Limitation on Restoration Sample Clauses

Limitation on Restoration. If the Complex shall be totally destroyed or substantially destroyed during the Term of this Agreement by fire or other casualty and (a) the insurance required by Article Six of this Agreement shall have been maintained, and (b) the cost of repairing, restoring, rebuilding and replacing the same shall exceed one hundred percent (100%) of the proceeds of the insurance collectible by Owner for and on account thereof, Owner shall have the right and option, upon notice served upon Eldorado within one hundred eighty (180) days after such fire or other casualty, to terminate this Agreement. If the cost of repairing, restoring, rebuilding or replacing the damage, impairment or destruction resulting from such fire or other casualty shall be less than one hundred percent (100%) of the proceeds of the insurance collectible by Owner, Owner shall repair, restore, rebuild or replace such damage, impairment or destruction, unless and to the extent that Owner and Eldorado shall otherwise agree. If Owner fails to undertake such work within three hundred sixty (360) days after a fire or other casualty, or shall fail to complete the same diligently, Eldorado, without prejudice to its rights to repair, restore, rebuild or replace such damage, impairment or destruction for and on behalf of Owner and its rights and remedies upon undertaking any such work provided for in this Article, may at its election, terminate this Agreement upon notice to Owner.
Sample 1Sample 2See All (4)
AutoNDA by SimpleDocs
Limitation on Restoration. If the Resort shall be wholly destroyed or Substantially Destroyed (as hereafter defined) during the term of this agreement by fire or other casualty, the Partnership shall have the right and option, upon notice served upon Manager within 90 days after such fire or other casualty, to decide not to make any repair, restoration, rebuilding or replacement and to terminate this agreement upon 30 days' written notice. For purposes of this Section, "Substantially Destroyed" shall mean damage to the Resort in excess of $40,000,000.
Sample 1Sample 2
Limitation on Restoration. Subject to the terms of any applicable financing documents, if Taj Mahal shall be totally destroyed or substantially destroyed during the Initial Term or Renewal Term by fire or other casualty and the insurance required by ARTICLE 9 shall have been maintained, and Owner has determined in good faith not to rebuild Taj Mahal, after consulting with Manager, contractors, engineers and all other third parties who would be engaged to rebuild Taj Mahal (or a substitute facility in replacement of Taj Mahal), Owner shall have the right and option, upon notice served to Manager within ninety (90) days after such fire or other casualty, to terminate this Agreement; provided that, under such circumstances or in the event of any other insured casualty, and to the extent that insurance proceeds are disbursed to compensate Owner for loss of income and business interruption and Manager for unpaid Management Fees or other security against such loss as permitted under Section 9.01, such proceeds shall be paid to Owner and Manager as follows: (a) the proceeds attributable to Owner’s loss of income resulting from destruction of Taj Mahal by fire or other insured casualty and business interruption (“Owner’s Loss”) shall be paid to Owner, (b) the proceeds attributable to Manager’s loss of Management Fees, earned or projected, that would have been paid but for the occurrence of such casualty (“Manager’s Loss”) shall be paid to Manager (such amounts in the case of clauses (a) and (b) to be based upon the audited financial statements of Owner for the prior fiscal year and subject to reasonable adjustment for market conditions), and (c) any proceeds remaining after payment of Owner’s Loss and Manager’s Loss shall be paid to Owner.
Sample 1
Limitation on Restoration. Subject to the Owner's rights and duties under the Leases, if during the Term of this Agreement any Restaurant shall be totally destroyed or damaged in excess of fifty percent of its cost of replacement, the Owner shall have the right and option not to rebuild such Restaurant.
Sample 1
Limitation on Restoration. Subject to the terms of the Financing Documents or any other applicable financing documents, if the Project shall be totally destroyed or substantially destroyed during the Term of this Agreement by fire or other casualty and the insurance required by Article 6 of this Agreement shall have been maintained, and Owner has determined in good faith, after consulting with the Operator, contractors, engineers and all other third parties who would be engaged to rebuild the Project, not to rebuild the Project (or a substitute facility in replacement of the Project), either party shall have the right and option, upon notice served to the other party within ninety (90) days after such fire or other casualty, to terminate this Agreement; provided that, under such circumstances or in the event of any other insured casualty, and to the extent that insurance proceeds are received which are attributable to compensate both Owner for its loss of income and business interruption and Operator for its unpaid Management Fees, such insurance proceeds relating to such destruction and business interruption shall be apportioned between Owner and Operator as follows: (a) the proceeds attributable to Owner’s loss of income resulting from such destruction (or condemnation for purposes of Article 9 herein) and business interruption (“Owner’s Loss”) shall be paid to Owner, and (b) the proceeds attributable to Operator’s loss of Management Fees that would have been paid but for the occurrence of such casualty or condemnation (“Operator’s Loss”) shall be paid to Operator (such amounts in the case of clauses (a) and (b) to be based upon the audited financial statements of the Company for the prior fiscal year and subject to reasonable adjustment for market conditions), except that if the insurance proceeds received by Owner and Operator shall not include funds attributable to Operator’s Loss, then the insurance proceeds received shall be apportioned first to compensate Owner for Owner’s Loss and second to compensate Operator for Operator’s Loss (the “Payment Priority”) . For purposes of this Agreement, “loss of income” shall mean all of the amounts due to Owner under this Agreement that, if but for the casualty (or condemnation for purposes of Article 9 herein), would have been payable to Owner, and Management Fees due to Operator (collectively, the “Loss Amount”)). If Owner and Operator cannot agree on a Loss Amount, the parties shall seek a valuation from an independent major investment...
Sample 1
Limitation on Restoration. If the Complex shall be totally destroyed or substantially destroyed during the Term of this Agreement by fire or other casualty and (a) adequate insurance as required by Article Six of this Agreement shall have been maintained, and (b) the cost of repairing, restoring, rebuilding and replacing the same shall exceed one hundred percent (100%) of the proceeds of the insurance collectible by Owner for and on account thereof, Owner shall have the right and option, upon notice served upon Operator within sixty (60) days after such fire or other casualty, to terminate this Agreement. If the cost of repairing, restoring, rebuilding or replacing the damage, impairment or destruction resulting from such fire or other casualty shall be less than one hundred percent (100%) of the proceeds of the insurance collectible by Owner, or, if greater, is the result of Owner not having maintained adequate insurance as required by Article Six of this Agreement, Owner shall repair, restore, rebuild or replace such damage, impairment or destruction, unless and to the extent that Owner and Operator shall otherwise agree. If Owner fails to undertake such work within ninety (90) days after a fire or other casualty, or shall fail to complete the same diligently, Operator, without prejudice to its rights to repair, restore, rebuild or replace such damage, impairment or destruction for and on behalf of Owner and its rights and remedies upon undertaking any such work provided for in this Article, may at its election, terminate this Agreement upon notice to Owner. ARTICLE NINE ------------ CONDEMNATION ------------
Sample 1
Limitation on Restoration. When Landlord is obligated or elects to restore or repair the Premises under this Lease, such obligation or election does not include the restoration or repair of personal property of Tenant, including but not limited to equipment and trade fixtures.
Sample 1
AutoNDA by SimpleDocs
Limitation on Restoration. If the Hotel shall be destroyed or substantially destroyed during the term of this Agreement by fire or other casualty and the costs of repairing, restoring, rebuilding and replacing the same shall exceed 120% of the proceeds of the insurance available for such repairing, restoring, rebuilding or replacing, Owner shall have the right and option, upon notice served upon Manager within 60 days after such fire or other casualty, to decide not to make any repair, restoration, rebuilding or replacement and to terminate this Agreement upon 30 days' written notice and the insurance collected shall be distributed as follows: Manager shall be entitled to Manager's Liquidation Share (as hereinafter defined in Section 7.3) determined at the date of damage and Owner shall be entitled to the balance, if any. If the cost of repairing, restoring, rebuilding or replacing the damage, impairment or destruction resulting from such fire or other casualty shall be less than 120% of the proceeds of the insurance available for such repairing, restoring, rebuilding or replacing, Owner shall repair, restore, rebuild or replace such damage, impairment or destruction, unless and to the the extent that Owner and Manager shall otherwise agree. If Owner fails to undertake such work within 90 days after fire or other casualty, or shall fail to complete the same diligently, Manager without prejudice to its rights to repair, restore, rebuild or replace damage, impairment or destruction for and on behalf of Owner and its rights and remedies upon undertaking any such work provided for in this Section 7.1, may, at its election, terminate this Agreement upon five days' notice to Owner and the balance of the insurance collected not previously applied to such restoration, if any, shall be distributed as follows: Manager shall be entitled to an amount equal to Manager's Liquidation Share determined at the date of damage and Owner shall be entitled to the balance, if any.
Sample 1

Related to Limitation on Restoration

  • Limitation on Use Tenant shall use the Premises solely for the Permitted Use specified in Section N of the Summary. There shall not be any change in use without the prior written consent of Landlord which will not be unreasonably withheld. Tenant shall not do anything in or about the Premises which will (i) cause structural injury to the Building, or (ii) cause damage to any part of the Building except to the extent reasonably necessary for the installation of Tenant’s Trade Fixtures and Tenant’s Alterations, and then only in a manner which has been first approved by Landlord in writing. Tenant shall not operate any equipment within the Premises which will (i) materially damage the Building or the Common Area, (ii) overload existing electrical systems or other mechanical equipment servicing the Building, (iii) impair the efficient operation of the sprinkler system or the heating, ventilating or air conditioning (“HVAC”) equipment within or servicing the Building, or (iv) damage, overload or corrode the sanitary sewer system. Tenant shall not attach, hang or suspend anything from the ceiling, roof, walls or columns of the Building or set any load on the floor in excess of the load limits for which such items are designed nor operate hard wheel forklifts within the Premises. Any dust, fumes, or waste products generated by Tenant’s use of the Premises shall be contained and disposed so that they do not (i) create an unreasonable fire or health hazard, (ii) damage the Premises, or (iii) result in the violation of any Law. Except as approved by Landlord, Tenant shall not change the exterior of the Building or install any equipment or antennas on or make any penetrations of the exterior or roof of the Building. Tenant shall not commit any waste in or about the Premises, and Tenant shall keep the Premises in a neat, clean, attractive and orderly condition, free of any nuisances. If Landlord designates a standard window covering for use throughout the Building, Tenant shall use this standard window covering to cover all windows in the Premises. Tenant shall not conduct on any portion of the Premises or the Project any sale of any kind, including any public or private auction, fire sale, going-out-of-business sale, distress sale or other liquidation sale.

  • Limitation on Leases Neither the Borrower nor any of its Subsidiaries will create, incur, assume or suffer to exist any obligation for the payment of rent or hire of Property of any kind whatsoever (real or personal but excluding leases of Hydrocarbon Interests), under leases or lease agreements which would cause the aggregate amount of all payments made by the Borrower and its Subsidiaries pursuant to all such leases or lease agreements, including, without limitation, any residual payments at the end of any lease, to exceed $2,000,000 in any period of twelve consecutive calendar months during the life of such leases.

  • Limitation on Out of-State Litigation - Texas Business and Commerce Code § 272 This is a requirement of the TIPS Contract and is non-negotiable. Texas Business and Commerce Code § 272 prohibits a construction contract, or an agreement collateral to or affecting the construction contract, from containing a provision making the contract or agreement, or any conflict arising under the contract or agreement, subject to another state’s law, litigation in the courts of another state, or arbitration in another state. If included in Texas construction contracts, such provisions are voidable by a party obligated by the contract or agreement to perform the work. By submission of this proposal, Vendor acknowledges this law and if Vendor enters into a construction contract with a Texas TIPS Member under this procurement, Vendor certifies compliance.

  • Limitation on Damage In the event of a breach of any provision of this contract by the State, the liability of the State shall be limited to return of the unused initial deposit and unapplied payments to the Purchaser. The State shall not be liable for any damages, whether direct, incidental, or consequential.

  • Limitation on Remedies In addition to any other limitation on remedies or limitations of liability set forth in our Terms of Service or in applicable law or regulations, the Company shall not be liable for any delay or failure to provide Service at any time or from time to time, or any interruption or degradation of Service quality that is caused by any of the following: (a) an act or omission of an underlying carrier, service provider, vendor or other third party; (b) equipment, network or facility failure, including failure caused by the loss of power; (c) equipment, network or facility upgrade or modification; (d) force majeure events such as (but not limited to) acts of God, acts of nature, strikes, fire, war, riot, acts of terrorism and government actions; (e) equipment or facility shortage; (f) equipment or facility relocation; (g) any act or omission by you or any person using your Service; (h) theft, fraud or abuse of Service; or (i) any other cause that is beyond the Company’s reasonable control. THE EXTENT PERMITTED BY LAW, OUR TOTAL LIABILITY FOR ANY CLAIM UNDER THIS AGREEMENT, INCLUDING FOR ANY EXPRESS OR IMPLIED WARRANTIES, IS LIMITED TO THE AMOUNT YOU PAID US FOR THE AFFECTED SERVICE OR FACILITIES, WHETHER SUCH CLAIM OR REMEDY IS SOUGHT IN CONTRACT OR TORT, INCLUDING NEGLIGENCE, STRICT LIABILITY OR OTHERWISE. TO THE EXTENT PERMITTED BY LAW, WE SHALL NOT BE LIABLE TO YOU FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, PUNITIVE, SPECIAL OR TREBLED OR ENHANCED DAMAGES, INCLUDING, BUT NOT LIMITED TO LOST PROFITS, LOST BUSINESS, OR OTHER COMMERCIAL OR ECONOMIC LOSS, WHETHER SUCH DAMAGES ARE CLAIMED FOR BREACH OF CONTRACT, NEGLIGENCE OR OTHERWISE AND WHETHER OR NOT WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

  • Limitation on Release The foregoing provision with respect to the release to the Servicer of the Required Loan Documents and documents by the Collateral Custodian upon request by the Servicer shall be operative only to the extent that the Administrative Agent has consented to such release. Promptly after delivery to the Collateral Custodian of any request for release of documents, the Servicer shall provide notice of the same to the Administrative Agent. Any additional Required Loan Documents or documents requested to be released by the Servicer may be released only upon written authorization of the Administrative Agent. The limitations of this paragraph shall not apply to the release of Required Loan Documents to the Servicer pursuant to the immediately succeeding subsection.

  • Limitation on Sales Each holder of this Warrant acknowledges that this Warrant and the Warrant Shares, as of the date of original issuance of this Warrant, have not been registered under the Securities Act of 1933, as amended ("Act"), and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Shares issued upon its exercise in the absence of (a) an effective registration statement under the Act as to this Warrant or such Warrant Shares or (b) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required. The Warrant Shares issued upon exercise thereof shall be imprinted with a legend in substantially the following form: "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR IN A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS."

  • Limitation on Exercise Notwithstanding the provisions of this Warrant, the Agreement or of the other Transaction Agreements, in no event (except (i) as specifically provided in this Warrant as an exception to this provision, (ii) during the forty-five (45) day period prior to the Expiration Date, or (iii) while there is outstanding a tender offer for any or all of the shares of the Company's Common Stock) shall the Holder be entitled to exercise this Warrant, or shall the Company have the obligation to issue shares upon such exercise of all or any portion of this Warrant to the extent that, after such exercise the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unexercised portion of the Warrants or other rights to purchase Common Stock or through the ownership of the unconverted portion of convertible securities), and (2) the number of shares of Common Stock issuable upon the exercise of the Warrants with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock (after taking into account the shares to be issued to the Holder upon such exercise). For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), except as otherwise provided in clause (1) of such sentence. The Holder, by its acceptance of this Warrant, further agrees that if the Holder transfers or assigns any of the Warrants to a party who or which would not be considered such an affiliate, such assignment shall be made subject to the transferee's or assignee's specific agreement to be bound by the provisions of this Section 2.2 as if such transferee or assignee were the original Holder hereof.

  • Limitation on Services Except in cases of Emergency Services or Urgent Care, or as otherwise provided under this Certificate, services are available only from Participating Providers and HMO shall have no liability or obligation whatsoever on account of any service or benefit sought or received by a Member from any Physician, Hospital, Skilled Nursing Facility, home health care agency, or other person, entity, institution or organization unless prior arrangements are made by HMO.

  • Limitation on Rights (a) This Agreement shall not be deemed to create a contract of employment between the Company and the Executive and shall create no right in the Executive to continue in the Company’s employment for any specific period of time, or to create any other rights in the Executive or obligations on the part of the Company, except as set forth herein. This Agreement shall not restrict the right of the Company to terminate the Executive, or restrict the right of the Executive to terminate employment.

Time is Money Join Law Insider Premium to draft better contracts faster.