Damaged Facilities definition
Examples of Damaged Facilities in a sentence
Notwithstanding anything set forth in Section 6.01 to the contrary, in the event of a casualty or eminent domain that results in Damaged Facilities, the City hereby agrees that Developer may terminate this Agreement by thirty (30) days prior written notice to the City (whether or not Developer has completed the CID Improvements prior to the date of such casualty or eminent domain event).
If, at any time during the Term, the Project or any part thereof shall be damaged or destroyed by a casualty (the "Damaged Facilities"), Developer, at its sole cost and expense, shall commence and thereafter proceed as promptly as possible to repair, restore and replace the Damaged Facilities as nearly as possible to their condition immediately prior to the casualty and shall be entitled to draw upon the Casualty Escrow for payment of said costs.
Nothing in this section will require the Developer to expend funds in excess of the Casualty Escrow for the repair, restoration and/or replacement of the Damaged Facilities.