Right to Rebuild. City agrees that Owner, in Owner’s sole discretion, may renovate or rebuild the Project or portions thereof during the Term should it become necessary due to natural disaster, changes in seismic, flood or other requirements, fire, or other causes. Any such renovation or reconstruction shall comply with the terms of this Agreement, and may be subject to CEQA as may be required under applicable law.
Right to Rebuild. Subject to compliance with the terms hereof and of the Loan Agreement regarding construction covenants and notwithstanding the provisions in Section 8.2 hereof, the insurance proceeds will be made available to Grantor, and Grantor may rebuild or restore the Mortgaged Property in the event of a casualty so long as: (a) in Beneficiary’s reasonable judgment the Mortgaged Property can be rebuilt or restored in an economically feasible manner; (b) Grantor has maintained loss of rents insurance; and (c) Grantor provides to Beneficiary a budget for the restoration of the Mortgaged Property which budget shall set forth in such detail as Beneficiary requires the cost of the work, the projected construction timetable or schedule, and the source of funds to pay for the restoration. If the costs of rebuilding exceed the amount of insurance proceeds available to Beneficiary and Grantor, Grantor shall place into an account to be controlled by Beneficiary the amount of additional cash necessary to complete the restoration of the Mortgaged Property. Grantor shall: (i) provide to Beneficiary plans and specifications and all construction contracts to be used to rebuild the Mortgaged Property; (ii) satisfy all of the same requirements and the provisions as contained in the Loan Agreement; and (iii) deposit with Beneficiary all additional funds necessary to complete the restoration.
Right to Rebuild. Subject to compliance with the terms hereof and notwithstanding the provisions in Section 8.2 hereof, the insurance proceeds will be made available to Grantor, and Grantor may rebuild or restore the Mortgaged Property in the event of a casually so long as (i) in Beneficiary's reasonable judgment the Mortgaged Property can be rebuilt or restored in an economically feasible manner and (ii) Grantor provides to Beneficiary a budget for the restoration of the Mortgaged Property which budget shall set forth in such detail as Beneficiary requires the cost of the work, the projected construction timetable or schedule, end the source of funds to pay for the restoration. If the costs of rebuilding exceed the amount of insurance proceeds available to Beneficiary and Grantor, Grantor shall place into an account to be controlled by Beneficiary the amount of additional cash necessary to complete the restoration of the Mortgaged Property. Grantor shall (x) provide to 8eneficiary plans and specifications and all construction contracts to be used to rebuild the Mortgaged Property and (y) deposit with Beneficiary all additional funds necesary to complete the restoration.
Right to Rebuild. If the Building is damaged by any peril covered by the insurance to be provided by Landlord under this paragraph 15, but only to such extent that, in Landlord's sole judgment, rebuilding or repairs can be completed within ninety (90) days after the date of such damage (except that Landlord may elect not to rebuild if such damage occurs during the last year of the Lease), this Lease shall not terminate, and Landlord shall, at its sole cost and expense, proceed with reasonable diligence to rebuild and repair the Building to substantially the condition in which it existed prior to such damage, except that Landlord shall not be required to rebuild, repair or replace any part of the partitions, fixtures, additions, and other improvements that may have been placed in, on or about the Premises by Tenant.
