Termination for Catastrophe Clause Samples

Termination for Catastrophe. In event of Catastrophic Damage, this contract may be modified un- der B8.32, following rate redetermination under B3.32, or terminated under this Subsection. Such termination shall not be considered a termination under B8.34. B8.221 Termination by Purchaser. This contract shall be terminated, upon election and written notice by ▇▇▇▇▇▇▇▇▇, if Catastrophic Damage rate rede- termination under B3.32 shows that the appraised weighted average Indicated Advertised Rate of all In- cluded Timber remaining immediately prior to the catas- trophe has been reduced through Catastrophic Damage (a) Interest at the Current Value of Funds Rate established by the Secretary of the Treasury, on Current Contract Value of timber remaining on Sale Area, less the credit balance of any deposit made pursuant to B4.213, as of the original Termination Date, or as adjusted pursuant to B8.21 or B8.212, until the midpoint of the extension period; (b) Increased costs of regeneration, including nursery stock loss, carryover, or replacement costs; and (c) Costs of remarking timber on Sale Area, reestablishing cutting unit boundaries, and/or remarking areas requiring protection on Sale Area. (a) At least 75 percent of estimated volume in A2 has been cut and removed from Sale Area. (b) Specified Roads needed by Purchaser for re- moval of all Included Timber, in accordance with the ap- proved Plan of Operations submitted pursuant to B6.311, were constructed and accepted by Forest Service prior to the applicable road completion date shown in C5.13. (c) Purchaser’s Operations to date have been in rea- sonable compliance with contract terms and the approved Plan of Operations under B6.311. (d) All contractual requirements have been met by Purchaser and accepted by Forest Service on area cut over at time of Purchaser’s request, except for areas where logging is in progress at time of Purchaser’s re- quest. Purchaser’s burning of current slash or seeding or planting for erosion control may be temporarily waived, if weather or other considerations make such work imprac- tical. (e) Any payment required under B4.213 has been made. Contract Term Extension shall not become effective, unless payments required by B8.23 have been paid and the initial Extension Deposit required by B4.217 has been made by the effective date of any extension.