Obligation to Restore Sample Clauses
The Obligation to Restore clause requires a party to return property, premises, or assets to their original or agreed-upon condition after use, occupation, or upon the end of a contract. In practice, this may involve repairing any damage, removing alterations, or cleaning the premises before handing them back to the owner or lessor. This clause ensures that the property is maintained and prevents disputes over the condition in which it is returned, thereby protecting the interests of the owner and clarifying responsibilities for restoration.
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Obligation to Restore. (a) If all or any part of the improvements located on (or constituting a part of) the Leased Premises are destroyed or damaged by any casualty during the Term, Tenant shall promptly commence and thereafter prosecute diligently to completion the restoration of the same to the condition in which the destroyed or damaged portion existed prior to the casualty. Tenant will perform such restoration with at least as good workmanship and quality as the improvements being restored, and in compliance with the provisions of Article 6 hereof. Notwithstanding the foregoing provisions of this subparagraph (a) to the contrary, if all of such improvements are wholly destroyed by any casualty, or are so damaged or destroyed that, in Tenant's sole judgment it would be uneconomical to cause the same to be restored (and Tenant shall give written notice of such determination to Landlord within 90 Business Days after the date the casualty occurred), then Tenant shall not be obligated to restore such improvements and this Lease shall terminate as of the date of the casualty or its discovery.
(b) If all or any part of the Elevator serving the Project is damaged by any casualty during the Term, Landlord shall promptly commence and thereafter prosecute diligently to completion the restoration of the same to the condition in which the destroyed or damaged portion existed prior to the casualty. Notwithstanding the foregoing provisions of this subparagraph (b) to the contrary, if the Elevator is wholly destroyed by any casualty, or if it is so damaged or destroyed that in Landlord's sole judgment it would be uneconomical to cause the same to be restored (and Landlord shall give written notice of such determination to Tenant within 90 Business Days after the date the casualty occurred or is discovered), the Landlord shall not be obligated to restore the Elevator and this Lease shall terminate as of the date of the casualty or its discovery.
(c) If a casualty loss affecting the Leased Premises occurs, all insurance proceeds arising from policies maintained by Tenant for the damages arising from such casualty and which is attributed to the Project (including the Excluded Property) shall be distributed and paid directly to Tenant.
Obligation to Restore. In the event of any physical loss or damage to a Financed Vehicle related to a Receivable from any cause, whether through accidental means or otherwise, the Servicer shall have no obligation to cause the affected Financed Vehicle to be restored or repaired. However, the Servicer shall comply with the provisions of any insurance policy or policies directly or indirectly related to any physical loss or damage to a Financed Vehicle.
Obligation to Restore. In the event an immaterial part of the Premises or the Building or the Garage is taken for any public or quasi-public use under any governmental law, ordinance or regulation, or by right of eminent domain or by purchase in lieu thereof, and this Lease is not terminated as provided in Subsection A above, then Landlord shall, subject to the remaining provisions of this Section, at Landlord’s expense, restore the Premises to the extent necessary to make them reasonably tenantable. The Base Rent and Overhead Rent payable under this Lease during the unexpired portion of the Lease Term shall be adjusted to such an extent as may be fair and reasonable under the circumstances. Tenant shall have no claim to the condemnation award with respect to the leasehold estate but, in a subsequent, separate proceeding, may make a separate claim for trade fixtures installed in the Premises and Tenant’s moving expense. In no event will Tenant have any claim for the value of the unexpired Lease Term.
Obligation to Restore. During the performance of its obligations under this Agreement until the Final Completion Date, RCP hereby agrees that if any portion of the Infrastructure Improvements shall be damaged or destroyed, in whole or in part, by fire or other casualty (whether or not covered by insurance), RCP shall promptly restore, replace or rebuild the same, or shall promptly cause the same to be restored, replaced or rebuilt, to as nearly as possible the value, quality and condition it was in immediately prior to such fire or other casualty, with such alterations or changes as may be approved in writing by the City, which approval shall not be unreasonably withheld. RCP agrees that it will cause Bliss Sports II to include in any documents for Bliss Sports II private financing a requirement that, in the event insurance covering fire or other casualty results in payment of insurance proceeds to a lender of Bliss Sports II, the lender shall be obligated to restore the Infrastructure Improvements in accordance with this Section. Bliss Sports II shall within one hundred eighty (180) days give written notice to the City of any damages or destruction to any of the Infrastructure Improvements by fire or other casualty, irrespective of the amount of such damage or destruction, but in such circumstances Bliss Sports II shall make the property safe and in compliance with all applicable laws as provided herein.
Obligation to Restore. At its cost, Owner agrees, subject to the provisions of this Article 14 and to the terms of any Authorized Mortgage then in effect, to repair, restore, rebuild or replace any damage to, or impairment or destruction of, the Hotel from fire or other casualty. If Owner fails to undertake such work within one hundred twenty (120) days after the fire or other casualty, or fails to complete the same diligently, Manager may, but will not be obligated to, undertake or complete such work for the account of Owner and will be entitled to be repaid therefor with reasonable interest, and all the proceeds of any insurance covering such loss or other casualty will be payable to Manager for that purpose.
Obligation to Restore. If, during the Term, any of the Collective Leased Properties shall be totally or partially destroyed Tenant shall promptly restore such Facility as provided in Section 10.2.3.
Obligation to Restore. In the event an immaterial part of the Premises or the Building or the parking spaces is taken for any public or quasi-public use under any governmental law, ordinance or regulation, or by right of eminent domain or by purchase in lieu thereof, and this Lease is not terminated as provided in subsection A above, then Landlord shall, subject to the remaining provisions of this Section, at Landlord's expense, as soon as reasonably practicable, restore the portion of the Premises (for which Landlord receives the condemnation award pursuant hereto) and the Building to the extent necessary to make them reasonably tenantable. The Rent payable under this Lease during the unexpired portion of the Lease Term shall be adjusted to such an extent as may be fair and reasonable under the circumstances. Tenant shall have no claim to the condemnation award with respect to the leasehold estate but, in a separate proceeding, may make a separate claim for trade fixtures and tenant improvements installed in the Premises by and at the expense of Tenant and Tenant's moving expense. In no event will Tenant have any claim for the value of the unexpired Lease Term.
Obligation to Restore. Upon liquidation of the Joint Venture (or any Partner's interest in the Joint Venture), a Partner which has a deficit balance in its book Capital Account following the liquidation of its interest in the Joint Venture after taking into account all capital account adjustments for the Joint Venture taxable year during which such liquidation occurs need not, except as otherwise provided by law, restore the amount of such deficit balance to the Joint Venture or to any other Partner.
Obligation to Restore. If by fire or other casualty either the Premises or the Building is destroyed or damaged, but only to the extent of less than Twenty-Five (25%) Percent of the insured value of the Premises or the Building (as applicable), and more than one (1) year remains in either the initial Lease Term or Renewal Term, as applicable, then Landlord will restore the Premises within ninety (90) days of the date of the fire or other casualty subject to events of force majeure.
Obligation to Restore. If the Premises or the Building is destroyed or damaged by fire, earthquake, or other casualty during the Term to the extent that they are untenantable in whole or in part, and if (i) the insurance proceeds available to Landlord equal or exceed the cost of such restoration, (ii) in the opinion of a registered architect or engineer appointed by Landlord such restoration can be completed within one hundred eighty (180) days after the date on which Landlord obtains all permits necessary for such restoration, and (iii) such restoration is permitted under then existing laws and the CC&Rs to be done in such a manner as to return the Premises (including only those fixtures and equipment insured under Landlord's property insurance policy) and the Building to substantially the same condition as they were in immediately before such destruction then such destruction shall not terminate this Lease and Landlord shall act with reasonable diligence to restore the Premises and the Building to substantially the same condition as they were in immediately before such destruction. To the extent that the insurance proceeds must be paid to a mortgagee under, or must be applied to reduce any debt secured by, a mortgage covering the Property, the insurance proceeds shall be deemed not to be available to Landlord unless such mortgagee permits Landlord to use the insurance proceeds for such restoration. In all other instances, Landlord shall have the right but not the obligation to rebuild and restore the Premises or the Building or the damaged part thereof.