Casualty Termination Sample Clauses

Casualty Termination. If the Hotel is damaged by any casualty and the cost to restore the Hotel to the same condition as existed previously is 60% or more of the Hotel’s replacement cost at the time of the casualty, Franchisee will have 180 days after the date of the casualty to elect whether it will restore the Hotel to its previous condition or terminate this Agreement. If Franchisee elects to restore the Hotel, the Hotel will be promptly renovated and reopened within a reasonable time under Section 4. If Franchisee elects to terminate this Agreement, Franchisor and Franchisee will execute a termination agreement and release on Franchisor’s then-current form and Franchisee will comply with the post-termination obligations in Section 20. Such termination will not affect Franchisor’s right to business interruption insurance proceeds.
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Casualty Termination. If, at any time during the last 10 years of the Term, the Project is damaged by any cause or casualty in an amount exceeding 15% of the then replacement cost of the Project, Tenant shall have the right to terminate this Lease by written notice to Landlord within 60 days of the happening of the casualty causing such damage or destruction. In such event, Landlord (subject to the requirements of any Leasehold Mortgage (as defined in Section 19)) shall receive from the insurance proceeds the lesser of (a) the then present value of the Minimum Rent payable to Landlord for the remainder of the Term plus the amount equal to the cost of rebuilding all damaged or destroyed land-based facilities, or (b) 100% of the insurance proceeds. Any funds remaining following the distribution of the insurance proceeds paid to Landlord pursuant to the previous sentence shall be paid to Tenant. Upon any termination of the Lease under this provision, Tenant shall surrender possession of the Premises within 90 days after notice of termination, whereupon each of the parties shall be released thereby from any further obligations to the other except for items which have theretofore accrued and are then unpaid, and such termination shall be deemed to relate back to the date of damage or destruction; provided, however, that if the Project or any part thereof shall be kept open for business after the date of damage and prior to the surrender of possession of the Premises, the termination date shall be the date upon which Tenant shall discontinue the conduct of its business on the Premises. In the event of any termination pursuant to this Section 15(a), and upon surrender of the Premises to Landlord, Landlord shall refund to Tenant any unearned portion of Annual Rent prepaid by Tenant. In addition, in the event Landlord relets the Premises to another lessee, Landlord shall reimburse Tenant for the prepaid Minimum Rent paid by Tenant due to the termination of this Lease pursuant to this Section 15(a) from the rent paid by such lessee.
Sample 1
Casualty Termination. If (a) the Premises are damaged by casualty and the damage substantially interferes with Tenant’s ability to operate in the Premises, (b) the damage was not due to an act or omission of Tenant, it’s agents or employees, and (c) Landlord’s reasonable estimate of completion of the restoration described in the Casualty Notice is more than one hundred eighty (180) days after the occurrence of the casualty, or, if permits are required then 180 days after Landlord obtains all permits and approvals for the restoration, Tenant may terminate this Lease by written notice to Landlord given within thirty (30) days after Tenant’s receipt of Landlord’s estimate of the repair completion date. Similarly, if the repair is not sufficiently completed to allow Tenant to resume its operations in the Premises within one hundred eighty (180) days after receipt of the necessary permits and approval, Tenant may terminate this Lease by 30 days written notice to Landlord if the repair is not sufficiently completed to allow Tenant to resume its operations in the Premises by the end of that 30 day period.
Sample 1
Casualty Termination. If (a) the Premises are damaged by casualty and the damage substantially interferes with Tenant’s ability to operate in the Premises, and (b) the damage was not due to an act or omission of Tenant, it’s agents or employees, and (c) Landlord’s reasonable estimate of completion of the restoration is more than twelve months after Landlord obtains all permits and approvals for the restoration, Tenant may terminate this Lease by written notice to Landlord given within 30 days after Tenant’s receipt of Landlord’s estimate of the repair completion date. Similarly, if the repair is not sufficiently completed to allow Tenant to resume its operations in the Premises within twelve months after receipt of the necessary permits and approval, Tenant may terminate this Lease by 30 days written notice to Landlord if the Premises are not tenantable by the end of that 30 day period. Tenant hereby waives California Civil Code sections 1932(2) and 1933(4), or any successor statute, providing for termination of hiring upon destruction of the thing hired.
Sample 1

Related to Casualty Termination

  • Lease Termination Except as provided in this Section 9.04, upon expiration or earlier termination of this Lease Tenant shall surrender the Premises to Landlord in the same condition as existed on the date Tenant first occupied the Premises, (whether pursuant to this Lease or an earlier lease), subject to reasonable wear and tear. All Alterations shall become a part of the Premises and shall become the property of Landlord upon the expiration or earlier termination of this Lease, unless Landlord shall, by written notice given to Tenant, require Tenant to remove some or all of Tenant’s Alterations, in which event Tenant shall promptly remove the designated Alterations and shall promptly repair any resulting damage, all at Tenant’s sole expense. All business and trade fixtures, machinery and equipment, furniture, movable partitions and items of personal property owned by Tenant or installed by Tenant at its expense in the Premises shall be and remain the property of Tenant; upon the expiration or earlier termination of this Lease, Tenant shall, at its sole expense, remove all such items and repair any damage to the Premises or the Building caused by such removal. If Tenant fails to remove any such items (“Abandoned Items”) or repair such damage promptly after the expiration or earlier termination of the Lease, Landlord may, but need not, do so with no liability to Tenant, and Tenant shall pay Landlord the cost thereof upon demand. Tenant agrees to indemnify Landlord for any and all loss, cost, damage, liability or expense as incurred (including but not limited to reasonable attorneys’ fees and legal costs) arising out of or related to any claim, suit or judgment brought by or in favor of any person or persons for damage, loss or expense which arises out of, is occasioned by or is in any way attributable to the Abandoned Items. Notwithstanding the foregoing to the contrary, in the event that Landlord gives its consent, pursuant to the provisions of Section 9.01 of this Lease, to allow Tenant to make an Alteration in the Premises, Landlord agrees, upon Tenant’s written request, to notify Tenant in writing at the time of the giving of such consent whether Landlord will require Tenant, at Tenant’s cost, to remove such Alteration at the end of the Lease Term.

  • Termination After Change of Control In the event that, before the expiration of the TERM and in connection with or within one year of a CHANGE OF CONTROL (as defined hereinafter) of either one of the EMPLOYERS, the employment of the EMPLOYEE is terminated for any reason other than JUST CAUSE or is terminated by the EMPLOYEE as provided in Section 4(a)(ii) above, then the following shall occur:

  • License Termination Customer may terminate the license for an ICA Program at any time on one month's written notice to IBM. For ICA Program licenses that Customer acquired for a one-time charge, replacement licenses may be acquired for an upgrade charge, if available. When Customer obtains licenses for these replacement ICA Programs, Customer agrees to terminate the license of the replaced ICA Programs when charges become due, unless IBM specifies otherwise. IBM may terminate Customer’s license if Customer fails to comply with the license terms. If IBM does so, Customer’s authorization to use the ICA Program is also terminated.

  • Special Termination A. Notwithstanding the provisions of the Term Article, the Company, at the request of the Insured, in the Insured's sole discretion, will terminate a Subscribing Reinsurer's percentage share in this Contract at any time by giving written notice effective upon receipt to the Subscribing Reinsurer in the event any of the following circumstances occur (each of the following, a "Termination Event"):

  • Company Termination The Company may at any time in its sole discretion terminate (a “Company Termination”) this Agreement and its right to initiate future Tranches by providing 30 days advanced written notice (“Termination Notice”) to Investor.

  • Other Termination If the Optionee’s employment terminates for any reason other than the Optionee’s death, the Optionee’s disability or Cause, and unless otherwise determined by the Administrator, any portion of this Stock Option outstanding on such date may be exercised, to the extent exercisable on the date of termination, for a period of three months from the date of termination or until the Expiration Date, if earlier. Any portion of this Stock Option that is not exercisable on the date of termination shall terminate immediately and be of no further force or effect. The Administrator’s determination of the reason for termination of the Optionee’s employment shall be conclusive and binding on the Optionee and his or her representatives or legatees.

  • Partial Termination The Authority is entitled to terminate all or part of this Framework Agreement pursuant to this Clause 26, provided always that the parts of this Framework Agreement not terminated can operate effectively to deliver the intended purpose of this Framework Agreement.

  • Survival; Termination The representations, warranties, and covenants of the respective parties shall survive the Closing Date and the consummation of the transactions herein contemplated for a period of two years.

  • Term Termination 8.1 This Agreement shall be effective as of the date hereof and shall continue in force until terminated in accordance with the provisions herein.

  • Termination After a Change in Control You will receive Severance Benefits under this Agreement if, during the Term of this Agreement and after a Change in Control has occurred, your employment is terminated by the Company without Cause (other than on account of your Disability or death) or you resign for Good Reason.

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