Election to Remove. If Economic Development Property is damaged by fire, explosion, or any other casualty, and the Sponsor elects not to terminate this Fee Agreement pursuant to subsection (a) and elects not to restore or replace pursuant to subsection (b), then the damaged portions of the Economic Development Property are deemed Removed Components.
Appears in 2 contracts
Sources: Development Agreement, Fee in Lieu of Ad Valorem Taxes and Incentive Agreement