Common use of Partial Casualty Clause in Contracts

Partial Casualty. (a) Upon any damage or destruction of any Element, or any part thereof, the affected Owner (hereinafter, the “Damaged Owner”) shall, after taking into account commercially reasonable considerations, either (i) commence repair and restoration of the damaged improvements within a reasonable period of time of receiving any proceeds of insurance therefor and diligently prosecute such repair and restoration to at least as good condition as existed immediately prior to such damage or destruction in accordance with the applicable provisions of this Declaration, or (ii) place the Element in a neat and stable condition that retains any Support Facilities on such Element pursuant to Section 11.2(c) below. (b) If the Damaged Owner elects to rebuild, any insurance proceeds arising by virtue of such damage or destruction of the affected Element shall be made available or be used for such restoration. The Damaged Owner shall restore any damage caused to improvements located on its Element as quickly as practicable after taking into account commercially reasonable considerations and in a manner so as to minimize the interference with or interruption of the operation of the other Elements. The payment of any deductible under any casualty insurance shall be the responsibility of the Damaged Owner. (c) In the event the Damaged Owner does not commence and complete the restoration, repair or replacement of its Element, or parts thereof, within a commercially reasonable period of time after taking into account commercially reasonable considerations, the Damaged Owner shall nevertheless be obligated: (i) to promptly clean up its Element, remove debris, building frameworks and outer shells therefrom (or, in the alternative, make such framework and outer shells compatible with those portions of the structure remaining undamaged or not taken) and do and perform at the Damaged Owner’s own cost and expense all that work required to retain any and all necessary Support Facilities, and cause the portions of the structure which have suffered damage or destruction to be either removed from its Element or to be repaired or reconstructed to a safe and not unsightly condition and state; and (ii) to grant to the other Owners (hereinafter, the “Undamaged Owner”) such easement rights as may be necessary for the Undamaged Owner to restore or replace any needed Utility Facilities, Delivery Facilities, Parking Facilities or Access Facilities at such Undamaged Owner’s sole cost and expense. If restoration or replacement of the Utility Facilities, Delivery Facilities, Parking Facilities or Access Facilities will not be to a condition substantially similar to that before the casualty, prior to restoration or replacement, the Undamaged Owner shall provide adequate substitutions therefore, which substitutions shall be subject to the approval of the Damaged Owner, not to be unreasonably withheld or delayed. The Undamaged Owner shall submit plans and specifications to the Damaged Owner showing the provisions made for the easements to which the Undamaged Owner is entitled.