Rebuilding Required Clause Samples
The "Rebuilding Required" clause establishes the obligation to reconstruct or repair a property if it is damaged or destroyed. Typically, this clause outlines the circumstances under which rebuilding must occur, such as after a fire or natural disaster, and may specify timelines, standards for reconstruction, and the responsible party (often the property owner or tenant). Its core practical function is to ensure that the property is restored to its original condition, thereby protecting the interests of both parties and maintaining the value and usability of the asset.
Rebuilding Required. In the event of an Insured Casualty where the extent of damage or destruction is less than twenty percent (20%) of the then full replacement cost of the Premises, Landlord shall rebuild or restore the Premises to the condition existing immediately prior to the damage or destruction, provided the damage or destruction was not a result of a negligent or willful act of Tenant, and that there exist no governmental codes or regulations that would interfere with Landlord's ability to so rebuild or restore.
Rebuilding Required. 37 15.2.2 Landlord's Election............................. 37 15.2.3 Continuance of Lease............................ 37 15.3
Rebuilding Required. In the event of an Insured Casualty where the extent of damage or destruction is less than thirty-three and one-third percent (33 and 1/3%) of the then full replacement cost of the Premises, Landlord shall rebuild or restore the Premises to the condition existing immediately prior to the damage or destruction, promptly following receipt of all required governmental permits and approvals, and with all due diligence, provided that there exist no governmental codes or regulations that would prevent Landlord’s ability to so rebuild or restore (and if there exists any governmental codes or regulations that would prevent altogether Landlord’s ability to rebuild or restore, Landlord shall terminate this Lease by written notice to Tenant within sixty (60) days after the event of damage or destruction).
Rebuilding Required. If, at any time during the Thermal Term of ------------------- this Agreement (and whether or not Rocky Mountain is then a lessee under this Agreement), the Facility is damaged or destroyed by fire, hail, windstorm, or other casualty, regardless of the severity of such loss and whether or not such loss shall have been insured against, Rocky Mountain shall, unless Thermo shall consent to Rocky Mountain not rebuilding, promptly repair, and reconstruct the Facility. If Rocky Mountain is a lessee of the Facility at the time such damage or destruction occurs, the Facility shall Ve repaired and reconstructed to substantially the same condition, or better, as existed immediately prior to such casualty loss. If Rocky Mountain has purchased the Facility, prior to the time such damage or destruction occurs, the Facility shall be repaired and reconstructed in such manner as Rocky Mountain may determine in Rocky Mountain's discretion, reasonably exercised; provided, however, that: (a) such repair and reconstruction is completed within 180 days or less after the date of such damage or destruction; (b) after such repair and reconstruction, Rocky Mountain's annual requirements for thermal energy supplied by the Plant and used for commercial or industrial purposes shall not be less than the Minimum Annual Heat Requirement; and (c) the use of such thermal energy shall qualify the Plant as a Qualifying Facility. All repair and reconstruction of the Facility/Plant interface equipment shall be subject to Thermo's prior approval, which shall not be withheld or delayed unreasonably. Any repair or reconstruction of the Facility for a purpose other than a commercial greenhouse shall require Thermo's prior consent, which may be withheld. For the purpose of repair and reconstruction, Thermo shall waive Thermo's interest in insurance proceeds, if any, relating to such casualty loss, but Rocky Mountain's obligation to repair and reconstruct shall be limited by the amount of insurance proceeds. Thermo may provide for the payment of such insurance proceeds in a manner which assures Thermo of satisfactory, lien-free completion of such repair or reconstruction.