Common use of Casualty Loss Prior to Closing Clause in Contracts

Casualty Loss Prior to Closing. If prior to the Time of Closing, a material casualty loss to the Metered Parking System has occurred and this Agreement has not been terminated under Section 2.4(d), then the City (or the Authority on behalf of the City) shall either (i) promptly and diligently repair and rebuild the affected parts of the Metered Parking System to restore them to at least the same condition in which they were before the occurrence of such casualty loss or (ii) authorize the Concessionaire to repair the Metered Parking System and assign to the Concessionaire all insurance and other proceeds (if any) payable by third-party insurers or other third parties in respect of such casualty loss and enforce (with the cooperation of the Concessionaire) all of its rights, remedies and privileges under any applicable insurance policies with third-party insurers; provided that if no insurance exists or such insurance proceeds are not sufficient to repair the affected parts of the Metered Parking System to its prior condition, then the City shall reimburse the Concessionaire for that amount representing the difference between the cost to repair and the amount of any insurance proceeds.

Casualty Loss Prior to Closing. If prior to the Time of Closing, a material casualty loss Loss, destruction or damage to the Metered Parking System has occurred and this Agreement has not been terminated under Section 2.4(d), then the City (or the Authority on behalf of the City) Metro shall either (i) promptly and diligently repair and rebuild the affected parts of the Metered Parking System to restore them to at least the same condition in which they were before the occurrence of such casualty loss Loss, destruction or damage or (ii) authorize the Concessionaire Parking Company to repair the Metered Parking System and assign to the Concessionaire Parking Company all insurance and other proceeds (if any) payable by third-party insurers or other third parties in respect of such casualty loss Loss, destruction or damage and enforce (with the cooperation of the ConcessionaireParking Company) all of its rights, remedies and privileges under any applicable insurance policies with third-party insurers; provided that if no insurance exists or such insurance proceeds are not sufficient to repair and rebuild the affected parts of the Metered Parking System to its prior condition, then the City Metro shall reimburse the Concessionaire Parking Company for that amount representing the difference between the cost to repair and the amount of any insurance proceeds.

Casualty Loss Prior to Closing. If prior to the Time of Closing, a material casualty loss loss, destruction or damage to the Metered Parking System has occurred and this Agreement has not been terminated under Section 2.4(d), then the City (or the Authority on behalf of the City) shall either (i) promptly and diligently repair and rebuild the affected parts of the Metered Parking System to restore them to at least the same condition in which they were before the occurrence of such casualty loss loss, destruction or damage or (ii) authorize the Concessionaire to repair the Metered Parking System and assign to the Concessionaire all insurance and other proceeds (if any) payable by third-party insurers or other third parties in respect of such casualty loss loss, destruction or damage and enforce (with the cooperation of the Concessionaire) all of its rights, remedies and privileges under any applicable insurance policies with third-party insurers; provided that if no insurance exists or such insurance proceeds are not sufficient to repair and rebuild the affected parts of the Metered Parking System to its prior condition, then the City shall reimburse the Concessionaire for that amount representing the difference between the cost to repair and the amount of any insurance proceeds.