Damage to Development Sample Clauses
Damage to Development. If any part of the Development is damaged by fire, typhoon, earthquake, subsidence or other causes (which part shall be referred to as the “Damaged Part”) so that it is substantially unfit for habitation, occupation or use, the Owners (the “Affected Owners” in this Clause 13) of not less than 75% of Shares relating to the Damaged Part (excluding any Common Parts Shares) (the “Relevant Shares”) may convene a meeting of the Owners of the Damaged Part. At such meeting the Affected Owners may resolve:
(a) that it is not practicable to reinstate the Damaged Part in which case the Affected Owners shall forthwith assign the Relevant Shares and the attached Right to Occupy to the Manager or such other person as may be resolved by the Affected Owners upon trust to dispose of them as soon as reasonably practicable by public auction or private treaty and to distribute the net proceeds of sale to the Affected Owners in proportion to the number of Relevant Shares previously held by each Affected Owner. All insurance money received in respect of the Damaged Part shall likewise be distributed amongst the Affected Owners; or
(b) to rebuild or reinstate the Damaged Part in which case the Affected Owners shall pay any costs of reinstating the Damaged Part which are not recovered from the insurance thereof in proportion to the number of Relevant Shares held by each Affected Owner. Until such payment the same will be a charge upon the Relevant Shares of each Affected Owner and shall be recoverable as a civil debt by the Manager pursuant to Clause 10.13.
Damage to Development. “Free-Standing Premises” means an ATM facility lo- cated at the Development that is not contained within a building at the Development (e.g., a thru-the-wall ATM as opposed to a drive-up ATM located in the Development’s parking area). If all or any portion of the Development (excluding a Free-Standing Premises) is damaged or destroyed by fire or other casualty, Land- lord shall, at Landlord’s cost and expense, promptly repair the same to the extent Landlord’s insurance proceeds are made available to Landlord therefor and provided that (a) such repairs, in Landlord’s reason- able good faith opinion, can be made within 120 days from the date of such damage or destruction (without payment of overtime or other premiums) and (b) the cost of such repairs, in Landlord’s reasonable good faith opinion, will not exceed 50% of the then replacement cost of the Development. If Landlord is not required to repair such damage or destruction, then Landlord shall, within 30 days from the date of such damage or destruction, either (i) notify Tenant in writing of Landlord’s election to repair such damage or destruction, in which event Landlord shall promptly repair the same, or (ii) notify Tenant in writing of Landlord’s election to immediately terminate this Lease, in which event this Lease is terminated effective as of the date of such damage or destruction. As provided in Section 2.2 above, Tenant may ▇▇▇▇▇ Monthly Rent if access to the ATM facility is materially impeded by Landlord’s repairs or by such damage or de- struction. Notwithstanding anything set forth to the contrary in this Section 13.1, Tenant may terminate this Lease effective as of the date of any such damage or destruction if Tenant reasonably determines in its good faith opinion that such damage or destruction substantially impairs the satisfactory operation of the ATM facility by notifying Landlord in writing of Tenant’s election to terminate not later than 30 days after the date of such damage or destruction. In addition, and notwithstanding anything set forth to the contrary in this Section 13.1, if Landlord fails to complete the repairs described in this Section 13.1 within 120 days from the date of such damage or destruction, Tenant may terminate this Lease by giving 30 days’ prior written notice of termination to Landlord not later than 30 days after such failure (provided, however, that if Landlord completes such repairs within the foregoing 30-day notice period, then Tenant’s termination notice is ...
Damage to Development. If, at any time before completion of the Development, any part of it and/or any materials, plant or equipment whether incorporated in such part or not shall be damaged or destroyed, the Developer shall make additional payment to the Monitoring Surveyor in accordance with the provisions of Clause 16.1 in respect of any materially additional work required to be carried out by the Monitoring Surveyor as a result of such damage or destruction, provided that the Monitoring Surveyor shall not be responsible for or have contributed to such damage or destruction.