Landlords Repair Notice. Landlord, as soon as reasonably possible but in any event within sixty (60) days after the date of the Casualty, shall deliver a written notice to Tenant (Landlords Casualty Notice) indicating Landlords election # to perform Landlords Restoration Work, including Landlords good faith estimate (which shall be based on Landlords consultation with a qualified, independent, experienced and reputable architect and/or general contractor experienced in similar types of Landlords Restoration Work) of the number of days (assuming no unusual delays in the receipt of insurance proceeds, no overtime or other premiums, and no Force Majeure Event) measured from the date of the Casualty that will be required for Landlord to substantially complete Landlords Restoration Work (the Estimated Restoration Period) or # to terminate this Lease pursuant to Paragraph 25.3 as of the date specified in Landlords Casualty Notice, which date shall not be less than thirty (30) nor more than sixty (60) days after the date of such notice, unless Tenant exercised its right to terminate this Lease pursuant to Paragraph 25.4.
If Required Lenders agree in writing, in their reasonable discretion, then Borrower may apply the net proceeds of a casualty or condemnation (each a “Loss”) to the repair, restoration, or replacement of the assets suffering such Loss, so long as # such repair, restoration, or replacement is completed within one hundred eighty (180) days after the date of such Loss (or such longer period of time agreed to in writing by Required Lenders), # while such repair, restoration, or replacement is underway, all of such net proceeds are on deposit with Administrative Agent in a separate deposit account over which Administrative Agent has exclusive control, and # such Loss did not cause an Event of Default. If an Event of Default occurs pursuant to which Administrative Agent exercises its rights to accelerate the Obligations under the Loan Documents as provided in Section 10.2 or such repair, restoration, or replacement is not completed within one hundred eighty (180) days of the date of such Loss (or such longer period of time agreed to in writing by Required Lenders), then Administrative Agent
Subject to the termination right of Buyer and Seller set forth in clause (d) below, in the event that Seller elects not to cause the restoration, repair or replacement of a Major Loss, or in the event that Seller, having elected to cause repair, replacement or restoration of the Major Loss, fails to cause its completion within the period of time agreed upon by the Parties pursuant to Section 5.10(b) (subject to extension for up to ninety (90) days for causes beyond Sellers control), or in the event that a Major Loss is the result in whole or in part of one or more Takings or is otherwise not capable of being restored, repaired or replaced, then the Parties shall, within thirty (30) days following Sellers election not to cause the restoration, repair or replacement, failure to complete, or the occurrence of such Major Loss, as the case may be, adjust the Base Purchase Price by the aggregate Restoration Cost and Condemnation Value related thereto, as mitigated by any repair, replacement or restoration work actually completed by Seller on the assets or properties being sold to Buyer, and proceed to Closing. To assist Buyer in its evaluation of any and all Events of Loss, Seller shall provide Buyer such access to the properties and assets and such information as Buyer may reasonably request in connection therewith.
Restoration have been paid in full, shall be remitted by to , provided no Event of Default shall have occurred and shall be continuing.
The term repair shall be deemed to include restoration and replacement as may be necessary to achieve and/or maintain good working order and condition.
contractors and vendors of recognized skill, reputation and creditworthiness have executed reconstruction contracts, purchase orders or similar arrangements for the repair, rebuilding or restoration; and
all Net Proceeds not required to be made available for Restoration shall be applied first to the Debt until the Debt is paid in full;
All references to the term “Restoration Account” in [Appendix A], [Section 6(a)(i)(C)] are deleted and references to “Account” shall be substituted therefor.
any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of income accrued during such period;
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.
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