Repair and Restoration. If the Mortgaged Property can be repaired or restored to substantially the same condition as existed prior to the event causing such damage or destruction, or the effect of the combination can be relieved so that the status of the Mortgaged Property will be restored to substantially the same status as existed prior to the event causing such condemnation, without, in either case, jeopardizing repayment of the principal of and interest on the Indebtedness, and Grantor elects to repair and restore the Mortgaged Property, the Proceeds will be deposited with the Beneficiary and held in a special escrow account of the Beneficiary to be applied to repair, replace, or improve the Mortgaged Property. Proceeds held in such escrow account held by the Beneficiary shall be disbursed by the Beneficiary for the repair, replacement, or improvement of the Mortgaged Property upon receipt by the Beneficiary from the Grantor of (A) an architect's certificate with each draw submitted by Grantor stating that the repairs, replacements, or improvements completed through the date of such draw are practical and necessary, have been completed in accordance with plans and specifications previously provided to the Beneficiary, and that such repairs, replacements, or improvements comply with all applicable statutes, codes, and regulations; (B) a certificate stating that sufficient moneys are available to cause such repair, restoration, replacements, or improvements; (C) requisitions and certificates from the Grantor in the form reasonably acceptable to the Beneficiary; (D) applicable lien waivers; and (E) an endorsement to the title insurance policy insuring the continued priority of the lien of this Mortgage. The Beneficiary shall retain ten percent (10%) of the requested disbursements to be disbursed upon final completion of the repairs, replacements, or improvements as certified by an independent architect and receipt of waivers of liens and an endorsement to the title policy for the Mortgaged Property insuring the continued priority of the lien of this Mortgage. If at any time during the restoration, the Proceeds are less than the estimated cost to repair the Mortgaged Property, the Grantor shall pay an amount equal to the shortfall. The Grantor may rely upon the advice of architects, engineers, accountants, financial consultants, attorneys, or other experts selected by it in the foregoing matters. Any Proceeds in excess of the amount required to repair and restore the Mortgaged Pr...
Repair and Restoration. (a) Except as otherwise specifically provided in this Section 12, if the Premises, the Building or any other leasable buildings or improvements located on Shopping Center are damaged by any cause whatsoever, this Lease shall remain in full force and effect and Landlord shall, at its sole expense, repair, restore and rebuild the same with all reasonable dispatch and diligence, so far as practicable and lawful, to complete units of like quality, nature and condition, with the same layout and parking to floor area ratios as that which existed immediately prior to the occurrence of such damage. Landlord's obligation to repair, restore and rebuild as set forth in this Paragraph 12.1(a) shall supersede any ---------------- provision of applicable law to the contrary, which provisions the parties hereby waive. Any such repair, restoration and rebuilding of the Premises shall be performed in accordance with plans and specifications approved in writing by Tenant, prepared by a licensed architect selected and employed by Landlord and approved in writing by Tenant, and performed by a licensed general contractor selected and employed by Landlord and approved in writing by Tenant. None of the approvals to be obtained from Tenant in the previous sentence shall be unreasonably withheld, conditioned or delayed. During such repair, restoration and rebuilding of the Premises, Tenant shall at all times have access to the Premises for the purpose of inspecting the work in progress and for the purpose of installing trade fixtures, equipment, merchandise, advertising and signs; provided, however, that Tenant's rights of access shall not be exercised in a manner which materially impedes Landlord's repair, restoration or rebuilding of the Premises.
Repair and Restoration. If this Lease is not terminated as provided in this Article 11, Landlord shall at its sole expense restore with reasonable diligence the remainder of the improvements occupied by Tenant and/or Common Area so far as reasonable to a complete unit of like quality, character, and condition as that which existed immediately prior to the Taking, provided that the scope of the work shall not exceed the scope of the work to be done by Landlord originally in constructing the Premises, and further provided that Landlord shall not be obligated to expend an amount greater than that which was awarded to Landlord as compensation for such Taking.
Repair and Restoration. (1) If the Building and/or the Premises are damaged or destroyed by any such peril, to the extent the cost to repair exceeds twenty-five percent (25%) of the then full replacement value thereof or the damage thereto is such that the Building and/or the Premises cannot reasonably be repaired, reconstructed and restored within six (6) months from the date of such damage or destruction, Landlord shall, at its sole option, as soon as reasonably possible thereafter, either (i) commence or cause the commencement of the repair, reconstruction and restoration of the Building and/or the Premises and prosecute or cause the same to be prosecuted diligently to completion, in which event this Lease shall remain in full force and effect; or (ii) within sixty (60) days after such damage or destruction, elect not to so repair, reconstruct or restore the Building and/or the Premises, in which event this Lease shall terminate. In either event, Landlord shall give Tenant written notice of its intention within said sixty (60) day period. If Landlord elects not to restore the Building and/or the Premises, this Lease shall be deemed to have terminated as of the date of such damage or destruction.
Repair and Restoration. If neither party terminates the Lease under §10.1(a), then the Lease shall remain in full force and effect and the parties will proceed as follows:
Repair and Restoration. Seller shall, at its sole cost and expense, promptly repair and restore any portion of the Property that shall be disturbed, damaged, or destroyed due to or on account of Seller’s Earnout Activities, to substantially the same condition as existed immediately prior to the commencement of Seller’s Earnout Activities.
Repair and Restoration. All casualty insurance payments for damage to the Building shall be used for the sole purpose of repairing, rebuilding and/or restoring the Building. From the date hereof and throughout the Initial Term, as it may be extended, if the Building is damaged or destroyed by fire or other casualty Tenant shall promptly rebuild and restore the Building to the extent of insurance proceeds and any deductible to its condition existing immediately prior to such fire or other casualty, provided that if Tenant reasonably estimates that it will take more than one hundred eighty (180) days from the date of damage to restore the Premises, or if the Building is damaged by an uninsured casualty Tenant, may elect to terminate this Lease upon thirty (30) days written notice to Landlord, given within thirty (30) days after such damage. Any such proceeds not required for such rebuilding or repairing shall be paid to and belong to Landlord. If the Lease is not so terminated, the Building shall be repaired in the manner and subject to the conditions provided for above and elsewhere in this Lease. If the conditions set forth above which enable Tenant to terminate this Lease occur during the last Lease Year, Landlord shall also have the right to terminate this Lease, unless Tenant, within twenty (20) days of receipt of Landlord's notice of termination, exercises the next remaining Option to Renew, if any.
Repair and Restoration. In the event any such damage, destruction or ----------------------- taking of the Premises occurs and this Sublease is not terminated pursuant to Section 5.1 above, then Sublandlord shall use reasonable efforts to cause Headlandlord to repair and restore the Premises to the extent required by the terms of the Headlease.
Repair and Restoration. If this Lease is not terminated as provided in this Article 12, Landlord shall, at its sole expense, restore with due diligence the remainder of the improvements occupied by Tenant so far as is practicable to a complete unit of like quality, character, and condition as that which existed immediately prior to the taking, provided that the scope of the work shall not exceed the scope of the work to be done by Landlord originally in construction of the Premises, and further provided that Landlord shall not be obligated to expend an amount greater than that which was awarded to Landlord for such taking. Tenant, at its sole cost and expense, shall restore its furniture, fixtures and other allowed leasehold improvements to their condition immediately preceding such taking.
Repair and Restoration. Notwithstanding the provision of paragraph 15, and provided that (i) no event of default has occurred hereunder or under the Note or other Loan Documents, (ii) Mortgagee is satisfied that the there are sufficient proceeds to complete the restoration of the improvements constructed on the Mortgaged Premises to the same value and character as existed prior to such damage, and (iii) the insurers do not deny liability as to the insureds, Mortgagee shall apply the insurance proceeds for the repair and restoration of the Mortgaged Property in accordance in accordance with the following conditions:
