Insured Casualty Sample Clauses
The 'Insured Casualty' clause defines what constitutes a loss or damage event that is covered by an insurance policy within the context of the agreement. It typically specifies the types of incidents—such as fire, theft, or natural disasters—that trigger insurance coverage and may outline any exclusions or limitations. For example, only damages resulting from specified perils during the policy period may be considered insured casualties. The core function of this clause is to clearly delineate the scope of insurance protection, ensuring both parties understand which events are covered and reducing disputes over coverage in the event of a loss.
Insured Casualty. (a) In case of damage to the Premises by a risk insured against by Landlord, Landlord, unless it shall otherwise elect as hereinafter provided, shall repair the Premises to substantially the condition which existed prior to such damage, with reasonable dispatch after receiving from Tenant written notice that damage has occurred, but without obligation to do so until Landlord has received confirmation from its insurance carrier and all mortgagees holding mortgages on the Building that adequate insurance proceeds will be available for repair or reconstruction. Landlord’s restoration, however, shall be of only those portions of the Premises which were initially provided at Landlord’s expense, and restoration of items within the Premises which were not provided at Landlord’s expense shall be Tenant’s obligation.
(b) Notwithstanding subparagraph (a) above, if damage to the Premises exceeds fifty percent (50%) of its fair market value prior to such damage, as determined by a reputable fire adjuster or contractor selected by Landlord or Landlord’s insurer (the “Damage Estimate”), then either party may terminate this Lease in the manner herein provided, in which event all Rent shall ▇▇▇▇▇ and this Lease terminate as of the date said damage occurred. Tenant shall notify Landlord in writing of its decision to terminate this Lease within thirty (30) days after delivery of the Damage Estimate to Tenant (“Tenant’s Notice Period”). Tenant’s failure to terminate this Lease by written notice of termination delivered to Landlord within Tenant’s Notice Period shall be conclusively construed as Tenant’s agreement for this Lease to continue; subject, however, to Landlord’s right to terminate this Lease by written notice delivered to Tenant within thirty (30) days after the expiration of Tenant’s Notice Period. If neither party terminates this Lease, then Landlord shall commence restoration, and Rent shall ▇▇▇▇▇ to the extent described in Subsection (c) below.
(c) If the damages are such as to render the Premises untenantable, as reasonably determined by Landlord, Rent shall ▇▇▇▇▇ in proportion to the portion of the Premises affected by such damage or of which Tenant has been deprived use as a result of such damage or reconstruction, as reasonably determined by Landlord. Such abatement shall commence as of the date of such damage and end when restoration of the Premises is Substantially Completed (as defined in Section 2.2 hereof) or Tenant’s business is totally or partially r...
Insured Casualty. (a) In the event of an Insured Casualty where the extent of damage or destruction is less than twenty-five percent (25%) of the then full replacement cost of the Premises or the Building, Landlord shall rebuild or restore the Premises or the Building substantially to the condition existing immediately prior to the damage or destruction, provided that there exist no governmental codes or regulations that would interfere with Landlord's ability to so rebuild or restore.
(b) In the event of an Insured Casualty where the extent of damage or destruction is equal to or greater than twenty-five percent (25%) of the then full replacement cost of the Premises or the Building, Landlord may rebuild or restore the Premises or the Building substantially to the condition existing immediately prior to the damage or destruction, or terminate this Lease. Landlord shall notify Tenant in writing within thirty (30) days from the event of damage or destruction of Landlord's election to either rebuild or restore the Premises or terminate this Lease.
Insured Casualty. In the event of any Casualty which is covered, in whole or in part, by insurance described in Section 6.1 or any other insurance maintained by Borrower with respect to the Property, then:
(i) Except as expressly provided in Section 6.2(b), Lender shall have the right to, but shall not be obligated to, make proof of loss if not made promptly by Borrower, and is hereby authorized and empowered by Borrower to settle, adjust or compromise any claims for damage, loss or destruction thereunder. Unless a default then exists under the Loan Documents, Lender shall consult with Borrower (but shall not be required to obtain Borrower’s consent) regarding any such settlement, adjustment or compromise;
(ii) Each insurance company concerned is hereby authorized and directed to make payment therefor directly to Lender; and
(iii) Borrower or Lender, as the case may be, shall apply the insurance proceeds, first, to reimburse Lender for all costs and expenses, including, without limitation, adjustors’ and attorneys’ fees and disbursements, incurred in connection with the collection of such proceeds, and, second, at Lender’s option, (A) in payment of all or any part of the Indebtedness, at Par (so long as no Event of Default then exists) in the order and manner determined by Lender (provided that to the extent that any Indebtedness shall remain outstanding after such application, such unpaid Indebtedness shall continue in full force and effect and Borrower shall not be excused in the payment thereof); (B) to the cure of any default hereunder; or (C) to the Restoration, in whole or in part, of the portion of the Property so damaged, lost or destroyed, provided, that, in the opinion and discretion of Lender, either: (1) the insurance proceeds so collected are sufficient to cover the cost of the Restoration or Providence Square 36 Loan No. 00-1103028 4813-0380-2520, v. 3 repair of the damage or destruction with respect to which such proceeds were paid; or (2) the insurance proceeds so collected are not sufficient alone to cover the cost of the Restoration or repair but are sufficient therefor when taken together with funds provided and made available, and deposited into cash collateral account controlled by Lender, by Borrower from other sources. In the event Lender shall make such insurance proceeds available to Borrower, subject to the Restoration Conditions, for the purpose of effecting such Restoration, Lender shall not be obligated to see to the proper application of such i...
Insured Casualty. 14.2.1 If the Leased Property and/or any Capital Additions of any Facility are damaged or destroyed from a risk covered by insurance carried by Lessee such that such Facility thereby is rendered Unsuitable for Its Primary Intended Use, Lessee shall either (i) restore such Leased Property and such Capital Additions to substantially the same condition as existed immediately before such damage or destruction, or (ii) offer to acquire the Leased Property of such Facility from Lessor for a purchase price equal to the greater of (y) the Minimum Purchase Price of such Facility or (z) the Fair Market Value of such Facility immediately prior to such damage or destruction. If Lessor does not accept Lessee’s offer to so purchase the Leased Property of such Facility within 45 days after Lessor’s receipt of Lessee’s written offer, Lessee may either withdraw such offer and proceed to restore the Leased Property of such Facility to substantially the same condition as existed immediately before such damage or destruction or terminate the Lease with respect to such Facility in which event Lessor shall be entitled to retain the insurance proceeds payable on account of such casualty.
14.2.2 If the Leased Property and/or any Capital Additions of any Facility are damaged from a risk covered or required to be covered by insurance carried by Lessee, but such Facility is not thereby rendered Unsuitable for Its Primary Intended Use, Lessee shall restore such Leased Property and such Capital Additions to substantially the same condition as existed immediately before such damage. Such damage shall not terminate this Lease; provided, however, that if Lessee cannot within a reasonable time after diligent efforts obtain the necessary government approvals needed to restore and operate such Facility for its Primary Intended Use, Lessee may offer to purchase the Leased Property of such Facility for a purchase price equal to the greater of the Minimum Purchase Price of such Facility or the Fair Market Value of such Facility immediately prior to such damage. If Lessee shall make such offer and Lessor does not accept the same within 45 days after Lessor’s receipt of Lessee’s written offer, Lessee may either withdraw such offer and proceed to restore the Leased Property of such Facility to substantially the same condition as existed immediately before such damage or destruction, or terminate the Lease with respect to such Facility, in which event Lessor shall be entitled to retain the insuran...
Insured Casualty. Upon the occurrence of an Insured Casualty to the Premises Landlord shall commence Reconstruction of Landlord's Work within ninety (90) days after such occurrence (provided neither party has terminated as provided in this Section) and prosecute the same diligently to completion, and Tenant shall commence Reconstruction of Tenant's Work promptly upon completion of Landlord's Work and shall diligently prosecute the same to completion. In the event of a Major Destruction of the Premises as a result of an Insured Casualty during the last two (2) years of the Lease Term, Landlord and Tenant shall each have the option to terminate this Lease on written notice to the other of exercise thereof within thirty (30) days after such occurrence.
Insured Casualty. If, at any time after the execution of this Lease, the Premises, or any portion thereof, should be damaged or destroyed by any casualty insured or required to be insured hereunder by Landlord’s Required Insurance, the following provisions shall govern the rights and obligations of Landlord and Tenant:
i. If such damage or destruction occurs and is to the extent of twenty-five percent (25%) or more of the then current replacement cost of the Improvements, Landlord or Tenant may elect to terminate this Lease by giving at least fifteen (15) days written notice of its said election to the other party, such notice to be given within thirty (30) days after the date of such damage or destruction. If neither Landlord nor Tenant shall elect to terminate this Lease, Landlord shall repair, reconstruct or restore the Demised Premises in accordance with the provisions of subparagraph ii, below.
ii. Except as provided in subparagraph (i) above, in the event the Demised Premises, or any portion thereof, should be damaged or destroyed by any casualty insured or required to be insured hereunder by Landlord’s Required Insurance, this Lease shall nevertheless continue in full force and effect (except as otherwise herein provided) and Landlord shall promptly commence and with due diligence complete the repair, reconstruction or restoration of the Demised Premises so far as practicable to the condition in which the Premises were immediately prior to such damage or destruction.
Insured Casualty. If any Improvements are damaged or destroyed by fire or other casualty, this Lease shall continue in full force and effect without any abatement or reduction in Base Rent, and Tenant, at Tenant's election, may either (a) restore the
Insured Casualty. Following the occurrence of any insured casualty to the New Library Structure and receipt of any insurance proceeds, the City and the District will work together and use best efforts to apply those proceeds to rebuild, repair or replace such facilities as may be necessary or appropriate to enable the District to continue to provide library services at the New Library.
Insured Casualty. Upon the occurrence of an Insured Casualty to the Premises, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment and payment, issuance of permits or other matters beyond Landlord’s reasonable control, and subject to all other terms of this Article 23, restore the damaged Premises (except for such work with respect to the Premises which is the responsibility of Tenant pursuant to this Article 23). Tenant, at its sole cost and expense, shall be responsible for the prompt and diligent repair and restoration of all items constituting Improvements and Personal Property (which repair and restoration work shall be completed no later than sixty [60] days after the completion of Landlord’s work under this Section 23.1
Insured Casualty. In the case of damage by fire or other perils covered by the insurance maintained by Owner or required to be maintained by Owner (as an Event Expense), the following provisions shall apply:
(a) Promptly following obtaining all applicable permits (which permits Owner shall promptly apply for and diligently seek), Owner shall commence the repair, reconstruction and restoration of the Premises to substantially its prior condition (in all events to include Owner’s Work) and shall diligently prosecute the same to completion.
(b) Notwithstanding anything to the contrary contained in this Agreement, if the Premises are materially damaged, or if the Project is destroyed to an extent of at least fifty percent (50%) of the then full replacement cost thereof as of the date of destruction, (whether the casualty is insured or uninsured), then if such destruction occurs during the last two (2) years of the Term, and Operator does not exercise any remaining extension options, or if such destruction to the Project occurs at any time if it is reasonably estimated that repair or restoration after a casualty which Owner is obligated under the Agreement to undertake will take more than two hundred seventy (270) days after the issuance of the building permit for such work to complete, Owner and Operator shall each have the right to terminate this Agreement. In each case, the termination right shall be exercised by the terminating party giving written notice to the other party within thirty (30) days after the date of destruction and determination of the estimated time to repair. If the Agreement is not so terminated, it shall remain in effect regardless of whether the actual restoration time differs from the estimate; provided, however, in the event the actual restoration time exceeds three hundred (300) days from the date of the issuance of the building permit, Operator shall have the further right to terminate this Agreement by written notice to Owner, but only within twenty (20) days after the expiration of such three hundred (300) day period.