Right to Adjust Clause Samples
The Right to Adjust clause grants one party the authority to modify certain terms or conditions of an agreement, typically in response to specific triggers such as changes in costs, regulations, or project scope. In practice, this might allow a supplier to increase prices if raw material costs rise, or enable a service provider to alter delivery schedules due to unforeseen circumstances. The core function of this clause is to provide flexibility and adaptability within the contract, ensuring that both parties can respond to changing circumstances without breaching the agreement.
Right to Adjust. (a) If the Property is damaged or destroyed, in whole or in part in any material respect, by a Casualty, Borrower shall give prompt written notice thereof to Lender, generally describing the nature and extent of such Casualty. Following the occurrence of a Casualty, Borrower, regardless of whether proceeds are available, shall in a reasonably prompt manner proceed to restore, repair, replace or rebuild the Property to the extent practicable to be of at least equal value and of substantially the same character as prior to the Casualty, all in accordance with the terms hereof applicable to Alterations.
(b) Subject to clause (e) below, in the event of a Casualty which is not a Material Casualty, Borrower may settle and adjust such claim; provided that such adjustment is carried out in a competent and timely manner. In such case, Borrower is hereby authorized to collect and receipt for Lender any Proceeds.
(c) Subject to clause (e) below, in the event of a Casualty where the loss exceeds the Threshold Amount, Borrower may settle and adjust such claim only with the consent of Lender (which consent shall not be unreasonably withheld, delayed or conditioned) and Lender shall have the opportunity to participate, at Borrower’s cost, in any such adjustments.
(d) Except as provided in clause (b) above, the proceeds of any Policy shall be due and payable solely to Lender and held and applied in accordance with the terms hereof (or, if mistakenly paid to the Borrower, shall be held in trust by the Borrower for the benefit of Lender and shall be paid over to Lender by the Borrower within two (2) Business Days of receipt).
(e) Notwithstanding the terms of clauses (a) and (b) above, Lender shall have the sole authority to adjust any claim with respect to a Casualty and to collect all Proceeds if an Event of Default shall have occurred and is continuing.
Right to Adjust. (i) If any Leased Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Tenant shall give prompt written notice thereof to Landlord generally describing the nature and extent of such Casualty. Subject to Section 10.2(c), following the occurrence of a Casualty, Tenant, regardless of whether sufficient insurance proceeds are available to Tenant for restoration, shall in a reasonably prompt manner proceed to restore, repair, replace or rebuild the affected Leased Property (a “Restoration”) or cause such Restoration to the extent practicable to be of substantially the same character and quality as prior to the Casualty. Tenant shall restore or cause to be restored all Improvements such that when they are fully restored and/or repaired, such Improvements and their contemplated use fully comply with all applicable material Legal Requirements. Tenant shall not be obligated to restore or replace Tenant’s Property or any alterations or additions to the Leased Property made by Tenant, unless, with respect to such alterations or additions, the same were Required Alterations. Tenant may settle and adjust the insurance claim in respect of any Casualty.
Right to Adjust. If, prior to the Closing Date, all or any significant portion (as hereinafter defined) of any Facility is taken by eminent domain (or is the subject of a pending taking which has not yet been consummated), Prudential shall notify Meridian in writing of such fact promptly after obtaining knowledge thereof, and Meridian shall have the right to terminate this Agreement by giving written notice to Prudential no later than ten (10) days after the giving of Prudential's notice, and the Closing Date shall be extended, if necessary, to provide sufficient time for Meridian to make such election. The failure by Meridian to so elect in writing to terminate this Agreement within such ten (10) day period shall be deemed an election not to terminate this Agreement. For purposes hereof, a "SIGNIFICANT PORTION" of a Facility shall mean (i) such portion as shall have a value, as reasonably determined by Prudential, in excess of One Hundred Thousand Dollars ($100,000.00) with respect to such Facility or (ii) such portion, the taking of which shall have a Material Adverse Effect on the operation of such Facility. If Meridian elects to terminate this Agreement as aforesaid, the provisions of Section 11.4 shall apply.
Right to Adjust. 46 11.1.2 Assignment of Proceeds......................................... 47 11.2
Right to Adjust. The purpose of the Site Plan attached hereto as Exhibit “A” is to show the approximate location of the Premises. Notwithstanding any other provision contained in this Lease, Landlord reserves the right at any time to relocate, vary and adjust the size of the various buildings, the location of any tenant, excluding Tenant, automobile parking areas, and other Common Areas shown on the Site Plan, however, in no event shall any such change be made by Landlord to Tenant’s Construction Area without Tenant’s written consent, and Landlord shall not materially alter the size or location of the Premises from the general location reflected on the Site Plan attached hereto.
Right to Adjust. (i) If the Property is damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall (except to the extent such damage or destruction is in a de minimis amount) give prompt written notice thereof to Lender, generally describing the nature and extent of such Casualty. Following the occurrence of a Casualty, Borrower, regardless of whether proceeds are available, shall in a reasonably prompt manner proceed to restore, repair, replace, or rebuild the Property to the extent practicable to be of at least equal value and of substantially the same character as prior to the Casualty, all in accordance with the terms hereof applicable to Alterations.
(ii) Subject to clause (iv) below, in the event of any Casualty, Borrower may settle and adjust any claim with respect thereto; provided that such adjustment is carried out in a competent and timely manner. In such case, Borrower is hereby authorized to collect and receipt for Lender any Proceeds.
(iii) All Proceeds shall be due and payable solely to Lender and held and applied in accordance with the terms hereof or, if paid to Borrower, shall be held in trust by Borrower for the benefit of Lender and shall be paid over to Lender by Borrower within one Business Day of receipt.
(iv) Lender shall have the sole authority to adjust any claim with respect to a Casualty and to collect all Proceeds if an Event of Default shall have occurred and is continuing.
Right to Adjust. The purpose of the site plan attached hereto as Exhibit "A" is to show the approximate location of the Premises. Notwithstanding any other provision contained in this Lease, Landlord reserves the right at any time to relocate, vary and adjust the size of the various buildings, the location of any tenant, including Tenant, automobile parking areas, and other common areas as shown on said site plan, provided, however, that said parking area (including landscaped and common areas) shall at all times provide for not less than two square feet for each square foot of ground floor building area within the Shopping Center.
Right to Adjust. If Borrower fails to satisfy the requirements of subsection 2A.02(e) by the Liquidity Action Date, ▇▇▇▇▇▇ Mae shall have the right, but not the obligation, to direct the Trustee on behalf of Borrower to adjust the interest rate on the related Bonds to a Reset Rate or a Fixed Rate. No exercise, failure to exercise or revocation of any exercise of the foregoing right by ▇▇▇▇▇▇ ▇▇▇ shall be, or be deemed to be, a waiver of any right of ▇▇▇▇▇▇ Mae under this Agreement, including the right to declare an Event of Default because of Borrower’s failure to comply with any of the requirements of this Section. Borrower hereby appoints ▇▇▇▇▇▇ ▇▇▇, acting through any officer of ▇▇▇▇▇▇ Mae, as Borrower’s attorney-in-fact, with full authority in the place and stead of Borrower and in the name of Borrower or otherwise, from time to time in ▇▇▇▇▇▇ Mae’s discretion, to take any action and to execute any instrument which ▇▇▇▇▇▇ Mae may deem necessary or advisable to accomplish the purposes of this subsection, in each case that complies with Applicable Law and the related Indenture. The power of attorney established pursuant to this subsection shall be deemed coupled with an interest and shall be irrevocable.