Damage or Destruction of Project Clause Samples
The "Damage or Destruction of Project" clause outlines the procedures and responsibilities if the project or its works are damaged or destroyed during construction. Typically, it specifies who bears the risk, how repairs or reconstruction will be handled, and whether insurance coverage applies to such events. For example, the clause may require the contractor to promptly repair damage at their own cost or allow for contract adjustments if the destruction is extensive. Its core function is to allocate risk and provide a clear process for addressing unexpected physical loss, ensuring that both parties understand their obligations and remedies in the event of damage.
Damage or Destruction of Project. Subject in all events to any obligation on the part of the Company to make any Equalization Payments which may be due on any Removed Component:
Damage or Destruction of Project. In the event that the Project is damaged or destroyed by any cause whatsoever, the Tenant shall promptly repair such damage subject to the following provisions:
(a) if, in the reasonable opinion of the Tenant the Project cannot be rebuilt or made fit for the purposes of the Tenant within Eighteen (18) Months of the damage or destruction, the Tenant may, at its option, terminate this Sublease by giving the HRRA Six (6) Months' notice of termination and the Tenant shall deliver up possession of the Subleased Premises to the HRRA in the condition required under the terms of this Sublease on or before the expiry of such Six (6) Months; and
(b) if, in the reasonable opinion of the Tenant, no less than Fifty (50%) Percent of the Project in rendered unusable and requires reconstruction, the Tenant may, at its option, terminate this Sublease by giving the HRRA Six (6) Months' notice of termination and the Tenant shall deliver up possession of the Subleased Premises to the HRRA in the condition required under the terms of this Sublease on or before the expiry of such Six (6) Months.
Damage or Destruction of Project. If all of the Units on the Property are demolished and Developer elects not to rebuild the Project, the concessions and waivers granted to Developer under Density Bonus Law shall terminate and the terms of this Agreement shall terminate and be of no further force and effect.
Damage or Destruction of Project. 10 Section 3.8 Condemnation 11 Section 3.9 Maintenance of Existence 11
Damage or Destruction of Project. In the event of the damage or destruction of all or a part of the Project and the receipt of Net Proceeds equaling or exceeding $500,000, the Issuer shall either (a) repair and restore the Project or portion thereof to substantially its condition or condition of at least equivalent value, immediately prior to such event, in which instance the Net Proceeds shall be paid to the Issuer for the purpose of such repair and restoration, or (b) direct that a redemption of a portion of the Bonds shall occur in accordance with the provisions of Section 3.04 hereof, in which instance the Net Proceeds shall be paid into the Bond Fund. If the Net Proceeds are less than $500,000, the Net Proceeds shall be used as provided in clause (a) of the preceding sentence, provided, however, that repair and restoration shall not be required in the event that after such casualty the Issuer remains in compliance with the requirements of Section 4.07 hereof.
Damage or Destruction of Project. In the event that the Other Loans and the City Loans have been paid in full, and if the Project or any part of it is to be repaired or reconstructed, after damage or destruction of the Project or its condemnation, all proceeds collected under any and all policies of insurance referred to in Article V above covering such damage or destruction, or all compensation received by Lessee for such taking by the exercise of the power of eminent domain, shall be paid into a special fund to be created and held by the Lessee and to be designated as the construction fund, during such repairing or reconstructing. Any surplus of such insurance or condemnation proceeds remaining after the completion of all payments for such repairing or reconstructing shall be held or applied by the Lessee in a manner consistent with the applicable provision of Article V or this Article.
Damage or Destruction of Project. In the event of the destruction of the Project or Material Damage to the Project, then in any such case, the Borrower shall, within thirty (30) days following occurrence of such event, make a prepayment of the Construction Loan(s), plus all accrued and unpaid interest thereon; provided, however, that if (i) the Borrower desires that the Project be repaired or replaced, and (ii) each of the Power Purchase Agreement and Sublease Agreements permits sufficient time for such repair or replacement without termination, then the Borrower may repair or replace the Project and no prepayment shall be required under this Section 2.4(a) in respect of such destruction or Material Damage; provided, further, that the Lender shall be entitled to retain all insurance proceeds received in respect of such destruction or Material Damage and release the same to the Borrower for application to Project costs on the same terms and conditions as apply to the making of Construction Loans in respect of the Project, as applicable; and provided, further, that all such Construction Loans shall remain subject to prepayment in respect of any other events or circumstances that would otherwise require prepayment hereunder.
Damage or Destruction of Project