Substantial Casualty. If prior to the Closing any Mall shall suffer any Substantial Casualty, Purchaser shall nevertheless be required to close title to all Malls hereunder. In the event of any such Substantial Casualty Equitable shall provide prompt written notice thereof to Purchaser, and Purchaser shall give written notice to Equitable within twenty (20) business days after Purchaser receives Equitable's written notice that Purchaser elects on the Closing Date either (i) to purchase all of the Malls, in which event Section 12.3 shall apply, or (ii) to purchase all of the Malls other than the Mall affected by such Substantial Casualty, in which event the Purchase Price payable at the Closing shall be reduced by that portion thereof which is allocated to the damaged Mall, as agreed by Equitable and Purchaser (the "Allocated Price") and Purchaser shall remain obligated to purchase the damaged Mall as hereinafter provided. If Purchaser shall make the election set forth in clause (ii) above, (a) the Closing shall take place as to all of the Malls other than the damaged Mall, (b) Escrow Agent shall retain in escrow pursuant to the terms of this Agreement that portion of the Deposit which bears the same proportion thereto as the Allocated Price bears to the Purchase Price (or the Letter(s) of Credit held by Equitable shall be reduced to such aggregate amount), (c) Equitable shall proceed with reasonable diligence to repair and restore the damaged Mall substantially to its condition immediately prior to such Substantial Casualty at Equitable's sole cost and expense, (d) Equitable shall be entitled to all insurance proceeds payable by reason of such Substantial Casualty, and (e) upon completion of such repair and restoration, Equitable and Purchaser shall consummate the sale of the affected Mall on the terms and conditions set forth in this Agreement applicable thereto. 12.2
Substantial Casualty. If the Premises are damaged by fire or other casualty, Lessee shall promptly notify Lessor thereof. If the Premises or any part thereof shall be so damaged to the extent that more than fifty (50%) percent of the rentable area of the Premises then occupied by the named Lessee itself is rendered unusable by Lessee for the operation of its business in the Premises (whether by reason of direct or indirect damage from the casualty), or if the Building is so damaged (regardless of whether or not the Premises are damaged) that Lessee is deprived of all reasonable access to the Premises or all reasonable use of the Premises, then in either case either Lessor or Lessee may terminate this Lease by giving written notice of such termination to the other party within sixty (60) days after the date of such damage, in which event this Lease shall terminate on the date set forth in such notice. In the event that this Lease is terminated pursuant to this Section 14.3: (i) Rent shall be abated, to the extent the Premises are unusable for the Permitted Uses, from and after the date of such damage to the date of such termination of this Lease, and no further Rent shall accrue or be payable after the date of such termination; and (ii) Lessee shall turn over and assign to Lessor all insurance proceeds (and rights to receive the same) relating to Lessee's Work and any Alterations EXCEPT for the portion (if any) of such proceeds which is allocable to the actual cash value of the components thereof which had previously been designated in writing to by one party to the other as items to be removed upon the expiration of the Lease Term.
Substantial Casualty. If the Facilities are materially damaged or rendered materially untenantable by fire or other casualty, whether occurring on the Premises alone or in the Facilities, or if the Facilities are so damaged or so rendered untenantable by fire or other casualty that the repair, restoration or rebuilding of the Facilities would require more than ninety (90) days for completion, the Village may decide to either rebuild the Facilities or terminate this Agreement.
Substantial Casualty. In the event the Leased Property shall be damaged by fire, earthquake, other elements or other casualty during the Term and the Board of Directors of Tenant shall reasonably determine in good faith that the Leased Property has been rendered unsuitable for continued use in Tenant's business and may not be restored on an economically feasible basis (a "Substantial Casualty"), Tenant shall give notice to Landlord (the "Notice") within six (6) months following such Substantial Casualty of its election to either (A) purchase the Leased Property from Landlord pursuant to Section 8.04(b)(i) or (B) convey to Landlord a Substitute Property (as defined below) pursuant to Section 8.04(b)(ii).
Substantial Casualty. The term “Substantial Casualty” means any Casualty that, in Tenant’s reasonable judgment, renders a Property unsuitable for the then current use of such Property at the time of the Casualty.
Substantial Casualty. 48 9. Condemnation ..................................................... 48 9.1
Substantial Casualty. Notwithstanding any other provision of this Agreement to the contrary, in the event of substantial casualty damage to the Xxxxxxx-Xxxxx House, Grantor may request the approval of Grantee not to restore the Xxxxxxx- Xxxxx House pursuant to this Agreement. If Grantee, in its sole discretion, determines that the extent or nature of such casualty damage would prevent restoration in a manner which would protect the remaining Protected Features, then Grantee may grant such approval and Grantor may elect not to restore the Xxxxxxx-Xxxxx House pursuant to this Agreement. In the event of such approval not to restore, before any remaining portion of the Xxxxxxx-Xxxxx House is relocated or otherwise altered, Grantor shall allow Grantee to enter onto and into the Premises for the purpose of choosing and removing for posterity any such Protected Features, or portions thereof, together with the materials in which such features are set, that Grantee desires to salvage, and thereupon all casualty insurance proceeds shall be released as directed by Grantor.
Substantial Casualty. If the Equipment is damaged by fire or other casualty, Tenant shall promptly notify Landlord thereof. If the Sublease is terminated due to any fire or casualty, then this Agreement shall terminate immediately prior to the termination of the Sublease. In the event that this Agreement is terminated pursuant to this Section 13.4: (i) Rent shall be abated from and after the date of such damage to the date of such termination of this Agreement, and no further Rent shall accrue or be payable after the date of such termination; and (ii) Tenant shall turn over and assign to Landlord all insurance proceeds (and rights to receive the same) relating to the Equipment. 13.5
Substantial Casualty. Such term shall have the meaning defined in Article XI.
Substantial Casualty. In the event of any Substantial Casualty to the Property prior to the Closing Date, at Buyer's sole option, either:
