Common use of Restoration of the Improvements Clause in Contracts

Restoration of the Improvements. In the event of damage or destruction of the Improvements, or any part thereof as a result of casualty, condemnation, taking or other cause, the Grantor shall give prompt written notice thereof to the Beneficiary and (except in the event of impossibility of restoration or repair in the event of condemnation or other taking) subject to the requirements under the Leases, provided that the Beneficiary shall make available to the Grantor the insurance proceeds (if any) (or in the event of condemnation or taking, the award (if any) arising out of such condemnation or taking) recovered by the Beneficiary as herein provided, the Grantor shall promptly commence and diligently continue to perform the repair, restoration and rebuilding of that portion of the Improvements so damaged or destroyed (hereinafter, the "Work") so as to restore the Improvements in full compliance with all legal requirements and so that the Improvements shall be at least equal in value and general utility as they were prior to the damage or destruction, and if the Work to be done is structural or if the cost of the Work, as estimated by the Beneficiary, shall exceed $20,000 (hereinafter, collectively, "Major Work"), the Grantor shall, prior to the commencement of the Major Work, furnish to the Beneficiary for its approval: (i) complete plans and specifications for the Major Work, with satisfactory evidence of the approval thereof (a) by all governmental authorities whose approval is required, (b) by all parties to or having an interest in the leases, if any, of any portion of the Premises whose approval is required, and (c) by an architect reasonably satisfactory to the Beneficiary (hereinafter, the "Architect") and which shall be accompanied by the Architect's signed estimate, bearing the Architect's seal, of the entire cost of completing the Major Work; and (ii) certified or photostatic copies of all permits and approvals required by law in connection with the commencement of the Work and as and when obtainable, the conduct of the Work. Beneficiary shall have thirty (30) days following receipt of the foregoing within which to approve or disapprove the Major Work, and if Beneficiary fails to respond such Major Work shall be deemed approved. The Grantor shall not commence any of the Major Work until the Grantor shall have complied with the applicable requirements referred to in this Section, and after commencing the Major Work the Grantor shall perform the Major Work diligently and in good faith in accordance with the plans and specifications referred to in this SECTION 2.5, if applicable.

Restoration of the Improvements. In the event of damage or destruction of the Improvements, or any part thereof thereof; as a result of casualty, condemnation, taking or other cause, the Grantor Mortgagor shall give prompt written notice thereof to the Beneficiary Mortgagee and (except in the event of impossibility of restoration or repair in the event of condemnation or other taking) subject to the requirements under the Leases, provided that the Beneficiary Mortgagee shall make available to the Grantor Mortgagor the insurance proceeds (if any) (or in the event of condemnation or taking, the award (if any) arising out of such condemnation or taking) recovered by the Beneficiary Mortgagee as herein provided, the Grantor Mortgagor shall promptly commence and diligently continue to perform the repair, restoration and rebuilding of that portion of the Improvements so damaged or destroyed (hereinafter, the "Work") so as to restore the Improvements in full compliance with all legal requirements and so that the Improvements shall be at least equal in value and general utility as they were prior to the damage or destruction, and if the Work to be done is structural or if the cost of the Work, as estimated by the BeneficiaryMortgagee, shall exceed Twenty Thousand ($20,000 20,000) Dollars (hereinafter, collectively, "Major Work"), the Grantor Mortgagor shall, prior to the commencement of the Major Work, furnish to the Beneficiary Mortgagee for its approval: (i) complete plans and specifications for the Major Work, with satisfactory evidence of the approval thereof (a) by all governmental authorities whose approval is required, (b) by all parties to or having an interest in the leases, if any, of any portion of the Premises whose approval is required, and (c) by an architect reasonably satisfactory to the Beneficiary Mortgagee (hereinafter, the "Architect") and which shall be accompanied by the Architect's signed estimate, bearing the Architect's seal, of the entire cost of completing the Major Work; and (ii) certified or photostatic copies of all permits and approvals required by law in connection with the commencement of the Work and as and when obtainable, the conduct of the Work. Beneficiary Mortgagee shall have thirty (30) days following receipt of the foregoing within which to approve or disapprove the Major Work, and if Beneficiary Mortgagee fails to respond such Major Work shall be deemed approved. The Grantor Mortgagor shall not commence any of the Major Work until the Grantor Mortgagor shall have complied with the applicable requirements referred to in this Section, and after commencing the Major Work the Grantor Mortgagor shall perform the Major Work diligently and in good faith in accordance with the plans and specifications referred to in this SECTION 2.5, 2.5 if applicable.

Restoration of the Improvements. In the event of ------------ ------------------------------- damage or destruction of the Improvements, or any part thereof thereof, as a result of casualty, condemnation, taking or other cause, the Grantor Mortgagor shall give prompt written notice thereof to the Beneficiary Mortgagee and (except in the event of impossibility of restoration or repair in the event of condemnation or other taking) subject to the requirements under the Leases), provided that the Beneficiary Mortgagee shall make available to the Grantor Mortgagor the insurance proceeds (if any) (or in the event of condemnation or taking, the award (if any) arising out of such condemnation or taking) recovered by the Beneficiary Mortgagee as herein provided, the Grantor Mortgagor shall promptly commence and diligently continue to perform the repair, restoration and rebuilding of that portion of the Improvements so damaged or destroyed (hereinafter, the "Work") so as to restore the Improvements in full compliance with all legal requirements and so that the Improvements shall be at least equal in value and general utility as they were prior to the damage or destruction, and if the Work to be done is structural or if the cost of the Work, as estimated by the BeneficiaryMortgagee, shall exceed Twenty Thousand and No/100 ($20,000 20,000) Dollars (hereinafter, collectively, "Major Work"), the Grantor Mortgagor shall, prior to the commencement of the Major Work, furnish to the Beneficiary Mortgagee for its approval: (i) complete plans and specifications for the Major Work, with satisfactory evidence of the approval thereof (a) by all governmental authorities whose approval is required, (b) by all parties to or having an interest in the leases, if any, of any portion of the Premises whose approval is required, and (c) by an architect reasonably satisfactory to the Beneficiary Mortgagee (hereinafter, the "Architect") and which shall be accompanied by the Architect's signed estimate, bearing the Architect's seal, of the entire cost of completing the Major Work; and (ii) certified or photostatic copies of all permits and approvals required by law in connection with the commencement of the Work and as and when obtainable, the conduct of the Work. Beneficiary shall have thirty (30) days following receipt of the foregoing within which to approve or disapprove the Major Work, and if Beneficiary fails to respond such Major Work shall be deemed approved. The Grantor Mortgagor shall not commence any of the Major Work until the Grantor Mortgagor shall have complied with the applicable requirements referred to in this Section, and after commencing the Major Work the Grantor Mortgagor shall perform the Major Work diligently and in good faith in accordance with the plans and specifications referred to in this SECTION 2.5Section 2.05, if applicable.

Restoration of the Improvements. In the event of damage or destruction of the Improvements, or any part thereof thereof, as a result of casualty, condemnation, taking or other cause, the Grantor shall give prompt written notice thereof to the Beneficiary and (except in the event of impossibility of restoration or repair in the event of condemnation or other taking) subject to the requirements under the Leases), provided that the Beneficiary shall make available to the Grantor the insurance proceeds (if any) (or in the event of condemnation or taking, the award (if any) arising out of such condemnation or taking) recovered by the Beneficiary as herein provided, the Grantor shall promptly commence and diligently continue to perform the repair, restoration and rebuilding of that portion of the Improvements so damaged or destroyed (hereinafter, the "`Work"') so as to restore the Improvements in full compliance with all legal requirements and so that the Improvements shall be at least equal in value and general utility as they were prior to the damage or destruction, and if the Work to be done is structural or if the cost of the Work, as estimated by the Beneficiary, shall exceed Fifty Thousand ($20,000 50,000) Dollars (hereinafter, collectively, "`Major Work"'), the Grantor shall, prior to the commencement of the Major Work, furnish to the Beneficiary for its approval: (i) complete plans and specifications for the Major Work, with satisfactory evidence of the approval thereof (a) by all governmental authorities whose approval is required, (b) by all parties to or having an interest in the leases, if any, of any portion of the Premises whose approval is required, and (c) by an architect reasonably satisfactory to the Beneficiary (hereinafter, the "`Architect"') and which shall be accompanied by the Architect's signed estimate, bearing the Architect's seal, of the entire cost of completing the Major Work; and (ii) certified or photostatic copies of all permits and approvals required by law in connection with the commencement of the Work and as and when obtainable, the conduct of the Work. Beneficiary shall have thirty ; and (30iii) days following receipt a surety bond and/or guaranty of the foregoing within which to approve or disapprove payment for and completion of the Major Work, and if Beneficiary fails to respond such Major Work which bond or guaranty shall be deemed approvedin form and substance satisfactory to the Beneficiary and shall be signed by a surety or sureties, or guarantor or guarantors, as the case may be, who are acceptable to the Beneficiary, and in an amount not less than the Architect's estimate of the entire cost of completing the Work, less the amount of insurance proceeds (or condemnation award), if any, then held by the Beneficiary for application toward the cost of the Work. The Grantor shall not commence any of the Major Work until the Grantor shall have complied with the applicable requirements referred to in this Section, and after commencing the Major Work the Grantor shall perform the Major Work diligently and in good faith in accordance with the plans and specifications referred to in this SECTION 2.5Section 2.05, if applicable.