Common use of Board Decision Clause in Contracts

Board Decision. In the event of any damage or destruction to any portion of the Agency Space by fire or other casualty, the cost of repair or restoration of which: (A) is equal to two-thirds (2/3) or more of the then full replacement cost of the Agency Space, during the first thirty (30) years following the date of this Declaration; (B) is equal to one-half (1/2) or more of the then full replacement cost of the Agency Space, during the thirty-first (31st) through fiftieth (50th) year following the date of this Declaration; (C) is equal to one-third (1/3) or more of the then full replacement cost of the Agency Space if the damage or destruction occurs more than fifty (50) years following the date of this Declaration; and/or (D) exceeds the applicable insurance proceeds by more than Two hundred thousand dollars ($200,000), regardless of when the damage or destruction occurs; the Board shall decide by unanimous vote, and within ninety (90) days after the occurrence of such damage or destruction, whether or not the Agency Space shall be repaired or restored; provided that the Agency Space may be repaired or restored only if BAHA also elects to repair or restore the remainder of the Facility.