Repair and Restoration. If the Mortgaged Property can be repaired or restored to substantially the same condition as existed prior to the event causing such damage or destruction, or the effect of the combination can be relieved so that the status of the Mortgaged Property will be restored to substantially the same status as existed prior to the event causing such condemnation, without, in either case, jeopardizing repayment of the principal of and interest on the Indebtedness, and Grantor elects to repair and restore the Mortgaged Property, the Proceeds will be deposited with the Beneficiary and held in a special escrow account of the Beneficiary to be applied to repair, replace, or improve the Mortgaged Property. Proceeds held in such escrow account held by the Beneficiary shall be disbursed by the Beneficiary for the repair, replacement, or improvement of the Mortgaged Property upon receipt by the Beneficiary from the Grantor of (A) an architect's certificate with each draw submitted by Grantor stating that the repairs, replacements, or improvements completed through the date of such draw are practical and necessary, have been completed in accordance with plans and specifications previously provided to the Beneficiary, and that such repairs, replacements, or improvements comply with all applicable statutes, codes, and regulations; (B) a certificate stating that sufficient moneys are available to cause such repair, restoration, replacements, or improvements; (C) requisitions and certificates from the Grantor in the form reasonably acceptable to the Beneficiary; (D) applicable lien waivers; and (E) an endorsement to the title insurance policy insuring the continued priority of the lien of this Mortgage. The Beneficiary shall retain ten percent (10%) of the requested disbursements to be disbursed upon final completion of the repairs, replacements, or improvements as certified by an independent architect and receipt of waivers of liens and an endorsement to the title policy for the Mortgaged Property insuring the continued priority of the lien of this Mortgage. If at any time during the restoration, the Proceeds are less than the estimated cost to repair the Mortgaged Property, the Grantor shall pay an amount equal to the shortfall. The Grantor may rely upon the advice of architects, engineers, accountants, financial consultants, attorneys, or other experts selected by it in the foregoing matters. Any Proceeds in excess of the amount required to repair and restore the Mortgaged Pr...
Repair and Restoration i. If the Premises are damaged by fire or other casualty and this Lease cannot be or is not terminated pursuant to Section 15a above, then subject to the rights of any mortgagee, Lessor shall, at Lessor’s sole cost and expense, rebuild or repair the Premises (but excluding Lessee’s Property or any Lessee’s Work) in compliance with all applicable Laws and otherwise to substantially the condition that existed as of the Commencement Date; provided, however, Lessor shall not be required to expend more than the insurance proceeds received from such casualty plus ten percent (10%) of the replacement cost of the Premises. Notwithstanding the foregoing, in the event Lessor has not received final confirmation of the determination of available insurance proceeds and provided written notice thereof to Lessee within 90 days after the Casualty Determination, Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor within 15 days after receipt of Lessor’s notice and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease.
ii. In the event Lessor is required to rebuild and repair the Premises pursuant to this Section 15b, Lessor shall: (A) commence such rebuilding and repair within 45 days after the date Lessor receives final confirmation of the determination of available insurance proceeds, and (B) pursue diligently such rebuilding and repair to completion. If Lessor fails to repair and restore the Premises within 60 days after the Estimated Repair Timeframe, then Lessee shall have the right to terminate this Lease by delivery of written notice thereof to Lessor and, upon surrender of the Premises and all interest therein by Lessee, the parties shall be released from all obligations and liabilities arising thereafter, except for those obligations which expressly survive termination of this Lease.
iii. Rent shall xxxxx from the date of the casualty until the completion of the repair and restoration in the same proportion that the part of the Premises rendered unusable bears to the whole; provided, however, if the casualty is the result of the intentional, criminal or otherwise uninsurable acts of Lessee or its agents, contractors or employees, then the Rent will xxxxx during any such period of repair and restoration but only to the extent of any recovery...
Repair and Restoration. If this Lease is not terminated as provided in this Article 11, Landlord shall at its sole expense restore with reasonable diligence the remainder of the improvements occupied by Tenant and/or Common Area so far as reasonable to a complete unit of like quality, character, and condition as that which existed immediately prior to the Taking, provided that the scope of the work shall not exceed the scope of the work to be done by Landlord originally in constructing the Premises, and further provided that Landlord shall not be obligated to expend an amount greater than that which was awarded to Landlord as compensation for such Taking.
Repair and Restoration. (1) If the Building and/or the Premises are damaged or destroyed by any such peril, to the extent the cost to repair exceeds twenty-five percent (25%) of the then full replacement value thereof or the damage thereto is such that the Building and/or the Premises cannot reasonably be repaired, reconstructed and restored within six (6) months from the date of such damage or destruction, Landlord shall, at its sole option, as soon as reasonably possible thereafter, either (i) commence or cause the commencement of the repair, reconstruction and restoration of the Building and/or the Premises and prosecute or cause the same to be prosecuted diligently to completion, in which event this Lease shall remain in full force and effect; or (ii) within sixty (60) days after such damage or destruction, elect not to so repair, reconstruct or restore the Building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. If Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such damage or destruction.
(2) If the Building and/or the Premises are partially damaged or destroyed by any such peril, to the extent the cost to repair is twenty-five percent (25%) or less of the then full replacement value thereof, and if the damage thereto is such that the Building and/or the Premises reasonably may be repaired, reconstructed or restored within a period of six (6) months from the date of such damage or destruction, then Landlord shall commence or cause the commencement of and diligently complete or cause the completion of the work of repair, reconstruction and restoration of the Building and/or the Premises and this Lease shall continue in full force and effect.
Repair and Restoration. If Lessee is required to repair and restore the Facility 2 Property following any Material Casualty or any Condemnation, Lessee shall diligently proceed to repair and restore the Facility 2 Property to the condition in which it existed immediately prior to such Material Casualty or such Condemnation and shall complete all such repairs and restoration as soon as reasonably practicable; provided, however, that Lessee shall in any event complete all such repairs and restoration not later than the earlier of (y) six (6) months after the occurrence of the Material Casualty or the Condemnation, and (z) six (6) months prior to the Scheduled Expiration Date unless Lessee currently is exercising either the Term Purchase Option or the Expiration Date Purchase Option. Lessee shall make such repairs using its own funds, except to the extent any Casualty and Condemnation Proceeds are available and are released to Lessee for such purpose pursuant to Subparagraph 3.04
Repair and Restoration. Seller shall, at its sole cost and expense, promptly repair and restore any portion of the Property that shall be disturbed, damaged, or destroyed due to or on account of Seller’s Earnout Activities, to substantially the same condition as existed immediately prior to the commencement of Seller’s Earnout Activities.
Repair and Restoration. All casualty insurance payments for damage to the Building shall be used for the sole purpose of repairing, rebuilding and/or restoring the Building. From the date hereof and throughout the Initial Term, as it may be extended, if the Building is damaged or destroyed by fire or other casualty Tenant shall promptly rebuild and restore the Building to the extent of insurance proceeds and any deductible to its condition existing immediately prior to such fire or other casualty, provided that if Tenant reasonably estimates that it will take more than one hundred eighty (180) days from the date of damage to restore the Premises, or if the Building is damaged by an uninsured casualty Tenant, may elect to terminate this Lease upon thirty (30) days written notice to Landlord, given within thirty (30) days after such damage. Any such proceeds not required for such rebuilding or repairing shall be paid to and belong to Landlord. If the Lease is not so terminated, the Building shall be repaired in the manner and subject to the conditions provided for above and elsewhere in this Lease. If the conditions set forth above which enable Tenant to terminate this Lease occur during the last Lease Year, Landlord shall also have the right to terminate this Lease, unless Tenant, within twenty (20) days of receipt of Landlord's notice of termination, exercises the next remaining Option to Renew, if any.
Repair and Restoration. In the event any such damage, destruction or ----------------------- taking of the Premises occurs and this Sublease is not terminated pursuant to Section 5.1 above, then Sublandlord shall use reasonable efforts to cause Headlandlord to repair and restore the Premises to the extent required by the terms of the Headlease.
Repair and Restoration. If neither party terminates the Lease under §10.1(a), then the Lease shall remain in full force and effect and the parties will proceed as follows:
(1) Landlord will repair and restore the Premises and/or the Building, as applicable (but not the Leasehold Improvements) to substantially the same condition existing prior to such damage, except for modifications required by law. Landlord will perform such work reasonably promptly, subject to delay for loss adjustment, Tenant Delay and Force Majeure.
(2) Tenant will repair and restore the Leasehold Improvements reasonably promptly to the condition existing prior to such damage, but not less than then current Building Standard, except for modifications required by law.
(3) Tenant may not terminate this Lease if the actual time to perform the repairs and restoration exceeds the Repair Estimate, or the actual interruption exceeds the Interruption Estimate.
Repair and Restoration. (a) If any of the Improvements are destroyed or damaged by fire, explosion, windstorm, hail or any other casualty against which insurance is required under this Agreement, or in the event any Project in the Collateral Pool or portion thereof is condemned or taken under power of eminent domain (or transferred in lieu thereof), Administrative Agent will elect (under SECTIONS 2.3 or 2.4, as applicable) to apply the insurance proceeds or condemnation proceeds (or the proceeds of transfer in lieu thereof) which remain after payment of the costs of collection thereof as provided in SECTION 2.3 and 2.4 (called the "PROCEEDS" below in this Section), or so much thereof as is required, to restoration of the property damaged as nearly as practicable to its value, character and condition immediately prior to such casualty (the "RESTORATION"), provided that all of the following conditions precedent are satisfied in full not later than one hundred and twenty (120) days after the date on which the casualty loss occurred or title to the portion of the Project taken (or transferred in lieu thereof) vested in the condemning authority, as the case may be:
(i) no Default or Potential Default then exists;
(ii) Borrower has presented evidence reasonably satisfactory to Administrative Agent and Administrative Agent has reasonably determined, that (A) the remaining portions of the Improvements can be feasibly redesigned and reconstructed to such a condition that the Improvements thereon, upon completion of such redesign or reconstruction, can be operated profitably again for its original intended purpose, and (B) the net income to be generated by the remaining Improvements and damaged improvements, when completed, together with additional proceeds paid by the Loan Parties to Administrative Agent will be sufficient to satisfy the operating hurdles which are conditions precedent to the extension of the Maturity Date of the Loan set forth in SECTION 1.5 hereof prior to the Maturity Date of the Loan;
(iii) Tenants of the Improvements sufficient to satisfy the requirements of clause (ii) above have agreed in a manner satisfactory to Administrative Agent, in its good faith business judgment, that they will continue or extend their Leases for the terms then in effect following the Restoration (with construction and/or initial occupancy requirements extended by the time necessary to complete the Restoration);
(iv) Borrower has presented evidence reasonably satisfactory to Administrative ...
