Common use of Replacement Value Clause in Contracts

Replacement Value. CCC shall, at its option, either obtain replacement value insurance for damage by fire or casualty to the Convention Center, or self insure for an equivalent amount. In the event that the Convention Center or any portion thereof shall be damaged or destroyed at any time or times during the term hereof by fire, casualty or any other cause, Management Company shall give prompt notice to CCC and CCC shall, to the extent of insurance proceeds or self insurance, with due diligence, repair, rebuild or replace the same so that after such repairing, rebuilding or replacing, the Convention Center shall be substantially the same, to the extent of insurance proceeds or self insurance, as prior to such damage or destruction. If CCC fails to undertake such work within ninety (90) days after notice of the fire or other casualty, or shall fail to complete same diligently, within a reasonably time period agreed to between CCC and Management Company, Management Company may, at its option, terminate this Agreement by written notice to CCC effective as of the date sent. Notwithstanding anything to the contrary contained herein, to the extent such loss is not covered by insurance, CCC shall not have any obligations for repair, rebuilding or replacing the Convention Center in the event all or a substantial part of the Convention Center shall be destroyed or damaged by fire or casualty.