Property Damage or Destruction. In the event any permanent improvements on the Leased Premises are damaged or destroyed to the extent that they are unusable for the purposes for which they were used prior to such damage, the Lessee shall have the election of repairing or reconstructing the improvements substantially as they were immediately prior to such casualty or in a new or modified design. The Lessee shall give the Airport written notice of its election hereunder within sixty (60) days after the occurrence of such casualty. If Lessee elects to repair or reconstruct improvements Lessee shall, at its expense, replace and repair any and all fixtures, equipment and other personal property necessary to properly and adequately continue its aviation activity at the Airport, but in no event shall Lessee be obligated to provide equipment and fixtures in excess of those existing prior to such damage or destruction except for requirements of all construction codes existing at the time of repair or replacement. The Lessee agrees that such work will be promptly commenced and prosecuted to completion with due diligence: subject to delays beyond the Lessee's control. Delays attributable to investigation, litigation, and other matters shall not be considered. Lessee has the duty to mitigate its damages by promptly repairing and replacing the damaged portions of the improvements. If the Lessee elects not to repair or to reconstruct the damaged permanent improvements, the Lessee shall, at its own cost and expense: remove all debris resulting from such damage to the Leased Premises including, foundations, if appropriate, concrete piers, etc.; stub up all utilities; take all actions necessary to repair and restore the integrity of the common walls and structure to comply with local fire and building codes; and, as necessary, restore the surface to a level condition at its original elevation. Such obligation shall be in addition to any legal liabilities Lessee may have to the City for such property damage.
Property Damage or Destruction. If any part of the Project is damaged or destroyed, Owner shall repair or restore the same, consistent with the occupancy and rent restriction requirements set forth in this Agreement. Such work shall be commenced as soon as reasonably practicable after the damage or loss occurs and shall be completed within one year thereafter or as soon as reasonably practicable, provided that insurance proceeds are available to be applied to such repairs or restoration within such period and the repair or restoration is financially feasible. During such time that lenders or low-income housing tax credit investors providing financing for the Project impose requirements that differ from the requirements of this Section 6.9 the requirements of such lenders and investors shall prevail.
Property Damage or Destruction. If any part of the Project is damaged or destroyed, Owner shall repair or restore the same, consistent with the occupancy and rent restriction requirements set forth in this Agreement. Such work shall be commenced as soon as reasonably practicable after the damage or loss occurs and shall be completed within one year thereafter or as soon as reasonably practicable, provided that insurance proceeds are available to be applied to such repairs or restoration within such period and the repair or restoration is financially feasible. If this provision conflicts with the requirements of senior lenders, the requirements of such lenders shall prevail.
Property Damage or Destruction. If any part of the Project is damaged or destroyed, Owner shall repair or restore the same, consistent with the occupancy and rent restriction requirements set forth in this Agreement. Such work must be commenced within 120 days after the damage or loss occurs and shall be completed within one year thereafter, provided that insurance proceeds are available to be applied to such repairs or restoration within such period and the repair or restoration is financially feasible. During such time that lenders or low-income housing tax credit investors providing financing for the Project impose requirements that differ from the requirements of this Section the requirements of such lenders and investors will prevail.
Property Damage or Destruction. If any of the Inclusionary Units or access thereto is damaged or destroyed, Developer must notify the City within 30 days and must at its own cost and expense, repair or restore the Inclusionary Units. Such work shall be commenced within 120 days after the damage or loss occurs and shall be completed within one year thereafter. All insurance proceeds collected for such damage or destruction shall be applied to the cost of such repairs or restoration. In the event that the Inclusionary Units are not rentable during this time, the term of this Agreement shall be extended by the period of time that any of the Inclusionary Units were not rented to and occupied by eligible households.
Property Damage or Destruction. If any part of the Services Project is damaged or destroyed, Owner shall repair or restore the same, consistent with the requirements set forth in this Agreement. Such work shall be commenced as soon as reasonably practicable after the damage or loss occurs and shall be completed within one year thereafter or as soon as reasonably practicable, provided that insurance proceeds are available to be applied to such repairs or restoration within such period and the repair or restoration is financially feasible.
Property Damage or Destruction. If any part of the Workforce Project is damaged or destroyed, Owner shall repair or restore the same, consistent with the occupancy and rent restriction requirements set forth in this Agreement. Such work shall be commenced as soon as reasonably practicable after the damage or loss occurs and shall be completed within one year thereafter or as soon as reasonably practicable, provided that insurance proceeds are available to be applied to such repairs or restoration within such period and the repair or restoration is financially feasible.
Property Damage or Destruction. If any part of the Property is damaged or destroyed, Lessee shall, at its own cost and expense, repair or restore the Property consistent with the original condition of the Project when Lessee took possession, normal wear and tear excepted. Such work shall be commenced within thirty (30) calendar days, or up to one hundred eighty (180) calendar days with written approval of City, after the damage or loss occurs and shall be completed within three hundred sixty (360) calendar days thereafter. All insurance proceeds collected for such damage or destruction shall be applied to the cost of such repairs or restoration and, if insurance proceeds are insufficient for such purpose, Lessee shall make up the deficiency.
