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<br />condition of that equipment or supplies immediately before the fire, casualty, or natural disaster, <br />irrespective of the extent of insurance coverage. <br />2. Real Property. The Contractor agrees that the fair market <br />value of real property shall be determined either by competent appraisal based on an <br />appropriate date approved by the Department, as provided by 49 C.F.R. Part 24, or by straight <br />line depreciation, whichever is greater. <br />3. Exceotional Circumstances. The Contractor agrees that <br />the Department may require the use of another method to determine the fair market value of <br />Project property. In unusual circumstances, the Contractor may request that another <br />reasonable valuation method be used including, but not limited to, accelerated depreciation, <br />comparable sales, or established market values. In determining whether to approve such a <br />request, the Department may consider any action taken, omission made, or unfortunate <br />occurrence suffered by the Contractor with respect to the preservation of Project. property <br />withdrawn from appropriate use. <br />(c) Financial Obligations to the State Government. The Contractor <br />agrees to remit to the Department the State interest in the fair market value of any Project <br />property prematurely withdrawn from appropriate use. In the case of fire, casualty, or natural <br />disaster, the Contractor may fulfill its obligations to remit the State interest by either: <br />1. Investing an amount equal to the remaining State interest <br />in like-kind property that is eligible for assistance within the scope of the Project that provided <br />State assistance for the Project property prematurely withdrawn from use; or <br />2. Returning to the Department an amount equal to the <br />remaining State interest in the withdrawn Project property. <br />i. Insurance Proceeds. If the Contractor receives insurance proceeds as a <br />result of damage or destruction to the Project property, the Contractor agrees to: <br />07-SC-056 <br />Orange County <br />Page 45 of 59 <br />