Obligation to Restore. During the performance of its obligations under this Agreement until the Final Completion Date, RCP hereby agrees that if any portion of the Infrastructure Improvements shall be damaged or destroyed, in whole or in part, by fire or other casualty (whether or not covered by insurance), RCP shall promptly restore, replace or rebuild the same, or shall promptly cause the same to be restored, replaced or rebuilt, to as nearly as possible the value, quality and condition it was in immediately prior to such fire or other casualty, with such alterations or changes as may be approved in writing by the City, which approval shall not be unreasonably withheld. RCP agrees that it will cause Bliss Sports II to include in any documents for Bliss Sports II private financing a requirement that, in the event insurance covering fire or other casualty results in payment of insurance proceeds to a lender of Bliss Sports II, the lender shall be obligated to restore the Infrastructure Improvements in accordance with this Section. Bliss Sports II shall within one hundred eighty (180) days give written notice to the City of any damages or destruction to any of the Infrastructure Improvements by fire or other casualty, irrespective of the amount of such damage or destruction, but in such circumstances Bliss Sports II shall make the property safe and in compliance with all applicable laws as provided herein.
Appears in 7 contracts
Samples: Development Agreement, Development Agreement, Development Agreement
