repair or replacement of the Housing Units Project improvements to substantially the same condition as the Housing Units Project improvements existed immediately prior to the casualty, if and to the extent the insurance proceeds are required available and sufficient to cover the actual cost of repair, replacement, or restoration, and Developer shall complete the same as soon as possible thereafter so that the Project improvements can be constructed pursuant to occupied in accordance with this Agreement. In Subject to force majeure delays as set forth in Section 1505 herein, in no event shall the completion of the repair, replacement, or restoration or replacement of the Housing Units period exceed one (1) year from the date Developer obtains the insurance proceeds unless Agency Executive Director, in her reasonable discretion, approves a longer period in Agency’s reasonable discretionof time. Agency shall cooperate with Developer, at no expense to Agency, in obtaining any governmental permits required for the repair restoration repair, replacement, or replacementrestoration. If, however, the then-existing laws of any other governmental entity exercising agencies with jurisdiction over the Site do not permit the repair, restoration replacement, or replacement of the Housing Unitsrestoration, Developer may elect not to repair, replace, or restore or replace the Housing Units Project Improvements by giving Notice notice to Agency, Agency (in which event Developer shall will be entitled to all insurance proceeds, provided proceeds but Developer promptly removes shall be required to remove all debris from the applicable portion of the Site affected and reconveys Site) or Developer may reconstruct such portion of other improvements on the Site to Agencyas are consistent with applicable land use regulations and approved by the Agency and the other governmental agency or agencies with jurisdiction.

Obligation to Repair and Restore Damage Due to Casualty Covered by Insurance. In the event that any of the Housing Units are totally or partially destroyed or rendered wholly or partly uninhabitable by fire or other casualty required to be insured against by Developer, Developer shall promptly proceed to obtain insurance proceeds and take all steps necessary to begin reconstruction and, immediately upon receipt of such insurance proceeds, promptly and diligently commence and complete the repair or replacement of the Housing Units to substantially the same condition as the Housing Units are required to be constructed pursuant to this Agreement. In no event shall the completion of the repair, restoration or replacement of the Housing Units exceed one (1) year from the date Developer obtains the insurance proceeds unless Agency Authority approves a longer period in AgencyAuthority’s reasonable discretion. Agency Authority shall cooperate with Developer, at no expense to AgencyAuthority, in obtaining any governmental permits required for the repair restoration or replacement. If, however, the then-existing laws of any governmental entity exercising jurisdiction over the Site do not permit the repair, restoration or replacement of the Housing Units, Developer may elect not to repair, restore or replace the Housing Units by giving Notice to AgencyAuthority, in which event Developer shall be entitled to all insurance proceeds, provided Developer promptly removes all debris from the portion of the Site affected and reconveys such portion of the Site to AgencyAuthority.

Obligation to Repair and Restore Damage Due to Casualty Covered by Insurance. In the event that any of the Housing Units are totally or partially destroyed or rendered wholly or partly uninhabitable by fire or other casualty required to be insured against by Developer, Developer shall promptly proceed to obtain insurance proceeds and take all steps necessary to begin reconstruction and, immediately upon receipt of such insurance proceeds, promptly and diligently commence and complete the repair or replacement of the Housing Units to substantially the same condition as the Housing Units are required to be constructed pursuant to this Agreement. In no event shall the completion of the repair, restoration or replacement of the Housing Units exceed one (1) year from the date Developer obtains the insurance proceeds unless Agency approves a longer period in Agency’s reasonable discretion. Agency shall cooperate with Developer, at no expense to Agency, in obtaining any governmental permits required for the repair restoration or replacement. If, however, the then-existing laws of any governmental entity exercising jurisdiction over the Site do not permit the repair, restoration or replacement of the Housing Units, Developer may elect not to repair, restore or replace the Housing Units by giving Notice to Agency, in which event Developer shall be entitled to all insurance proceeds, provided Developer promptly removes all debris from the portion of the Site affected and reconveys such portion of the Site to Agency.Agency.‌

Obligation to Repair and Restore Damage Due to Casualty Covered by Insurance. In the event that any of the Housing Units are Retail Space or Site is totally or or‌ partially destroyed or rendered wholly or partly uninhabitable by fire or other casualty required to be insured against by Developer, Developer shall promptly proceed to obtain insurance proceeds and take all steps necessary to begin reconstruction and, immediately upon receipt of such insurance proceeds, promptly and diligently commence and complete the repair or replacement of the Housing Units Retail Space or Site to substantially the same condition as the Housing Units Retail Space or Site are required to be constructed pursuant to this Agreement. In no event shall the completion of the repair, restoration or replacement of the Housing Units Retail Space or Site exceed one (1) year from the date Developer obtains the insurance proceeds unless Agency approves a longer period in Agency’s reasonable discretion. Agency shall cooperate with Developer, at no expense to Agency, in obtaining any governmental permits required for the repair restoration or replacement. If, however, the then-existing laws of any governmental entity exercising jurisdiction over the Site do not permit the repair, restoration or replacement of the Housing UnitsRetail Space or Site, Developer may elect not to repair, restore or replace the Housing Units Retail Space or Site by giving Notice to Agency, in which event Developer shall be entitled to all insurance proceeds, provided Developer promptly removes all debris from the portion of the Site affected and reconveys such portion of the Site to Agency.

Obligation to Repair and Restore Damage Due to Casualty Covered by Insurance. In Subject to the event that any provisions below and to the rights of the Housing Units are Lender or any replacement primary Lender, if the Project shall be totally or partially destroyed or rendered wholly or partly uninhabitable by fire or other casualty required to be insured against by Developer, Developer shall promptly proceed to obtain insurance proceeds and take all steps necessary to begin reconstruction and, immediately upon receipt of such insurance proceeds, to promptly and diligently commence and complete the repair or replacement of the Housing Units Project improvements to substantially the same condition as the Housing Units Project improvements existed immediately prior to the casualty, if and to the extent the insurance proceeds are required available and sufficient to cover the actual cost of repair, replacement, or restoration, and Developer shall complete the same as soon as possible thereafter so that the Project Improvements can be constructed pursuant to occupied in accordance with this Agreement. In Subject to force majeure delays as set forth in Section 1505 of the Affordable Housing Agreement, in no event shall the completion of the repair, replacement, or restoration or replacement of the Housing Units period exceed one two (12) year years from the date Developer obtains the insurance proceeds unless Agency City Manager, in his or her reasonable discretion, approves a longer period in Agency’s reasonable discretionof time. Agency City shall cooperate with Developer, at no expense to AgencyCity, in obtaining any governmental permits required for the repair restoration repair, replacement, or replacementrestoration. If, however, the then-existing laws of any other governmental entity exercising agencies with jurisdiction over the Site do not permit the repair, restoration replacement, or replacement of the Housing Unitsrestoration, Developer may elect not to repair, replace, or restore or replace the Housing Units Project Improvements by giving Notice notice to Agency, City (in which event Developer shall will be entitled to all insurance proceeds, provided Developer promptly removes all debris from the portion of the Site affected and reconveys such portion of the Site to Agency.insurance

Obligation to Repair and Restore Damage Due to Casualty Covered by Insurance. In the event that any of the Housing Units are Subject to Section 3.6.5 below, if Phase II shall be totally or partially destroyed or rendered wholly or partly uninhabitable by fire or other casualty required to be insured against by Developer, Developer shall promptly proceed to obtain insurance proceeds and take all steps necessary to begin reconstruction and, immediately upon receipt of such insurance proceeds, to promptly and diligently commence and complete the repair or replacement of the Housing Units Phase II to substantially the same condition as the Housing Units are Phase II is required to be constructed pursuant to this Agreement, if and to the extent the insurance proceeds are sufficient to cover the actual cost of repair, replacement, or restoration, and Developer shall complete the same as soon as possible thereafter so that Phase II can be occupied in accordance with this Agreement. In Subject to force majeure delays pursuant to Section 6.3 hereof, in no event shall the completion of the repair, replacement, or restoration or replacement of the Housing Units period exceed one one (1) year from the date Developer obtains the insurance proceeds unless Agency Authority’s Executive Director, in his/her reasonable discretion, approves a longer period in Agency’s reasonable discretionof time. Agency Authority shall cooperate with Developer, at no expense to AgencyAuthority, in obtaining any governmental permits required for the repair restoration repair, replacement, or replacementrestoration. If, however, the then-existing laws of any other governmental entity exercising agencies with jurisdiction over the Site do not permit the repair, restoration replacement, or replacement of the Housing Unitsrestoration, Developer may elect not to repair, replace, or restore or replace the Housing Units Phase II by giving Notice notice to Agency, Authority (in which event Developer shall will be entitled to all insurance proceeds, provided proceeds but Developer promptly removes shall be required to remove all debris from the portion of Site) or Developer may reconstruct such other improvements on the Site affected as are consistent with applicable land use regulations and reconveys such portion of approved by the Site to AgencyAuthority and the other governmental agency or agencies with jurisdiction.