Earthquake Damage Sample Clauses
The earthquake-damage clause defines the responsibilities and procedures related to damage caused by earthquakes during the term of an agreement. Typically, it outlines which party is liable for repairs, how damages are assessed, and the process for notifying the other party if an earthquake occurs. For example, it may specify that the property owner must restore the premises to a usable condition or that the tenant may be excused from obligations if the property becomes uninhabitable. This clause ensures clarity in handling unforeseen natural disasters, allocating risk, and minimizing disputes over liability and repair obligations.
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Earthquake Damage. Notwithstanding any provisions of Section 10.1 or 10.2 to the contrary, and provided Tenant is required to maintain coverage for loss or damage caused by earthquake as contemplated by Section 0, if (a) Material Earthquake Damage (as defined below) to the Leased Property occurs and (b) Tenant was not required to maintain insurance therefor pursuant to Section 9.1, Tenant shall have the right, by the giving of Notice thereof to Landlord within sixty (60) days after the date of the earthquake, to terminate this Agreement. If Tenant shall elect to so terminate this Agreement, this Agreement shall terminate as of the date of the earthquake, provided that Tenant shall pay to Landlord, on or before the date of such Notice, an amount equal to the lesser of (x) the Minimum Rent payable for the balance of the applicable Term (without giving effect to such termination but after giving effect to any exercised Extended Term), but in no event less than twenty percent (20%) of the total Purchase Price of the Leased Property, or (y) sixty percent (60%) of the total Purchase Price of the Leased Property. Which payment may be made, at Tenant's election, by application of the Security Deposit.
Earthquake Damage. Subject to Subparagraph A, above, in the event of any earthquake damage to the Premises (not including Lessee’s Special Improvements or Lessee-Owned Alterations or Utility Installations, for which Lessee shall be solely responsible) which is not covered by Lessor’s policy of earthquake insurance, including any deductible related thereto, and which costs less than Fifty Thousand Dollars (50,000.00) to repair. Lessor shall be obligated to make such repairs at its sole cost and expense. Subject to Subparagraph A, above, in the event of any earthquake damage to the Premises which is not covered by Lessor’s policy of earthquake insurance, including any deductible related thereto, and which costs in excess of Fifty Thousand Dollars (50,000.00) to repair, Lessor shall have no obligation to make any such repairs, and may elect to terminate this Lease pursuant to Subsection A, above, unless Lessee agrees in writing, within thirty (30) days following receipt of notice from Lessor that the cost to repair is reasonably estimated by Lessor to exceed the sum of Fifty Thousand Dollars (50,000.00), to the “Capitalization Procedure” (as described below.) In the event that Lessee timely and property notifies Lessor that it agrees to the Capitalization Procedure, Lessor shall have no right to terminate this Lease as a result of such earthquake damage, and shall commence to repair all such damage as soon as reasonably possible and thereafter to diligently prosecute such repairs to completion. In the event that Lessee timely and properly notifies Lessor that it agrees to the Capitalization Procedure, all costs of repairing such earthquake damage in excess of Fifty Thousand Dollars (50,000.00) shall be treated as a Capital Cost, as specified in Paragraph 4 of this Addendum, recoverable from Lessee in accordance therewith, with the reasonable useful life of such repairs being agreed between Lessor and Lessee to be thirty (30) years (the “Capitalization Procedure.”)
Earthquake Damage. Major damage to the Property or and of the structures from fire, earthquake, floods, or landslides.
Earthquake Damage. Notwithstanding any provisions of Section 10.1 or 10.2 to the contrary, if (a) Material Earthquake Damage (as defined below) to the Leased Property occurs and (b) Tenant was not required to maintain insurance therefor pursuant to Section 9.1, Tenant shall have the right, by the giving of Notice thereof to Landlord within sixty (60) days after the date of the earthquake, to terminate this Agreement. If Tenant shall elect to so terminate this Agreement, this Agreement shall terminate as of the date of the earthquake, provided that Tenant shall pay to Landlord, on or before the date of such Notice, an amount equal to the lesser of (x) the Minimum Rent payable for the balance of the applicable Term (without giving effect to such termination but after giving effect to any exercised Extended Term), but in no event less than Six Million Fifty Thousand Dollars ($6,050,000.00) or (y) Eighteen Million One Hundred Fifty Thousand Dollars ($18,150,000.00), which payment may be made, at Tenant's election, by application of the Security Deposit.
Earthquake Damage. Together with the Final Estimate, TENANT shall enclose reasonably detailed backup information justifying the information contained in the Final Estimate and any significant variations from the Preliminary Estimate. If the time contained in the Final Estimate for the completion of the repairs is in excess of two hundred seventy (270) days measured from the date of the Initial Occurrence, then either LANDLORD or TENANT shall have the right to terminate the Lease. TENANT'S exercise of such right will be contained in the Final Estimate; if TENANT does not exercise such right, LANDLORD may exercise such right by giving written notice to TENANT within fifteen (15) days after receipt of the Final Estimate. The Final Estimate shall not include any extra time required to construct new, additional or upgraded improvements to any portion of the Premises, except as may be required to meet building and other codes then in effect. If the cost to repair the Earthquake Damage contained in the Final Estimate is in excess of the sum of the amount of insurance carried by TENANT which covers Earthquake Damage (excluding any deductible amount) plus $1,000,000, then TENANT shall have the right to terminate the Lease unless within fifteen (15) days after receipt of the Final Estimate LANDLORD elects to pay such shortfall.
Earthquake Damage