Rebuildability Clause Samples
The Rebuildability clause defines the rights and obligations of parties regarding the reconstruction or restoration of property after it has been damaged or destroyed. Typically, this clause outlines whether a party is permitted or required to rebuild a structure to its original specifications, or if modifications are allowed, and may specify timelines, standards, or approval processes for the rebuilding work. Its core practical function is to ensure clarity and agreement on how property will be restored following damage, thereby preventing disputes and facilitating a smooth recovery process.
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Rebuildability. If Property involves legal non-conforming use, confirms that, in the event of casualty, the Property may be rebuilt substantially in its current form (i.e., no loss of square footage, same building footprint) upon satisfaction of stated conditions and/or limitations. • Subdivision Endorsement. • Doing Business Endorsement. • Deletion of Arbitration Endorsement. • Separate Tax Lot Endorsement. • Street Address Endorsement • Contiguity Endorsement. • Variable Rate Endorsement. • Mortgage Recording Tax Endorsement. • Any of the following endorsements customary in the state in which the Property is located or as required by the nature of the transaction: Tie-In Endorsement for Multiple Policies Mortgage Assignment Endorsement First Loss / Last Dollar Endorsement Non-Imputation Endorsement Blanket Un-located Easements Endorsement Closure Endorsement The survey shall contain the following: • The legal description of the Property; • The courses and measured distances of the exterior boundary lines of the Property and the identification of owners of abutting parcels; • The total acreage of the Property to the nearest tenth of an acre; • The location of any existing improvements, the dimensions thereof at the ground surface level and their relationship to the facing exterior property lines, streets and set-back lines of the Property; • The location, lines and widths of adjoining publicly dedicated and accepted streets showing the number and location of existing curb cuts, driveways, and fences; • The location and dimensions of encroachments, if any, upon the Property; • The location of all set-back lines, restrictions of record, other restrictions established by zoning or building code ordinance, utilities, easements, rights-of-way and other matters affecting title to the Property which are to be shown in Schedule B-2 of the Title Policy identifying each by reference to its recording data, where applicable; • Evidence that adequate means of ingress and egress to and from the Property exist and that the Property does not serve any adjoining property for ingress, egress or any other purpose; • If the Property is described as being on a recorded map or plat, a legend relating the survey to such map or plat; • The street address of the Property; • Parking areas at the Property and, if striped, the striping and type (e.g., handicapped, motorcycle, regular, etc.) and number of parking spaces at the Property; • A statement as to whether the Property is located in a specia...
Rebuildability. If Property involves legal non-conforming use, confirms that, in the event of casualty, the Property may be rebuilt substantially in its current form (i.e., no loss of square footage, same building footprint) upon satisfaction of stated conditions and/or limitations. • Subdivision Endorsement. • Doing Business Endorsement. • Deletion of Arbitration Endorsement. • Separate Tax Lot Endorsement. • Street Address Endorsement • Contiguity Endorsement. • Variable Rate Endorsement. • Mortgage Recording Tax Endorsement. • Any of the following endorsements customary in the state in which the Property is located or as required by the nature of the transaction: Tie-In Endorsement for Multiple Policies Mortgage Assignment Endorsement First Loss / Last Dollar Endorsement Non-Imputation Endorsement Blanket Un-located Easements Endorsement
Rebuildability. If Borrowing Base Properties involve legal non-conforming use, confirms that, in the event of casualty, the Borrowing Base Properties may be rebuilt substantially in its current form (i.e., no loss of square footage, same building footprint) upon satisfaction of stated conditions and/or limitations. • Subdivision Endorsement. • Doing Business Endorsement. • Deletion of Arbitration Endorsement. • Separate Tax Lot Endorsement. • Street Address Endorsement • Contiguity Endorsement. • Variable Rate Endorsement. • Mortgage Recording Tax Endorsement. • Any of the following endorsements customary in the state in which the Borrowing Base Properties are located or as required by the nature of the transaction: Tie-In Endorsement for Multiple Policies (including the policies for the other Borrowing Base Properties) Mortgage Assignment Endorsement First Loss Endorsement Blanket Un-located Easements Endorsement
Rebuildability. If Property involves legal non-conforming use, confirms that, in the event of casualty, the Property may be rebuilt substantially in its current form (i.e., no loss of square footage, same building footprint) upon satisfaction of stated conditions and/or limitations. • Subdivision Endorsement. • Doing Business Endorsement. • Deletion of Arbitration Endorsement. • Separate Tax Lot Endorsement. • Street Address Endorsement • Contiguity Endorsement. • Variable Rate Endorsement. • Mortgage Recording Tax Endorsement. • Any of the following endorsements customary in the state in which the Property is located or as required by the nature of the transaction: Tie-In Endorsement for Multiple Policies First Loss / Last Dollar Endorsement Non-Imputation Endorsement The undersigned being a registered surveyor of the State of [State] hereby certifies to GERMAN AMERICAN CAPITAL CORPORATION, [NAME OF BORROWING ENTITY] and [INSERT NAME OF TITLE COMPANY], and each of their respective successors and assigns, as of the date below, as follows: This print of survey actually was made on the ground on [INSERT DATE SURVEY WAS MADE] in accordance with the “Minimum Standard Detail Requirements for ALTA/ACSM Land Title Surveys,” jointly established and adopted by American Land Title Association (“ALTA”) and American Congress on Surveying & Mapping (“ACSM”) and National Society of Professional Surveyors (“NSPS”) in 1999, contains Items 1, 2, 3, 4, 6, 7(a), 7(b)(1), 8, 9, 10, 11, 13, 14 and 16 of Table A thereto, and correctly shows: (i) a fixed and determinable position and location of the land described herein (together with the buildings and improvements thereon, the “Mortgaged Property”), including the position of the point of beginning; (ii) the location of all buildings, structures and other improvements situated on the land; (iii) all driveways or other curb cuts along any street or alley upon which the land abuts; (iv) the location and name of all public and private streets or alleys located thereon or adjacent thereto, all of which are public unless otherwise noted; (v) the location, dimension and recording data of all easements, rights-of-way and other matters of record thereon or with respect to which the undersigned has knowledge; (vi) the location and dimension of all unrecorded easements, paths, rights-of-way and party walls to the extent visible thereon or with respect to which the undersigned has knowledge; (vii) the location of applicable building restriction and setba...
Rebuildability. If Borrowing Base Properties involve legal non-conforming use, confirms that, in the event of casualty, the Borrowing Base Properties may be rebuilt substantially in its current form (i.e., no loss of square footage, same building footprint) upon satisfaction of stated conditions and/or limitations. • Subdivision Endorsement. • Separate Tax Lot Endorsement. • Contiguity Endorsement. • Variable Rate Endorsement. • Any of the following endorsements customary in the jurisdiction in which the Borrowing Base Properties are located or as required by the nature of the transaction: Tie-In Endorsement for Multiple Policies (to the extent available) Mortgage Assignment Endorsement First Loss Endorsement Four Seasons D.C. Addition of Bourbon Steak Restaurant, 11- guestroom expansion, renovation of 66 guestrooms and lobby renovation. Completed in January 2009. Fairmont Scottsdale Princess Renovation of 460 guestrooms, substantially completed at year end 2008. Marriott Grosvenor Square Partial Guestroom Renovation, to be completed in 2009. Westin St. ▇▇▇▇▇▇▇ Guestroom renovation of Historic Tower, to be completed in 2009. Fairmont Chicago Suite renovations as part of overall room renovation completed earlier in 2008. Suites to be completed in 2009. Intercontinental Chicago Parking Garage and Roof Anchor work to be completed in 2009. None. Strategic Hotel Capital Commercial & Retail Leases / Rent Roll – Updated 12/31/08 Indicates updated for Q4-08 Four Seasons Washington D.C. SNP, Inc. 04/01/01 month-to-month $ 21,958 Additional Rent to compensate for increases in RE Tax Ladies Clothing Store 700.00 NA SNH Designs Corp 04/01/01 month-to-month $ 23,048 Mens Clothing Store 722.00 NA George’s 03/01/06 08/31/15 $ 88,176 Hairdressing/Cutting Salon 2,261.00 NA Four Seasons Mexico City Soltano 16 Jan.01.08 Dec.31.09 $ 6,144 1 Showcase ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ (Tierra Latina) Jun.01.08 May.30.09 $ 3,000 1 Showcase Tane Apr.01.08 Apr.01.09 $ 12,000 1 Showcase 10,600 Operadora Aeroboutiques (Boutique) June.01.08 May.30.09 $ 83,772 1 Outlet 1,217.40 63,125 Operadora Aeroboutiques (Selecciones) July.15.08 July.15.09 $ 113,355 1 Outlet 406.88 Operadora Aeroboutiques (Showcase – 1) July.15.08 July.15.09 $ 6,603 1 Showcase Operadora Aeroboutiques (Showcase – 4) Mar.01.08 Feb.28.09 $ 12,583 1 Showcase La Sartoria (Store – 1) Aug.01.08 Aug.01.09 $ 52,828 1 Outlet 326.58 1,160.87 La Sartoria (Showcase – 4) Aug.01.08 Aug.01.09 $ 33,804 1 Showcase La Sartoria (Showcase – 1) Apr.01.08 Apr.01.09 $ ...
Rebuildability. If Borrowing Base Properties involve legal non-conforming use, confirms that, in the event of casualty, the Borrowing Base Properties may be rebuilt substantially in its current form (i.e., no loss of square footage, same building footprint) upon satisfaction of stated conditions and/or limitations. • Subdivision Endorsement. • Separate Tax Lot Endorsement. • Contiguity Endorsement. • Variable Rate Endorsement. • Any of the following endorsements customary in the jurisdiction in which the Borrowing Base Properties are located or as required by the nature of the transaction: Tie-In Endorsement for Multiple Policies (to the extent available) Mortgage Assignment Endorsement First Loss Endorsement ▇▇▇▇▇▇▇-▇▇▇▇ 05/15/06 12/31/11 $ 5,400 Display case rental Vitrine 18 AT&T 12/01/02 10 yrs from commencement $ 28,518 Antenna Rent Antenna 300 (rooftop) Verizon 12/14/01 06/30/11 $ 37,231 Antenna Rent Antenna 300 (rooftop) T-Mobile TBD 5 yrs from commencement $ 38,400 Not in Place as of yet - agreement commences upon installation of equipment. Monthly license fee increase 4% annually Antenna — ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ (Stylist) 06/08/09 Month to Month $ 6,000 month. Salon Chair Rental 852 Linea ▇▇▇ (Stylist) 06/08/09 Month to Month $ 6,000 month. Salon Chair Rental ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ Athletic Club 10/01/10 09/31/2015 $ 255,000 Leasing of Tennis Facility Tennis Management 40,500 ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ 11/01/10 10/31/11 $ 6,700 10% based on sales /Monthly payments/Beach Space Beach Space 29.52 ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ 06/01/10 05/31/11 $ 5,500 20% based on sales/Monthly payments/Beach Space Beach Space 29.52 ▇▇▇▇▇▇ ▇▇▇▇▇ Ziaurriz 06/18/10 06/17/11 $ 4,800 10% based on sales /Monthly payments/Beach Space Beach Space 29.52 $[ ] [ ], 20[__] FOR VALUE RECEIVED, the undersigned, STRATEGIC HOTEL FUNDING, L.L.C., a Delaware limited liability company (the “Borrower”), promises to pay to the order of [ ] (the “Lender”) on the Maturity Date (as defined in the Credit Agreement referred to below) the principal sum of [ ] ($[ ]) or, if less, the aggregate unpaid principal amount of all Revolving Loans (as defined in the Credit Agreement) made by the Lender pursuant to that certain Credit Agreement, dated as of June [_], 2011, among the Borrower, the various financial institutions as are or may become parties thereto (including the Lender), and Deutsche Bank Trust Company Americas, as Administrative Agent (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). ...