Tax Increment Period. During the Tax Increment Period, Redeveloper agrees to keep the Project Site and the Redeveloper Improvements (during construction and after completed) insured against loss or damage by fire, and such other risk, casualties, and hazards as are customarily covered by builders’ risk or extended coverage policies in an amount not less than the replacement value thereof based upon an estimate of insurable value (less footings and foundations) but allowing for reasonable compliance with standard coinsurance clauses and standard deductibles. Any insurance carried or required to be carried by Redeveloper pursuant to this Section may, at Redeveloper’s option, be carried under an insurance policy or pursuant to a master policy of insurance or so called blanket policy of insurance covering other property owned by Redeveloper or its corporate affiliates, or any combination thereof. In the event of any insured damage or destruction, Redeveloper agrees to use reasonable efforts to restore the Redeveloper Improvements to their prior condition within eighteen (18) months from the date of the damage or destruction and shall diligently pursue the same to completion.
Tax Increment Period. During the tax increment period, Redeveloper shall include by restrictive covenant an enforceable obligation on the Redeveloper or other owner or tenant in possession to maintain property insurance on an extended coverage all-risk basis in an amount not less than the replacement value, allowing for reasonable coinsurance clauses and deductibles and also subject to the Redeveloper or other owner or tenant’s obligation to use good faith efforts to commence restoration of the Private Improvements to its prior condition within nine (9) months from the date of the damage or destruction, diligently pursuing the same to completion.
Tax Increment Period. During the Tax Increment Period for the New Building, Redeveloper agrees to maintain property insurance on an extended coverage all-risk basis in an amount not less than the replacement value of the New Building but allowing for reasonable coinsurance clauses and deductibles. Redeveloper agrees to use good faith efforts to commence restoration of the New Building to its prior condition within nine (9) months from the date of the damage or destruction, and shall pursue the same to completion.
Tax Increment Period. During the tax increment period, Redeveloper shall maintain property insurance on an extended coverage all-risk basis in an amount not less than the replacement value, allowing for reasonable coinsurance clauses and deductibles and also subject to the Redeveloper obligation to use good faith efforts to commence restoration of the Private Improvements to its prior condition within nine (9) months from the date of the damage or destruction, diligently pursuing the same to completion.
Tax Increment Period. During the applicable Tax Increment Period for the Project One Housing and Project Two Housing, Redeveloper agrees to maintain property insurance on an extended coverage all-risk basis in an amount not less than the replacement value of the Project One Housing and the Project Two Housing but allowing for reasonable coinsurance clauses and deductibles. Redeveloper agrees to use good faith efforts to commence restoration of the Project One Housing and/or Project Two Housing to their prior condition within nine (9) months from the date of the damage or destruction, and shall pursue the same to completion. The City acknowledges that Redeveloper intends to sell all of the attached single- family dwellings comprising the New Housing to home buyers, who shall, by accepting title to such dwellings subject to this Agreement, assume this obligation to insure and rebuild.
Tax Increment Period. During the Tax Increment Period for the Skate Zone Redevelopment Project, Redeveloper agrees to maintain property insurance on an extended coverage all-risk basis in an amount not less than the replacement value of the Private Improvements but allowing for reasonable coinsurance clauses and deductibles. Redeveloper agrees to use good faith efforts to commence restoration of the Private Improvements to its prior condition within nine (9) months from the date of the damage or destruction, and shall pursue the same to completion.
Tax Increment Period. During the Tax Increment Period, Redeveloper agrees to keep the Redeveloper’s condominium unit and the Private Improvements (during construction and after completed) insured against loss or damage by fire, and such other risk, casualties, and hazards as are customarily covered by builders’ risk or extended coverage policies in an amount not less than the replacement value of Private Improvements based upon an estimate of insurable value (less footings and foundations) but allowing for reasonable compliance with standard coinsurance clauses and standard deductibles. Redeveloper agrees to use reasonable efforts to restore the Private Improvements to their prior condition within eighteen (18) months from the date of the damage or destruction, and shall diligently pursue the same to completion.
Tax Increment Period. During the Tax Increment Period for the 1222 P Street Project, Redeveloper agrees to maintain property insurance on an extended coverage all-risk basis in an amount not less than the replacement value of the Private Improvements but allowing for reasonable coinsurance clauses and deductibles. Redeveloper agrees to use good faith efforts to commence restoration of the Private Improvements to its prior condition within nine (9) months from the date of the damage or destruction, and shall pursue the same to completion.
Tax Increment Period. During the tax increment period, Redeveloper or the tenant in possession shall be subject to an enforceable obligation to maintain property insurance on an extended coverage all-risk basis in an amount not less than the replacement value, allowing for reasonable coinsurance clauses and deductibles and also subject to the Redeveloper or tenant’s obligation to use good faith efforts to commence restoration of the Redeveloper Improvements to its prior condition within nine (9) months from the date of the damage or destruction, diligently pursuing the same to completion.
Tax Increment Period. During the Tax Increment Period for the NIC Phase II Project, Redeveloper agrees to maintain property insurance on an extended coverage all-risk basis in an amount not less than the replacement value of the Private Improvements but allowing for reasonable coinsurance clauses and deductibles. Redeveloper agrees to use good faith efforts to commence restoration of the Private Improvements to its prior condition within nine (9) months from the date of the damage or destruction, and shall pursue the same to completion.
