Laserfiche WebLink
• <br /> 11.3 Adjustments. The types of policies, risks insured, coverage amounts, <br /> deductibles and endorsements may be adjusted from time to time as Developer and the <br /> City may mutually determine, or as required by a Mortgagee. <br /> Section 12. Destruction or Condemnation. <br /> 12.1 Total or Partial Destruction. Subject to the rights of lenders with liens <br /> secured by the Property,if the Improvements are totally or partially destroyed at any time <br /> during the term of this Agreement, and the cost of reconstruction or restoration is less <br /> than One Million Dollars($1,000,000),Developer shall reconstruct or repair the damage <br /> consistent with the terms of this Covenant within six months of the destruction. If the <br /> cost is $1,000,000 or more, then Developer shall have the discretion to reconstruct or <br /> repair the damage to the extent necessary and appropriate for purposes of the existing use, <br /> or Developer may elect to not reconstruct or repair the Improvements by delivery of <br /> written notice to City within sixty (60) days after the destruction. If it so elects not to <br /> reconstruct, then Developer shall at its cost remove the damaged Improvements within <br /> sixty (60) days after delivery of such notice, secure the Property, clear the debris and <br /> generally make the Property as safe and attractive as practical given the circumstances <br /> (or if such work cannot be completed within such sixty (60) day period, then within a <br /> reasonable time thereafter provided that the Developer commences such work within <br /> sixty(60)days and diligently pursues it to completion). <br /> If Developer elects not to reconstruct,no further development of the Property can <br /> occur without the prior approval of City, which is at the City's sole discretion. This <br /> Covenant shall continue to restrict future development of the Property and Developer or <br /> any successor of Developer shall obtain.City's approval of the redevelopment plan before <br /> the Property is redeveloped. <br /> 12.2 Condemnation. If during the term of this Covenant the whole or any <br /> substantial part of the Property is taken or condemned in the exercise of eminent domain <br /> powers (or by conveyance in lieu thereof), such that Developer can no longer materially <br /> meet its obligations under this Covenant, this Covenant shall terminate upon the date <br /> when possession of the Property or portion thereof so taken shall be acquired by the <br /> condemning authority. As used herein, "substantial" shall be defined as reasonably <br /> preventing the conduct of Developer's activities as contemplated hereby. If a taking <br /> occurs that is not substantial, this Covenant shall continue in full force and effect as to • <br /> the part of the Property not taken. <br /> Section 13. Default. Developer's failure to keep, observe, or perform any of <br /> its duties or obligations under this Covenant shall be a default hereunder, including, <br /> without limitation,any of the following specific events: <br /> 13 <br /> 43 <br />