Common use of Restoration of Project by Third Parties Clause in Contracts

Restoration of Project by Third Parties. The Developer further agrees that each contract, lease or sublease relating to the development, ownership or use of any portion of the North Project not owned or controlled by the Developer shall include a provision to the effect that if any portion of the North Project controlled by such owner, lessee or sublessee shall be damaged or destroyed, in whole or in part, by fire or other casualty, such owner, lessee or sublessee 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 or taking, with such alterations or changes as may be approved in writing by the Developer and the City, which approval shall not be unreasonably withheld. The Developer agrees that each contract, lease or sublease relating to the development, ownership or use of any portion of the North Project shall include a requirement that, in the event insurance covering fire or other casualty results in payment of insurance proceeds to a lender, the lender shall be obligated to restore certain portions of the North Project in accordance with this Section. Each owner, lessee or sublessee shall also be required to give prompt written notice to the Developer and the City of any damages or destruction to any of the North Project owned by such person by fire or other casualty, irrespective of the amount of such damage or destruction.

Restoration of Project by Third Parties. The Developer further agrees that each contract, lease or sublease relating to the development, ownership or use of any portion of the North Hotel Project not owned or controlled by the Developer shall include a provision to the effect that if any portion of the North Hotel Project controlled by such owner, lessee or sublessee shall be damaged or destroyed, in whole or in part, by fire or other casualty, such owner, lessee or sublessee 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 or taking, with such alterations or changes as may be approved in writing by the Developer and the City, which approval shall not be unreasonably withheld. The Developer agrees that each contract, lease or sublease relating to the development, ownership or use of any portion of the North Hotel Project shall include a requirement that, in the event insurance covering fire or other casualty results in payment of insurance proceeds to a lender, the lender shall be obligated to restore certain portions of the North Hotel Project in accordance with this Section. Each owner, lessee or sublessee shall also be required to give prompt written notice to the Developer and the City of any damages or destruction to any of the North Hotel Project owned by such person by fire or other casualty, irrespective of the amount of such damage or destruction.