Common use of Restoration and Repair Clause in Contracts

Restoration and Repair. If all or any part of the Property shall be damaged by fire or other casualty, Obligor will promptly restore the Property to the equivalent of its original condition; and if a part of the Property shall be damaged through condemnation, Obligor will promptly restore, repair or alter the remaining portions of the Property in a manner satisfactory to Agent. Notwithstanding the foregoing, Obligor shall not be obligated to so restore unless in each instance, Agent agrees to make available to Obligor (pursuant to a procedure satisfactory to Agent) any net insurance or condemnation proceeds actually received by Agent hereunder in connection with such casualty loss or condemnation, to the extent such proceeds are required to defray the expense of such restoration; provided, however, that the insufficiency of any such insurance or condemnation proceeds to defray the entire expense of restoration shall in no way relieve Obligor of its obligation to restore. In the event all or any portion of the Property shall be damaged or destroyed by fire or other casualty or by condemnation, Obligor shall promptly deposit with Agent a sum equal to the amount by which the estimated cost of the restoration of the Property (as determined by Agent in its good faith judgment) exceeds the actual net insurance or condemnation proceeds received by Agent in connection with such damage or destruction.

Restoration and Repair. If all or any part of the Property shall be damaged by fire or other casualty, Obligor Grantor will promptly restore the Property to the equivalent of its original condition; and if a part of the Property shall be damaged through condemnation, Obligor Grantor will promptly restore, repair or alter the remaining portions of the Property in a manner satisfactory to AgentGrantee. Notwithstanding the foregoing, Obligor Grantor shall not be obligated to so restore unless in each instance, Agent Grantee agrees to make available to Obligor Grantor (pursuant to a procedure satisfactory to AgentGrantee) any net insurance or condemnation proceeds actually received by Agent Grantee hereunder in connection with such casualty loss or condemnation, to the extent such proceeds are required to defray the expense of such restoration; provided, however, that the insufficiency of any such insurance or condemnation proceeds to defray the entire expense of restoration shall in no way relieve Obligor Grantor of its obligation to restore. In the event all or any portion of the Property shall be damaged or destroyed by fire or other casualty or by condemnation, Obligor Grantor shall promptly deposit with Agent Grantee a sum equal to the amount by which the estimated cost of the restoration of the Property (as determined by Agent Grantee in its good faith judgment) exceeds the actual net insurance or condemnation proceeds received by Agent Grantee in connection with such damage or destruction.