Laserfiche WebLink
will continue in full force and effect with no adjustments in the obligations of the parties, and <br />Verotown, shall restore the Facility as soon as possible from the applicable insurance proceeds. <br />If the applicable insurance proceeds are not sufficient to restore the Facility to its previous <br />condition, then, the balance shall be split and paid equally by Verotown and the County or, <br />alternatively, either party may elect to terminate this Agreement by written notice to the other <br />party within sixty (60) days of learning the extent to which insurance proceeds will be <br />insufficient to restore the Facility. Said termination shall not be an event of Default and the <br />termination shall be effective as of the date the notice of termination is received by the non - <br />terminating party. <br />Section 15.03. Facility Not Suitable for Use. With the exception of the roofing repairs or <br />replacement projects set forth in Section 8.04(b) hereof, in the event of total or partial destruction <br />or damage of the Facility, if Verotown determines in its sole discretion that the Facility is not <br />suitable for their operations and/or cannot be used as a venue for the purposes described in <br />Section 5.01 hereof, then the following shall apply: <br />(a) Verotown may provide written notice to the County stating its <br />determination that the Facility is not suitable for use and it has a desire to repair and <br />restore the Facility and this Agreement will be suspended immediately until the Facility <br />is reasonably suitable for Verotown's operations when taken as a whole. In the event <br />Verotown elects to repair and restore the Facility under this Section 15.03(a), within <br />twelve (12) months (or sooner if reasonably practical) of the event of such total or partial <br />destruction or damage, Verotown shall begin to repair or rebuild the Facility using the <br />proceeds from the property insurance for that purpose and, through cooperation and <br />coordination with the County, shall diligently pursue such repair or rebuilding until <br />completed. If the applicable insurance proceeds are not sufficient to repair or restore the <br />Facility to its previous condition, then the balance shall be split and paid equally by <br />Verotown and the County or, alternatively, either party may elect to terminate this <br />Agreement by written notice to the other party within sixty (60) days of learning the <br />extent to which insurance proceeds will be insufficient to restore the Facility. <br />Termination pursuant to this Section 15.03(a) shall not be an event of Default and the <br />termination shall be effective as of the date the notice of termination is received by the <br />non -terminating party. Once Verotown contracts with an architect, engineer or design <br />build firm to draw plans for the repair or rebuilding of the Facility, Verotown will be <br />deemed to have begun the repair or rebuilding of the Facility. This Agreement will <br />continue to be suspended (and the Term or applicable Renewal Term shall be extended) <br />until the Facility is reasonably suitable for Verotown's operations or as a venue for the <br />purposes described in Section 5.01; or <br />(b) Verotown may provide written notice to the County stating its <br />determination that the Facility is not suitable for use and terminate this Agreement. The <br />County and Verotown shall work proactively and in good faith to vacate the Facility and <br />wind down any financial obligations including the disbursement of insurance proceeds <br />and Capital Reserve Account funds in accordance with the terms hereof. Termination <br />pursuant to this Section 15.03(b) shall not constitute a Default hereunder and shall be <br />36 <br />