If because of Applicable Laws Landlords Restoration Work cannot be completed except in a substantially different structural or architectural form than existed before the Casualty.
In no event shall the Agent be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage. The term “Casualty Retainage” shall mean, as to each contractor, subcontractor or materialman engaged in the Restoration, an amount equal to ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until Restoration has been completed. The Casualty Retainage shall in no event, and notwithstanding anything to the contrary set forth above in this Section 6.4(b), be less than the amount actually held back by any Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be released until the Casualty Consultant certifies to the Agent that Restoration has been completed in accordance with the provisions of this Section 6.4(b) and that all approvals necessary for the re-occupancy and use of the Restoring Property have been obtained from all appropriate Governmental Authorities, and the Agent receives evidence satisfactory to the Agent that the costs of Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that the Agent will release the portion of the Casualty Retainage being held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to the Agent that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers the Lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by the Agent or by the Title Company, and the Agent receives an endorsement to the applicable Title Insurance Policy insuring the continued priority of the Lien of the related Mortgage and evidence of payment of any premium payable for such endorsement. If required by the Agent, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or materialman.
Addendum # applies only to persons who are eligible as defined in Addendum B and who are participants in the Restoration Plan on or after February 1, 2017.
Notwithstanding anything to the contrary contained in this Article, # Landlord shall not be required to repair, reconstruct or restore any damage or destruction to the extent that Landlord is prohibited from doing so by any applicable Loan Document or any Lender whose consent is required thereunder withholds its consent, and # should Landlord be delayed or prevented from completing the repair, reconstruction or restoration of the damage or destruction to the Premises after the occurrence of such damage or destruction by Force Majeure or delays caused by a Lender or Tenant Party, then the time for Landlord to commence or complete repairs, reconstruction and restoration shall be extended on a day-for-day basis; provided, however, that, at Landlord’s election, Landlord shall be relieved of its obligation to make such repairs, reconstruction and restoration.
“2. Normal Retirement Benefit. The Participant has been designated as a Group C Participant and shall be entitled to a Retirement Benefit calculated in accordance with the applicable provision of [Section 3.1] of the Plan. For purposes of calculating the Participant’s Retirement Benefit under [Section 3.1.2] of the Plan, # item “A” Participant’s Years of Service shall be determined by taking into account the Participant’s service after the Participant reaches his Normal Retirement Date and # item “F” shall include the “Supplemental Retirement Benefit” the Participant is entitled to under the Crown Restoration Plan (the “Restoration Plan”). The reduction in the Participant’s Retirement Benefit attributable to his Supplemental Retirement Benefit under the Restoration Plan shall be determined in a manner consistent with the reduction attributable to the Participant’s Crown Pension.”
Credit Upon Change-in-Control. Upon a Change-in-Control that causes the Plan to be terminated under [Section 8.3.2], the Plan Administrator shall credit to a Participant’s Account as of the date of the Plan termination a Restoration Match Credit determined for the Plan Year for that Participant under Section 3.2.2 through such date. Any subsequent determination of the Restoration Match Credit during the same Plan Year will be made under Section 3.2.2, less any amounts previously credited under this Section 3.2.4.
for a Purchased Asset with a principal balance of $50 million or more, contains a 180 day “extended period of indemnity”; and # covers the actual loss sustained during restoration.
The Net Proceeds shall be made available to the Restoring Borrower for Restoration upon the satisfaction of the Agent in its reasonable discretion that the following conditions are met:
shall be deemed to have elected not to defer any amount under the Restoration Plan for such Plan Years and such election shall be irrevocable for such Plan Years.”
If the Property suffers damage as a result of any casualty prior to the Closing Date, shall give prompt written notice thereof to . If such damage can be repaired or restored for Two Hundred Fifty Thousand Dollars ($250,000) or less within than sixty (60) days after the date of such casualty, then shall either (i) commence the repair or restoration in an expeditious manner, in which event the Closing Date will be extended until such date as may reasonably be required to complete the repair or restoration, but in no event later than sixty (60) days after the date of such casualty, and shall retain all insurance proceeds, or (ii) assign to all assignable insurance proceeds not previously expended by in connection with such repairs or restoration and give a credit in the amount of the deductible plus such other amounts as are necessary to complete the restoration, provided that the combined total amount of any assigned proceeds, any credit for ’s deductible and any credit for restoration costs shall not exceed $250,000. If the cost of repair or restoration exceeds Two Hundred Fifty Thousand Dollars ($250,000) or will take more than sixty (60) days to repair and restore, then or may elect to terminate this Agreement upon notice to the other served within twenty (20) business days of such casualty (“’s Termination Notice”). If elects to terminate this Agreement pursuant to this Section, then, provided notifies by written notice served within five (5) business days after receipt of ’s Termination Notice, will have the option to purchase the Property on the Closing Date in its damaged condition, whereupon (i) the Closing shall occur on the Closing Date and otherwise in accordance with the terms of this Agreement, (ii) shall assign to at Closing, to the extent assignable, any casualty insurance proceeds in connection with such damage (but not any rent loss proceeds), less the amount incurred by in the restoration and repair of such damage prior to Closing, and (iii) if such proceeds are assigned, shall receive a credit at Closing in the amount of the deductible under ’s casualty insurance policy.
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