Determination of Obsolescence Sample Clauses

Determination of Obsolescence. Either Party may at any time call for a meeting with the other Party to discuss the condition of the Library Building and whether or not the Library Building has become obsolete. The Parties shall discuss such matters in good faith, but each Party shall retain the right to make its determination of obsolescence in its sole and absolute judgment. In the event the Parties mutually determine that the Library Building is obsolete, the University shall then determine whether the Library Building is to be demolished or retained for such future use as the University may require. If the Library Building is to be demolished, such demolition shall include all above and below grade improvements, including footings and foundations, and the Library Land shall be back- filled to grade level with clean fill and covered with new sod. The Parties shall share all costs of demolishing the Library Building and restoring the Library Land to grade level in accordance with the Parties Cost Sharing Percentages. If the Library Building is not to be demolished, the City shall have no responsibility for the cost of any renovations to the Library Building that may be required by the University to utilize the Library Building after the termination of this Operating Agreement.
Sample 1
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