Common use of Partial Damage or Destruction Clause in Contracts

Partial Damage or Destruction. In the event that the Site and/or the Project is partially damaged or destroyed before final completion, the Entity shall repair and/or have repaired the Site and/or the Project utilizing the proceeds from insurance which were deposited into the Escrow up to the amount of the Entity’s actual costs for the repair or reconstruction, and District shall pay the Entity any excess amounts needed to pay the costs of repair or reconstruction. In the event the costs of repair or reconstruction do not exceed the amount held in the Escrow, the remaining funds shall be released to District. In the event that the Site and/or the Project is partially damaged or destroyed after final completion but before expiration of the Lease Term, the District shall repair or have repaired the Site and/or the Project utilizing the proceeds from insurance which were deposited into the Escrow. If District fails or refuses to repair or reconstruct as provided herein, then the Entity shall have the right to repair and restore the Site and/or the Project, in which case the Entity shall be entitled to a disbursement of the funds in the Escrow up to the amount of the Entity’s actual costs for the repair or reconstruction, and District shall pay the Entity any excess amounts needed to pay the costs of repair or reconstruction. In the event the costs of repair or reconstruction do not exceed the amount held in the Escrow, the remaining funds shall be released to District.